All politics and extremism aside, it was a poor economic decision to start it up.
The stereotypical right winger spends a lot of time in the car driving around the country side. Perfect subject for talk radio.
The stereotypical left winger takes public transportation on a short route to their job. The worst subject for talk radio.
While air america was hopeful, they didn't have an audience. And that's not because they were extremist liberals, but because the general liberal didn't have the time or capacity to listen to any radio.