The traditional media also pumps out loads of fake news, FUDs, and Ads by super-pacs. The only thing the traditional media isn't doing is selling enough ads to have a world scale impact, because they're a dying form of media compared to social networking and the search.
When I'm on twitter I see a nice mix of utter crap and useful information. When I read the NYT it's just a carefully curated selection of total crap.