To witness Keith Olbermann - the most opinionated among MSNBC's left-leaning, Fox-baiting, money-generating hosts - suspended even briefly last week for making financial contributions to Democratic political candidates seemed like a whimsical, arcane holdover from a long-gone era of television journalism, when the networks considered the collection and dissemination of substantive and unbiased news to be a public trust.

Back then, a policy against political contributions would have aimed to avoid even the appearance of partisanship. But today, when Olbermann draws more than 1 million like-minded viewers to his program every night precisely because he is avowedly, unabashedly and monotonously partisan, it is not clear what misdemeanor his donations constituted. Consistency?

We live now in a cable news universe that celebrates the opinions of Olbermann, Rachel Maddow, Chris Matthews, Glenn Beck, Sean Hannity and Bill O'Reilly - individuals who hold up the twin pillars of political partisanship and who are encouraged to do so by their parent organizations because their brand of analysis and commentary is highly profitable.

The commercial success of both Fox News and MSNBC is a source of nonpartisan sadness for me. While I can appreciate the financial logic of drowning television viewers in a flood of opinions designed to confirm their own biases, the trend is not good for the republic. It is, though, the natural outcome of a growing sense of national entitlement. Daniel Patrick Moynihan's oft-quoted observation that "everyone is entitled to his own opinion, but not his own facts," seems almost quaint in an environment that flaunts opinions as though they were facts.

And so, among the many benefits we have come to believe the founding fathers intended for us, the latest is news we can choose. Beginning, perhaps, from the reasonable perspective that absolute objectivity is unattainable, Fox News and MSNBC no longer even attempt it. They show us the world not as it is, but as partisans (and loyal viewers) at either end of the political spectrum would like it to be. This is to journalism what Bernie Madoff was to investment: He told his customers what they wanted to hear, and by the time they learned the truth, their money was gone.

It is also part of a pervasive ethos that eschews facts in favor of an idealized reality. The fashion industry has apparently known this for years: Esquire magazine recently found that men's jeans from a variety of name-brand manufacturers are cut large but labeled small. The actual waist sizes are anywhere from three to six inches roomier than their labels insist.

Perhaps it doesn't matter that we are being flattered into believing what any full-length mirror can tell us is untrue. But when our accountants, bankers and lawyers, our doctors and our politicians tell us only what we want to hear, despite hard evidence to the contrary, we are headed for disaster. We need only look at our housing industry, our credit card debt, the cost of two wars subsidized by borrowed money, and the rising deficit to understand the dangers of entitlement run rampant. We celebrate truth as a virtue, but only in the abstract. What we really need in our search for truth is a commodity that used to be at the heart of good journalism: facts - along with a willingness to present those facts without fear or favor.

To the degree that broadcast news was a more virtuous operation 40 years ago, it was a function of both fear and innocence. Network executives were afraid that a failure to work in the "public interest, convenience and necessity," as set forth in the Radio Act of 1927, might cause the Federal Communications Commission to suspend or even revoke their licenses. The three major broadcast networks pointed to their news divisions (which operated at a loss or barely broke even) as evidence that they were fulfilling the FCC's mandate. News was, in a manner of speaking, the loss leader that permitted NBC, CBS and ABC to justify the enormous profits made by their entertainment divisions.

On the innocence side of the ledger, meanwhile, it never occurred to the network brass that news programming could be profitable.

Until, that is, CBS News unveiled its "60 Minutes" news magazine in 1968. When, after three years or so, "60 Minutes" turned a profit (something no television news program had previously achieved), a light went on, and the news divisions of all three networks came to be seen as profit centers, with all the expectations that entailed.

I recall a Washington meeting many years later at which Michael Eisner, then the chief executive of Disney, ABC's parent company, took questions from a group of ABC News correspondents and compared our status in the corporate structure to that of the Disney artists who create the company's world-famous cartoons. (He clearly and sincerely intended the analogy to flatter us.) Even they, Eisner pointed out, were expected to make budget cuts; we would have to do the same.

I mentioned several names to Eisner and asked if he recognized any. He did not. They were, I said, ABC correspondents and cameramen who had been killed or wounded while on assignment. While appreciating the enormous talent of the corporation's cartoonists, I pointed out that working on a television crew, covering wars, revolutions and natural disasters, was different. The suggestion was not well received.