Two weeks ago, the AP published a news story alleging serious misconduct by a Virginia gubernatorial candidate. The story was wrong; the AP pulled it after less than two hours. The AP has now fired three journalists as a result. This is insane.

The AP, even with its recession-inspired cutbacks, is a great news service—but a pricey one, by newspaper standards. So Thomson Reuters is starting a competing U.S. news service. Like AP, but crappier cheaper.