Well,
duh...
There was a presidential race during that time. MoveOn was running commercials. F 9/11 was in the theaters. There were things to talk about and there were people interested in political news.
Air America hasn't found a way to keep listeners now that the campaign is over.
The difference between Rush and AAR is that Rush is a career entertainer who worked his way up in the radio business by the only way that works: getting ratings. AAR is primarily an anti-Bush political campaign--they want votes, not ratings. They targeted Bush and failed, and now Bush will probably never run for public office again. It's like "Eight Simple Rules" after Ritter died.
Even the DUers now have little to say about Air America. It seems to me that AAR's base has had declining interested over the past few months.