The future of journalism?

I couldn't believe what I was reading. Apparently, the Los Angeles Daily Journal eliminated its entire copy desk. In a story on the LA Observed Web site, the Daily Journal made the staff cut in an already-sparse newsroom. 

I just wonder how this move speaks for the paper's commitment to excellence. How can a newspaper function without a copy desk? Isn't journalist's first obligation to the truth? An article on the Committee of Concerned Journalists Web site discusses how the objectivity standard has become clouded recently. If there are fewer eyes looking over an article for errors and possible bias, how can truth and fairness prevail in that newsroom? It just seems a little ridiculous to think that reporters can sieve out all their own biases. 

It's unfortunate to see tight budget lines infringing so obtrusively on a newspaper's daily functioning.