Keep these two away from the razor blades! Honest to God, you two sound like a couple of old unemployed jocks knocking down the cheap scotch an hour past closing time. All you need are two pistols and a barkeep to flip the coin to see who commits suicide first.
The whole country--actually, the whole world-- is in a financial recession right now, so radio isn't setting any sales or revenue records. But aside from the handful of highly-leveraged publicly-traded outfits, most of the thousands of American radio companies are nowhere near collapse.
I agree that radio needs new blood--young, fresh, creative people to bring new ideas to the table. Some of us have consciously been hiring those kind of people for the last several (2/5/10/15) years. Maybe not in your markets, or at stations that you sample ("You're not in the demo!") but it's been happening while you weren't watching. Nevertheless, the industry--like so many others--is Boomer-heavy.
Some of us have also been incorporating new media into our business structures, and slowly folding our mature activities into our newer technologies. Maybe not fast enough to please you, but at a pace that should/could continue our success for the foreseeable future.
One of the saddest things about this thread is that many contributors seem to be missing much of the great radio still being done/produced/created on a daily basis. Yes, "great" is subjective--but with so much of it out there on the Good Ol' Radio Dial, it's a shame you're not hearing any of it.
Arbitron & RADAR (2009) agree that radio is reaching 93 percent (NINETY-THREE PERCENT) of Americans every week.
Nobody's forcing them to listen. Maybe they're listening because they like what they're hearing.