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Adults should hold themselves accountable for failure. And so tonight, I'm beginning this newscast by joining Mr Clarke in apologising to the American people for our failure. The failure of this program during the time I've been in charge of it to successfully inform and educate the American electorate. Let me be clear that I don't apologise on behalf of all broadcast journalists, nor do all broadcast journalists owe an apology. I speak for myself. I was an accomplice to a slow and repeated and unacknowledged and unamended trainwreck of failures that have brought us to now. I'm a leader in an industry that miscalled election results, hyped up terror scares, ginned up controversy, and failed to report on tectonic shifts in our country; from the collapse of the financial system to the truths about how strong we are to the dangers we actually face. I'm a leader in an industry that misdirected your attention with the dexterity of Harry Houdini, while sending hundreds of thousands of our bravest young men and women off to war without due diligence. The reason we failed isn't a mystery. We took a dive for the ratings. In the infancy of mass communications, the Columbus and Magellan of broadcast journalism, William Paley and David Sarnoff, went down to Washington to cut a deal with Congress: Congress would allow the fledgling networks free use of tax-payer owned airwaves in exchange for one public service. That public service would be one hour of airtime set aside every night for informational broadcasting, or what we now call the evening news. Congress, unable to anticipate the enormous capacity television would have to deliver consumers to advertisers, failed to include in its deal the one requirement that would have changed our national discourse immeasurably and for the better. Congress forgot to add that under no circumstances could there be paid advertising during informational broadcasting. They forgot to say that tax-payers will give you the airwaves for free, and for twenty-three hours a day you should make a profit but for one hour a night, you work for us. And now those network newscasts, anchored through history by honest-to-God newsmen with names like Murrow, and Reasoner, and Huntley, and Brinkley, and Buckley, and Cronkite, and Rather, and Russert; now they have to compete with the likes of me -- a cable anchor who's in the exact same business as the producers of Jersey Shore. And that business was good to us; but News Night's quitting that business right now. It might come as a surprise to you that some of history's greatest American journalists are working right now: exceptional minds with years of experience and an unshakeable devotion to reporting the news. These voices are a small minority now, and they don't stand a chance against the circus when the circus comes to town; they're overmatched. I'm quitting the circus. Switching teams. I'm going with the guys who are getting creamed. I'm moved they still think they can win, and I hope they can teach me a thing or two. From this moment on, we'll be deciding what goes on our air and how it's presented to you based on the simple truth that nothing is more important to a democracy than a well-informed electorate. We'll endeavour to put information in a broader context, because we know that very little news is born at the moment it comes across our wire. We'll be the champion of facts, and the mortal enemy of innuendo, speculation, hyperbole and nonsense. We're not waiters in a restaurant, serving you the stories you asked for just the way you like them prepared; nor are we computers, dispensing only the facts -- because news is only useful in the context of humanity. I'll make no effort to subdue my personal opinions; I will make every effort to expose you to informed opinions that are different from my own. You may ask, who are we to make these decisions? We are MacKenzie McHale and myself. Ms McHale is our Executive Producer. She marshalls the resources of over a hundred reporters, producers, analysts and technicians and her credentials are readily available. I'm News Night's Managing Editor and make the final decision on everything seen and heard on this program. Who are we to make these decisions? We're the media elite. We'll be back after this with the news."