Thank goodness for banks and carmakers. Were it not for them, US newspapers would be in pole position as the nation’s most distressed sector. The recession is merely a cyclical overlay to its biggest challenges: who will pay for news, how much and in what form? The Sun-Times Media Group, owner of the Chicago Sun-Times, is just the latest publisher to file for bankruptcy.

One senator, Benjamin Cardin of Maryland, would like to help by making it easier for newspapers to switch to non-profit status. The idea is that endowments from local bigwigs or even a newspaper-loving public could keep newspapers ticking over, aided by tax breaks granted in exchange for restrictions on political endorsements. But supporting serious news organisations is an expensive business. Endowing the New York Times’ operations (by an estimate in its own pages) would require $5bn.