Neologisms and Portmanteus

Is it just me, or does there seem to be about 20 new neologisms and portmanteaus every time you read something on the internet? I think it's a requirement for snarky gossip blogs to create at least three new ones every day, and that's not counting the new proper-name portmanteaus being created like brangelina, LiLo, etc. ad nauseum.)

It's nearly as bad as seeing the same 10-dollar-words being used in blog entries over and over - schadenfreude anyone?

I often wonder if the internet and other new media will lead to the complete dumbing down of society, or if the rising ranks of self-published proletarian will revolutionize the English language more than we could possibly foresee.