American journalism has entered a phase of what the economist Joseph Schumpeter called “creative destruction.” Gone are the fat profit margins that once underwrote investigative teams and deep, experienced teams of reporters to monitor and hold accountable both government and private power. New and exciting forms of journalism are sprouting, but new business models have yet to evolve to replace the old ones that are crumbling.

And while the demise of any one media outlet is a problem mainly for its owners and audience, the broad decline of independent, investigative journalism is a serious threat to U.S. politics and public interest. If the market won't underwrite good journalism, are there other models that will?

This Washington Monthly/New America event looked at the precarious state of serious journalism today, various not-for-profit ventures currently underway, and a wide array of possible remedies for newspapers and other media. Video of the opening keynote by Sen. Benjamin L. Cardin (D-MD) is viewable at right, while both audio and video of both panel discussions are available below.