He faulted the press for often jumping to conclusions and making bold assertions prematurely.
"We were the first to declare President Muskie and the first to declare Bill Clinton finished five different times," Broder said.
Broder chided news organizations for transforming celebrities and politicians into journalists, and for focusing more on personality than detail.
"The revolving door between politics and journalism is spinning more and more quickly," he said.
Still, Broder said he believes that the press can get back to its roots as an unparalleled source of information, instead of being caught up in scandal and personalities.
"Our unique role is to help the citizens of this great republic form an opinion," he said.
Broder first delved into political journalism during the 1960 presidential race.
Marvin Kalb, director of the Shorenstein Center on the Press, Politics and Public Policy, the sponsor of the event, praised Broder for "fair reporting" since those early days.
The Theodore H. White Lecture, given each year by a prominent politician or journalist, recognizes the accomplishments of the late reporter and historian.
White is credited with setting the standard for national political and campaign coverage.
Said Broder of White, "Teddy White showed how fascinating the view could be on the inside of the campaign."
Past lecturers include political reporter Cokie Roberts, news legend Walter Cronkite, Rev. Jesse Jackson and former New Hampshire Senator Warren Rudman.