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He's still saying that being "fair and balances" is not simply opposing one side's opinion with an equal opinion on the other side, but is rather objectively reporting facts and correcting either side when it's wrong. He's saying that putting Keith Olbermann against Bill O'Reilly isn't correcting the problem, but compounding it. Even if Olbermann is telling the truth and Bill O'reilly lies, they are still coming at it from a biased position that elevates opinion to the level of journalism, and it weakens the whole premise of objective reporting.
The way to counter O'Reilly isn't to hire an opponent to meet him on his own field, it is to hire an Edward R Murrow and to reject O'Reilly's style of commentary altogether. No one on the right is convinced by anything Olbermann says. No one changes their opinions because of Olbermann. He's just a cheerleader shouting "Liberal, liberal, that's our plan!" instead of "Yay, Conservatives!" It's nice to hear our side represented, sure, and he's got the facts straight a lot more often than the Republicans, but people still know that he's reporting the facts he is because he's a liberal talking to liberals.
The problem is that the whole concept of truth becomes a battle of opinions, and people forget that there really is an objective reality out there. We need a media that reports that reality objectively, not one that rallies the troops for each side. Stewart is saying that you can't be objective by arguing automatically from one side or the other, that an honest media, a real journalist, will argue from outside both groups, and be willing to tell either or both sides they are wrong. That could mean telling the liberals they are wrong, too--in fact, it has to mean that the media is willing to do that. He's not saying the liberals are just as wrong as the conservatives in general, he's just saying that the media has to start with the assumption that either side is equally likely to be wrong, and then they can say "On this issue, the liberals are right, the conservatives are wrong" from a neutral position. People will respect that. But the media has to be willing to say that the liberals are wrong when and if they are, or it can never be objective, and then it can never gain the trust of Americans, and therefore it can never make a difference.
It's a very different thing to say "Both sides are equally right," which is the media's idea of objectivity now, and "Either side can be wrong," which allows the media to say "In this case, the Republicans are completely wrong and the Democrats completely right." That's his point. It hasn't changed. DU just wasn't in the right mood to hear what he was saying this time.
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