If you read part one of this series, you know that the facts and statistics show a pretty bleak future for old media.

But that doesn’t mean the new media evangelists are correct in assuming that the Internet is ready to fill the gap left by the fall of newspapers.

It’s just not going to happen until online news finds a way to generate significant revenue.

Of course, news sites aren’t alone in their struggle to make money online. Very few Web sites have found financial success or have a sound business plan, and as a result Internet startups remain a risky investment.

Consider the fiscal house of cards that is Facebook, which was founded in 2004.

You’re wrong.

No matter what you think about the media business today, you’re wrong. I’ve got the facts to prove it.

Are you among those who argue that Americans will be reading newspapers forever and the old media model will bounce back? Consider that circulation’s long, slow tumble has now become a free-fall. It’s at its lowest point since the 1940s and not showing any signs of rebounding.

The loss of readers, joined with the economic downturn and the multitude of media options available to consumers today, has advertisers looking to spend their money elsewhere. So revenue also is decreasing fast.

Some interesting ideas for the future of journalism and new media are being discussed at the 2009 New Media Women Entrepreneurs Summit, which is being held now in Washington, D.C. Conference participants also are sharing their thoughts on Twitter using the hashtag #nmwe. You can follow those Tweets in the chat in this post.

Originally, this post was meant as a warning to newspaper journalists. I planned to offer a biting critique of arrogance in journalism to make reporters aware of how self-righteousness can impact their blogging and their careers.

The headline was “Don’t call your boss a moron in public unless you’re willing to get fired.”

But as I wrote I realized the post would most likely be too harsh to make a convincing argument. So I decided to take a different approach and instead offer another tip for print reporters who blog (and, for that matter, Tweet and regularly use Facebook.)

8. Think before you post. The Internet is a free-wheeling place. Almost anything and everything is acceptable online and can attract a hugely supportive audience. It’s a large part of why the Internet is so entertaining.

But that laissez-faire spirit, when combined with the self-importance inherent in print journalism, also can create a tricky landscape for newspaper reporters to navigate.