The End of Cultural Authority

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There's a great interview over at Poets & Writers with four editors in book publishing. One of the best bits:

Q: When you look at the industry, what are the biggest problems we face right now?

CHINSKI: I think they're all so obvious. Returns. Blogs.
GARGAGLIANO: And just finding readers.
CHINSKI: The end of cultural authority. That's something we talk about a lot at FSG. Reviews don't have the same impact that they used to. The one thing that really horrifies me and that seems to have happened within the last few years is that you can get a first novel on the cover of the New York Times Book Review, a long review in The New Yorker, a big profile somewhere, and it still doesn't translate into sales.