“…the less something you link to has the stamp of official authority, the more you’ve taken responsibility for it. That is, if I link to the paper of record, then I own the responsibility for it 10% and they own it 90%. But, if I link to “some person on the internets somewhere” who has no established institutional credibility (or lack of) then I own it 95%. In other words, the less likely it is that anyone would have heard about something without my bringing it to their attention, the more I’ve taken the responsibility for verifying the information.”

Eschaton: You link it, you own it: 01/16/05

Yep. And what you say in your link text counts too. Just one of the reasons that power laws (Clay Shirky) do exit on the web. No matter what you might believe.