How incredibly pathetic. It's a comedy routine, using exaggerated language, insulting Hillary Clinton and Geraldine Ferraro in a style similar to the way Kathy Griffin insults Hollywood celebrities. Doesn't Air America know anything about comedy? (oh wait....)
Here's the offending routine (NSFW). I'm not saying this routine is very good, but it's obviously in a comedy genre that is quite common, and comedians need some room to breathe.
Here's the official response from Air America, which notes that Rhodes was appearing "on behalf of Air America" at an event "sponsored by an Air America affiliate station." Good luck inspiring comedy from your on-air personalities after this... not that you were getting much of it before.