I think there's a bit of truth in the idea that reporters shouldn't run with every single quote just because it might be damaging, though it's not because I think powerful people
need to be protected. It's more that there are things which will obviously
make news even though they aren't really
news worthy. An obvious example would be, say, candidate Obama saying (horrors!) the word fuck and being overheard by a reporter. Yes it would make news because Politico would win the morning noon and night with it, but it would be idiotic as a piece of news. So, yes, reporters should use some judgment about when comments are genuinely newsworthy, but not because those they cover need to be protected.