I think it has more to do with the fact that the entire contemporary conservative movement has at its core a sizable sense of fear and persecution. The perceived liberal bias of the media has more to do with motivating the troops than anything else. It's a lot more self serving for certain members of the media to paint the problems of the MSM as being the result of bias than it is to paint them for what they really are: the direct result of capitalism.
Limbaugh would never come out and admit the real reason why the media is messed up, because then he'd have to admit that he's actually part of the problem.
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