If the Times and/or Post were to erect a pay wall, I see things playing out as follows: they lose most of their readers; ad revenue declines accordingly; the revenue they make from readers who do pay won’t even make up for the lost ad revenue; and so by switching from free to paid access they’d actually sink further into the red.

Daring Fireball: Pay Walls

This seems so obviously true to me, I find it surprising that it keeps coming up. I wish they'd just do it, and collapse, so that something sensible can take the place of the broken old media. Oh, and if you wouldn't mind taking down the music and film industries while you're there, that would be great, thanks.