In case you are unaware, this is the Conservative response to the Daily Show, created by the torture mongers who brought you 24. I can't wait for the water boarding jokes!
a good bit:
"The 1/2 Hour News Hour" has taken "false wit" to a brand new place. Apart from one setup joke about Obama's rock-star popularity and a random fart reference, all the jokes in this segment rely for their meaning on arbitrary coincidence--most particularly the arbitrary coincidence of skin color. Almost all the jokes in that segment work by drawing a connection between Obama and another well-known and (to FOX's audience) sinister figure who has little in common with Obama except for not being white. For instance, the punchline to the revelation that Obama has admitted to cocaine use in adolescence is an endorsement from Marion Barry--a corrupt African-American Democratic politician with widely publicized drug problems. The next gag is a reminder that Obama's middle name, "Hussein," is the same as the last name of the Middle Eastern dictator we just executed--which carries in it the embedded reminder that Obama's last name is only one letter away from the first name of the Saudi Arabian terrorist we still haven't tracked down. This leads into an ad for "BO Magazine" (again, the joke is based on the arbitrary coincidence between Barak Obama's intitials and the playground acronym for "body odor") which is a parody of Oprah's "O" magazine--Oprah being, of course, another African-American public figure wildly popular with white middle-class Americans. One of the fake articles that flashes during the voiceover is titled, "Obama or Tiger Woods--Which Is More Diverse?", another comparison based on the apparently endlessly amazing fact that, like Woods, Obama is African-American.
I guess I can sort of see how this string of coincidences plays on the latent xenophobia and racism of your assumed target audience in order to demonize Obama...but even so, how is it funny? There's no element of surprise, there's no revelation, and it doesn't actually say anything about either Obama or the media's Obamania. All it says is, hey, Obama's black, just like these people. And he's also a Democratic front runner. And he's popular with the media. Isn't that HILARIOUS?