The New York Times (NYT) reports today that newspapers dominate the news creation business.

This is an interesting twist -- instead of touting readers or paid circulation or ads or total revenue, it's talking about production. It's almost as if Ford (F) were to announce: "We make more cars than anyone else." Who the hell cares if they sell any, right? What's important is production, not sales! For the Times, and print media in general, it feels like yet another attempt to justify its existence and "prove" that it is more valuable than the more cost-effective and nimble online outlets.

Hertz (NYSE:HTZ) has decided to give up on the cash cow of wildly overcharging customers for filling up the tank. Instead of charging $7 a gallon for gas, they'll charge the market price. Oh, don't get me wrong, they'll still charge an outrageous fee for putting gas in the tank when the deal kicks in on July 1. They'll just charge a flat fee of $7 to fill up, plus the market price of gas. What does that translate to in terms of pay, about $100 an hour to pump gas?

I'm pleased that Hertz is getting out of the gas gouging business. Maybe that field has just gotten too competitive lately. It's getting harder to shock Americans with preposterous gas prices. Rental car companies have been charging insane gas rates -- almost what you'd pay in Europe at the pump -- for years. Consumers think of it as their evil little profit center, like phone charges at hotels.

In a story at USAToday, the industry claims that it's only overcharging to scare people into bringing the car back full, so they don't have to hassle with storing the fuel and filling up cars. So why don't they charge that rate for prepaid gas? USAToday did a survey and found that rental car companies sold pre-paid gas at about $4 a gallon, but charged about $8 when someone returned the car less than full.

MAJOR PAPERS:

• According to people familiar with the matter, The Bear Stearns Companies Inc (NYSE: BSC) CEO James Cayne is expected to step down, but is expected to remain as chairman, the Wall Street Journal reported.
• Northrop Grumman Corporation (NYSE: NOC), in a bid to diversify as a aerospace and naval contractor, is teaming with Oshkosh Truck Corporation (NYSE: OSK) to bid on a contract to build Humvees for the Army and Marine Corps, reported the Wall Street Journal.

• The New York Times reported that court records have shown that troubled mortgage lender Countrywide Financial Corporation (NYSE: CFC) fabricated documents related to a Pennsylvania homeowner bankruptcy case.
• Alleging that its lending practices discriminated against minorities, leading to foreclosures, the Baltimore City Council is suing Wells Fargo Bank and Company (NYSE: WFC), the New York Times reported.