The way I see it O'Reilly is a right wing propaganda machine that seldom gets his facts right and shows less tolerance for people who disagree with him with each passing day. That is a compliment in comparison to most other radio & TV hosts from that part of the American political spectrum.
By comparison Colbert is (to paraphrase the actor's description) a "poorly informed idiot". More so, he's an act that parodies the conservative stance by taking their most extreme viewpoints and then - by intent or otherwise - showing how they fall apart.
Conservatives can laugh at Colbert's parody of O'Reilly, because Bill is rather a pompous ass. They can also laugh at Colbert because the character, while not entirely bereft of truthiness, doesn't really relate to actual people. Stephen Colbert is admired for his craft at playing the role, as much as for the role itself.
If you think Colbert is somehow representative, then I submit you've veered into some heavy stereotyping. And it happens. But the irony is that we have a group of people today in the media, in academia, in government that seem to be every bit as illiberal as the barbarism they decry.
And speaking of barbarism:
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