No, Walter-we mean liberal-as in:
useless, irrational, hysterical, incapable-of-logical-thought-process.
If you want the best examples of where media bias does extreme damage, just look at the Iraq war, and Al Jeezera. Media coverage influences world wide perception. Remember those exiled Iraqi's boarding busses in Jordan to go to back Iraq and fight for Saddam? They were stirred into a frenzy by Al Jeezera's slanted coverage of the war- they ended up being toast.
The morale of our troops is directly effected by media bias too. All this "quagmire" coverage and continous negativity in all reports from Iraq. It makes the military's job harder to do. It's tough on their families as well. (The welcome exception is Fox News-They try to include positive stories and they have done some good work in telling people about how difficult it was to rebuild Europe after WW II.)
Imagine if all jouranlists and networks applied Fair and Balanced to how they did their news. There'd be less problems in the world,-I think.