I think saving journalism isn't impossible, but it may take some time. Journalism has always gone through phases of development, and I think this is nothing different. In the basic Intro to Mass Communications class one learns about the evolution of journalism. This profession wasn't always what it is now. Changes have come, and it has adapted itself. I think the recession has pushed our society into a serious form of evolution. For example, corrupt businessmen who have never had to answer for anything they've done are now getting booted. People are now striving to gain higher education before entering the workforce. Many people hate journalists for several reasons, many of them valid, but I think this process will glean out those who the public hate and leave those who are doing what the public need. I don't think society can survive without journalism. If they try they will right their wrongs as long as this is a free society. I think it will take time, but the public will realize that the world needs journalist and call them to action once again.
You can gripe, whine and moan about what is happening to journalism, but little of it will make any difference. Society will not seek journalists until it needs to despite our efforts, but when they do the call will be resounding. Let it come to us.