Changes in consumer needs can often propel a business into bankruptcy, whether a product of the sour economy or due to shifting ideologies.

Air America, the liberal talk-radio station that first introduced us to Rachel Maddow, announced earlier this month that it plans to file for Chapter 7 bankruptcy.

Although many business bankruptcy cases involve reorganization under Chapter 11 of the Bankruptcy Code, Chapter 7 is a last resort in bankruptcy and is usually referred to as a "liquidation" bankruptcy.

The station, which has essentially been the rival station to Rush Limbaugh's more conservative talk-radio show, was instrumental in electing President Barack Obama last year. Now, after catapulting its founder, Senator Al Franken, into political fame, it is succumbing to declining revenues and dwindling advertising. Interestingly, this bankruptcy comes in the wake of the Scott Brown win, which has been dubbed a huge political victory for the Republican Party.

Was Air America's insolvency a product of the shifting political climate in the United States and the ever-dwindling Democratic support? Or was it a product of the ravaged economy? Or, was it a hybrid of both?

Could Air America have been saved through bankruptcy alternatives? A Chapter 7 bankruptcy usually signals the very end of the line. Generally, it is the choice of reason when all else fails and when the benefits of reorganizing and debt negotiation are outweighed by the benefits of clearing the house. In this ravaged economy, sometimes a clean slate is the best thing one can ask for.

As for the social effect of this bankruptcy, it will be interesting to see whether there will be any ripple in the political media. Who will be next to go, Rush Limbaugh or Keith Olberman?

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