Problem two is the look and feel of advertising. Web publishers have fallen into the Gresham’s Law of the Web: Crappy advertising drives out the well-designed.

What we have now is the ugliest advertising in the history of the media. I used to say that web sites looked like the walls of a third-world futbol stadium, but that was unfair to the stadiums. Most content sites look so bad they actually repel readers rather than attract them.