keith, your other way is common. Network truth squads are currently part of US debates, comparing what candidates say today with what they're on record as saying previously. Responsible journalism usually reports events followed with background and other viewpoints either in the same story or over time. Space and time rarely allow media to present all sides in their reports.
Mix in the pervasive lying, the passionately held "truths" of insurgents and occupiers, the anti- and pro-gun advocates, the fundamentalist and secular, the poverty and Wall Street activists. It's unreasonable to think there's a formula to remove bias because it's part of being human. I read and listen to biases of others to measure the extent of my own.
