When the U.S. president indicates he's willing to look at any bill that strengthens the economic underpinning of American newspapers, people take notice.

But not praising notice. The Newspaper Association of America today suggested it's not interested in a bailout, and influential media columnist Jack Shafer lays out a very aggressive argument against any bill that would permit newspaper companies to reorganize into non-profits for sake of preservation.

"Remember, the decline of newspapers is multifactorial, and it didn't start yesterday," he notes.

Having said that, Shafer does believe something can be done. Postal subsidies for direct-mail competitors ought not to exist. The government approval of joint operating agreements ought to be repealed. But the levelling of the playing field isn't going to stop any economic transformation --- nor should anything try to stop it, he argues.

"The best thing President Obama can do for the news business is nothing."