WHO PAYS FOR THE NEWS?…. 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?

The Washington Monthly and the New America Foundation are co-hosting an event today to discuss the future of journalism and the role philanthropy might play in its transformation. The first panel will feature Washington Monthly Editor-in-Chief Paul Glastris, along with The Atlantic‘s James Bennet, MiXT Media Strategies’ Maxine Teller, the NAF’s Douglas McGray, and Alex Jones from the Joan Shorenstein Center on the Press, Politics and Public Policy.

The event is just now getting started at the NAF offices. For those who aren’t in D.C., I’m embedding a video feed below.

Steve Benen

Follow Steve on Twitter @stevebenen. Steve Benen is a producer at MSNBC's The Rachel Maddow Show. He was the principal contributor to the Washington Monthly's Political Animal blog from August 2008 until January 2012.