Olbermann had an opinion show that was on later in the evening. You know, just like Glenn Beck, who called the president a fascist, Marxist, racist and so on without being suspended. This was an early morning show that is watched with the expectation that it will be completely family-friendly.
Double standard indeed.
Then what, pray tell, is? The point that you were originally claiming, that he was censored because it offended Obama, has no evidence and fails to overcome even common sense. What others do you propose?
Ah, question answered. Your point is completely and utterly different to that you made in your OP. Having thought about it, you realise your initial critique fails to pass muster (either that or you actually read the article you linked for the first time), so you're jumping onto something else. There is no hypocrisy here, despite your incoherent claims to the contrary. The beeper is there to catch accidental slips, not to provide a carte blanche excuse, encouragement or validation for swearing on air. Go on, try to argue otherwise.
And as a whole,
it's not liberals who tend to knee-jerk over this kind of thing.