"Real" news has always been just as sketchy and biased as blogs. The only difference is that they mostly got away with it.
Now that low status people can publish things, we start to notice that anyone can say anything. Traditional journalism differs only in that there were only a few people who had the opportunity to say things -- but they could still get away with saying pretty much anything.
If you're a blogger, consider abiding by the ethics and standards that you think "real" news outlets ought to abide by.
If you're a consumer of news, consider what vetting mechanisms would be necessary to verify that a blogger isn't just making stuff up, and then ask whether major news outlets are subject to similar mechanisms, and if not, why not.