Alternate headline: “Omen of the day.”

It is with the greatest regret, on behalf of our Board, that we must announce that Air America Media is ceasing its live programming operations as of this afternoon, and that the Company will file soon under Chapter 7 of the Bankruptcy Code to carry out an orderly winding-down of the business.

The very difficult economic environment has had a significant impact on Air America’s business. This past year has seen a “perfect storm” in the media industry generally. National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection. From large to small, recent bankruptcies like Citadel Broadcasting and closures like that of the industry’s long-time trade publication Radio and Records have signaled that these are very difficult and rapidly changing times…

When Air America Radio launched in April, 2004 with already-known personalities like Al Franken and then-unknown future stars like Rachel Maddow, it was the only full-time progressive voice in the mainstream broadcast media world. At a critical time in our nation’s history — when dissent on issues such as the Iraq war were often denounced as “un-American” — Air America and its talented team helped millions of Americans remember the importance of compelling discussion about the most pivotal events and decisions of our generation.

The boss has been predicting their implosion since practically day one of Hot Air. Like she says, given their longstanding financial nightmares, the only surprise is that they lasted this long. Cause of death, per our favorite liberal: Suckage.

Exit question: Brown wins, ObamaCare’s on life support, McCain/Feingold gets gut-punched by SCOTUS, now this. What happens tomorrow? Does Rupert Murdoch buy the Times or something?