KEY POINTS:
When journalists look back on the Great International Financial Crash of 2008 they will in the words of Charles Dickens see it as the "best of times and the worst of times".
The "best of times" because journalists have a ringside seat at what is one of the most extraordinary epochs in modern times. A period when uninhibited greed spawned the parallel financial universe built on leverage and hype which has now crashed to the ground, bringing with it the fortunes of far too many ordinary people.
A period when the great names of American capitalism walked off with huge payouts stolen from companies, leaving taxpayers to fund the bill.
But a period when journalistic vigour will make a difference by ensuring nakedly selfish commercial villains are brought to account and that our politicians do not simply print excessive amounts of money to stimulate their countries out of recession, leaving the bill to future generations to fund.
The "worst of times" because the international recession has put huge pressure on media industry finances.
The owner of the influential Chicago Tribune has filed for bankruptcy and in Britain the Daily Mail and Independent are cutting costs by sharing digs.
In New Zealand, journalistic retrenchment - as is the norm here in recessionary times - was well under way before September's financial crash.
Journalists who remain passionately wedded to their calling will find conditions tougher. But they still have the ability to make a difference in a manner that counts for a working democracy.
The problem New Zealand faces is too many younger and talented journalists are being seduced away from their craft to work for the new Government.
This was brought home to me when an influential insider asked me if I knew of any more "bright young journalists" who could work for the Beehive.
I didn't respond. But what the request did do was open my eyes to the avalanche of talent that has signed up.
Among them: National Business Review political tyro Ben Thomas - a trained lawyer with the ability to grasp the finer points of complex commercial and Government issues - now working for the Attorney-General. Nick Bryant, whose most recent article in the Independent was a whole page devoted to a champagne tasting with Auckland restaurateur Simon Gault, but has been a capable financial journalist in a previous life and is now reduced to spruiking for the Housing Minister.
And most lamentably the departure of the very promising political journalist Paula Oliver to join her former Herald colleague Kevin Taylor - who is John Key's chief press secretary - on the ninth floor of the Beehive.
Lest I be accused of "baring my fangs" at younger journalists (as fellow Herald columnist Noelle McCarthy rather too cutely accused the "Ladies of a Certain Age" who certainly took issue with the vapid, if amusing, witterings on National Radio that she filched from other writers' pens) let me make the point here that I am quite concerned that talented young journalists who could well have featured in the ranks of the next generation of newspaper editors or political editors are forsaking journalism for the Beehive.
There was a collective buzz emanating from National's new lineup of press secretaries at the parliamentary press gallery's Christmas party on Thursday.
One former journalist told me he was experiencing a great thrill being on the inside and being part of the team that would support the new ministers. How exciting it was for press secretaries to meet to plan strategy and tactics to ensure their ministers got their messages across and pesky journalists were kept in line.
It wasn't ever thus. When I began my own career in the press gallery in 1981, the press secretaries were all employed by the Internal Affairs Department. They were proudly apolitical and did the best by their ministers.
But I didn't find it too difficult to refuse David Lange's overtures to me to join his own team as a junior press secretary at the time of the 1984 election when I had yet to make my journalistic mark.
As the difficult times continue, readers might spare a kind thought for those journalists whose talent and commitment endures. And the dedicated newspaper editors - like the Herald's Tim Murphy - whose courageous campaigns will continue to hold the powerful to account.
But we have our independence and there will be plenty to write about: As Dickens' quote went on to say: "...it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way..."
Have a great Christmas.
