With pretty much everyone blasting the totally unearned bonuses at American International Group (NYSE: AIG), there was a need for someone to defend these poor bankers.

Describing the AIG-outage as "peasants with pitchforks, tossing around words like "communist" to describe people who are speaking out against rewards for failure, Rush Limbaugh came to to their rescue.

It's sort of weird that Limbaugh would decide to take up such an indefensible cause, but here's the rebuttal to his argument: Without these bailouts, those bonuses would be toast. They wouldn't have gotten paid their bonuses and they would have lost their jobs. So this isn't a question of government intervention with executive pay but really a question of whether we ought to use taxpayer money to reward people who worked at a firm that has since required $160 billion in taxpayer handouts.

Check out The Young Turks' dismantling of Limbaugh's argument in the video below.

It's no secret that Talk Radio host extraordinaire Rush Limbaugh has revolutionized the alternative media. With his new contract, it appears that Rush is once again on the cutting edge of societal evolution, and has once again laid down the gauntlet that he is light years ahead of his competition. What's so amazing is that in an era when traditional media is having all kinds of problems, whether it's declining newspaper sales, or declining ratings for the nightly news, the man who sits behind the golden EIB microphone is forging ahead as if nothing is happening.

According to a press release, Limbaugh has signed a long-term contract extension:

Advertiser and affiliate demand is at an all-time high for Mr. Limbaugh. President of Premiere Radio Networks Charlie Rahilly stated, "The Rush Limbaugh Show enjoys an unprecedented platform of radio affiliates. Plus, advertisers harness the intensity of listener engagement -- no one's 'word of mouth' about a product or service delivers more impact than Mr. Limbaugh does. The Premiere team is proud to partner with Mr. Limbaugh deep into the next decade."

Yesterday's big lead story in the New York Times (NYSE: NYT) questioning Republican presidential hopeful John McCain's ethics surrounding his relationship with a female lobbyist, was nothing more than a political hit job and not only did it backfire as McCain is raising money off this story but also sent shares of the Times' stock slipping more than 6%.

The Times stopped long ago being the paper that coined the phrase "all the news that's fit to print." The paper has turned into a mouthpiece of the far left wing in not just domestic but also foreign politics. Yesterday's article was a rehashed story from years ago that has been denied by everyone involved. How the editors of this story could have even published it is shocking.

With friends like Rush Limbaugh, John McCain doesn't need any enemies.

The conservative talk show hosts today denounced the New York Times' report on McCain's questionable relationship with lobbyist Vicki Iseman. During his 2000 presidential run, aides were so worried that there was a romance going on that they limited Iseman's contact with the Arizona senator, according to The Times account, which was backed up by the Washington Post. McCain and Iseman both flatly denied they had a romantic relationship.

Conservatives, who until now have loathed McCain, are rushing to his defense in the wake of the allegations raised by The Times, to them the symbol of all that is bad and liberal in the mainstream media.

Why is it that whenever Ann Coulter says something idiotic, racist or just loony that the media acts surprised? Coulter, like Bill O'Reilly, has a long, well-documented track record for spouting nonsense. Check out the Media Matters Web site for a list.

Now the media world is in a tizzy over Coulter's statements to CNBC's The Big Idea with Donny Deutsch
that Christians "just want the Jews to be perfected." Deutsch responded by saying he found her comments "personally offensive."

Yeah, those comments were offensive but why did CNBC even give her the chance to make them on Deutsch's show and why did the General Electric (NYSE: GE) network invite her back to speak with another talking head, Larry Kudlow? The answer is, of course, ratings. News Corp (NYSE: NWS)'s Fox Business Network launches Monday, and CNBC wants people to talk about something besides the looming competition with Fox. Booking Coulter was a cheap publicity stunt.

The outrage being voiced by Deutsch and other CNBC talking heads is phony. I have no sympathy for TV hosts who invite on guests such as Coulter with a history of outrageous statements being "outraged" when she says something outrageous. What makes matters worse is that every time Coulter says or does something shocking, the media acts surprised, as if it's something new.

Coulter is like crack to TV talk shows. They just can't seem to get enough of the articulate, attractive and bonkers pundit, and neither can her legion of fans. Between her books and speaking fees, she no doubt earns a handsome living, since people never know what crazy thing she's going to say.

To be clear, people have every right to be mad about the things Coulter says. They should be equally upset at the mainstream media, including Deutsch, for continuing to give her a platform for her shtick without giving her much of a fight. This is particularly scary as the presidential election ramps up and political passions are at their height.

Liberals from the coffee houses of Cambridge to the wine bars of San Francisco cackled with joy when they learned that Fox News had shelved the 1/2 Hour News Hour, the News Corp.'s (NYSE: NWS) channel's clone of The Daily Show.

As TV Newser points out, Fox Senior Vice President Bill Shine told staff in a memo that. "There is still a chance you will see the program at some point in the future." The Web site pointed out that the program had its fans, winning its timeslot all but once.

So, why cancel it then?

The anonymous folks on TV Newser's discussion boards certainly didn't find it amusing and suggest that its ratings plunged after an initial spike. The clip I heard on Fox's Web site, which doesn't provide any links to the show on its home page, didn't tickle my funny bone. Neither did the clip on YouTube featuring the always amusing Rush Limbaugh as president and Ann Coulter as vice president.

Jon Stewart probably didn't lose too much sleep worrying about this show.

Fret not conservatives, comedy hasn't died completely on Fox News. Those hysterical cutups Sean Hannity and Bill O'Reilly aren't going anywhere. I'm sure that Neil Cavuto will keep the laughs coming on the yet-to-be launched Fox Business Network.

Maybe Fox will replace 1/2 Hour News Hour with Red Eye with Greg Gutfeld. Red Eye routinely wins the coveted 2 a.m. drunk/insomniac timeslot. Gutfeld is conservative, goofy and at times pretty funny. His program deserves a spot in your DVR though it too isn't on Fox News' home page.

Citadel Broadcasting Corp. (NYSE: CDL) may be struggling even more than its potential new employee Don Imus.

Shares of the Las Vegas-based company have tanked more than 55% this year because the company is in the radio business which continues to suck wind. Excluding the acquisition of ABC Radio from Walt Disney Co. (NYSE: DIS), the company's revenue fell 2 percent in the second quarter. Net income was a tiny $3.8 million, or 3 cents per share. The acquisition made Citadel the proud owners of New York's WABC, Imus' possible new home.

Imus seems to be a good fit with the rest of WABC's lineup which includes Sean Hanity and Rush Limbaugh, both of whom can be at least as offensive if not more so. The I-Man's legion of fans, many of whom responded to my posts on their hero, will no doubt flock to his new show. He will be hailed as someone who got beaten down by the forces of political correctness and lived. Advertisers will be attracted to the program like moths to a flame.

The question is will this new Imus be much different than the old one. If he's too nice, people won't listen. If he's too much like his old self, people won't think he's learned his lesson and advertisers will be turned off.

Interestingly, Craig Carton who is replacing him at CBS Corp.'s (NYSE: CBS) WFAN is no slouch in the controversy department himself. As the more talkative and funny half of the "Jersey Guys" radio show, Carton grabbed huge ratings and controversy for offending politicians and members of minority groups.

Back in April, I suggested that he would make a good replacement for Imus. Someone emailed Carton the post which he read on the air. I called into the "Jersey Guys" and spoke with him briefly. He promised to send me token of appreciation. I'm still waiting.

And Craig, you're welcome.