The Guardian analyzes the emergence of the Huffington Post as a serious force in journalism:

There's precious little good news from America's current affairs

media these days. Barely a week passes without another announcement of

savage staff cuts, bankruptcies or even closures at newsrooms across

the US. But last week champagne corks were popping. The

Huffington Post

,

the New York-based liberal blog, announced it was setting up a $1.75m

fund to help fill the gap left by the decimation of US investigative

teams.

The initiative, said the site's founder, Arianna
Huffington, was an attempt to preserve good journalism in America. "For
too long," she said, "we've had too many autopsies and not enough
biopsies. The HuffFund is our attempt to change this."

The aim is
to dig away at weighty subjects, starting with the economic crisis. The
fund will provide for up to 10 staff, supplemented by freelancers, many
of them old media stalwarts sacked from failing news institutions.