I don't have a gripe with "All the President's Men." I prefer the book to the movie, but either way, its an interesting story told well.
The trouble is, most of the time there isn't a conspiracy to uncover. Most journalism is merely viewing an event and writing about it without any deep investigation, simply because there's nothing to investigate. You report the event, meeting, fire, murder, press conference just the way it happened without favoring one side or the other. You shouldn't be there to "change the world." Most importantly, you report the story -- you don't BECOME the story. The Watergate break-in and cover-up scandal would have changed the world with or without Woodward and Bernstein's excellent reportage, but the publicity about their coverage simmered through journalism schools -- "We can use the power of the press to do good, to tear down the bad guys in the world, to shape public opinion toward a brighter future!" And in taking journalists down this road, it took them away from from their first, best reason for being -- to report the news in a clear and unbiased fashion. To speak truth not only to power, but to the powerless and powerful alike.
I have nothing against exposing crooks and liars -- but smearing someone with the implication that they are a crook or a liar, while ignoring the crooked behavior or political lies of their opponents, is another thing. It provides a distorted view. Virtually any politician can be exposed as a liar, or his political promises can be shown to be based on speculation, peculation and unfounded belief -- and so if one is being exposed in this way, so should his opponent. That is clearly not what we've seen in the current political campaign, where the press has been behind Obama all the way. There could be a lot of reasons for this, including the simple fact that Obama is very charismatic and good on camera. It seems obvious to me, at least, that when the entire profession of journalism is made up of liberals, it is going to favor liberal candidates. Yes, that is unfair to the conservatives.
Here in this forum -- hey, look around -- you can find this bias explained away because liberals are smarter or better educated than conservatives, and smarter better-educated people gravitate toward journalism. But George Will is smart and educated and is a conservative journalist. You can find it said that liberal beliefs are more fact based, and journalists are interested in facts, which is why liberal journalists aren't "biased" but are better at reporting facts. This is also untrue -- and the selection of which set of facts are reported is one reason many people see a liberal bias in news reportage (and why hasn't the LA Times released the Khalidi tape, eh?) -- they see facts reported, but not all of them. They see facts reported that favor the liberal candidate, and other facts also reported that harm the conservative candidate -- but never all the facts reported all the way.
For what it's worth, I don't ascribe this behavior to any sort of liberal conspiracy. The reporters are liberals and the people they know are liberals, and the watchful eyes of the editors who read their stories are contained in the heads of liberals -- its unsurprising that the news gets reported from a liberal perspective.