Along with "military intelligence," "journalistic standards" is fast becoming an oxymoron.

Today, syndicated columnist Michelle Malkin brought attention to the fact that the moderator for tomorrow night's vice presidential debate, Gwen Ifill, has a substantial financial interest in an Obama victory.

In an imaginary world where liberal journalists are held to the same standards as everyone else, Ifill would be required to make a full disclosure at the start of the debate. She would be required to turn to the cameras and tell the national audience that she has a book coming out on January 20, 2009 -- a date that just happens to coincide with the inauguration of the next president of the United States.

The title of Ifill's book? "Breakthrough: Politics and Race in the Age of Obama." Nonpartisan my foot.

Ifill's publisher, Random House, is already busy hyping the book with YouTube clips of Ifill heaping praise on her subjects, including Obama and Obama-endorsing Mass. Governor Deval Patrick.

If Obama wins, Ifill's book is likely to sell big. If Obama loses, Ifill's book will go straight to the remainder bin just as John McCain puts his hand on the Bible to take the oath of office.

The center-right blogosphere has understandably been going ape over this. Journalists, who you think would no better, have either dismissed the obvious conflict-of-interest or remained suspiciously mum.

Howard Kurtz buried the controversy at the bottom of a column on Palins media miscues.

The latest controversy to hit the echo chamber came yesterday as a conservative Web site challenged the fairness of tonights moderator, PBSs Gwen Ifill, for writing a book about Barack Obama and other rising black politicians, even though the book project has long been public.

Ifills forthcoming book, The Breakthrough: Politics and Race in the Age of Obama, was mentioned in a Sept. 4 Washington Post article. WorldNetDaily.com, in criticism that was picked up by the Drudge Report and Rush Limbaugh, questioned whether the book would be pro-Obama and undermine her fairness as moderator.

The book has been out there and discussed for months, PBS spokeswoman Anne Bell said. Its a non-issue. (World Net is offering its readers a $4.95 book titled The Audacity of Deceit: Obamas War on American Values.)

Ifill moderated the 2004 debate between Vice President Cheney and John Edwards, and if that is any indication, she will ask both candidates hard, detailed questions. McCain told Fox News yesterday: I think that Gwen Ifill is a professional, and I think she will do a totally objective job because she is a highly respected professional.

The fact that some people have known about Ifill's book for months is irrelevant. McCains opinion of the job Ifill will do is irrelevant (and may change depending on what happens Thursday night).

The only thing that is relevant is Ifill's conflict-of-interest. I will say it again: Ifill stands to benefit financially if Obama is elected.

Ifill, predictably, played the race card.

Ifill questions why people assume that her book will be favorable toward Obama.

Do you think they made the same assumptions about Lou Cannon (who is white) when he wrote his book about Reagan? said Ifill, who is black. Asked if there were racial motives at play, she said, I dont know what it is. I find it curious.

The problem with Ifill's little analogy is this, as Tim Graham notes:

This is a curious complaint, since (a) Cannon was never the sole moderator or even a questioner in a Ronald Reagan debate in 1980 or 1984 and (b) Lou Cannon wrote at least five books about Reagan. Ifill is probably referring to President Reagan: Role of a Lifetime, released in 1991. An Amazon.com search also suggests the titles Ronald Reagan: A Life in Politics (2004), Governor Reagan (2003), Ronald Reagan: The Presidential Portfolio (with Michael Beschloss, 2003), Reagan (1982), and Ronnie Jesse: A Political Odyssey (1969).

Ifill should have recused herself when she was offered the job a couple months back. It wasn't on the McCain campaign to object because she might be unfair to Palin. Likewise, it wasn't on the Obama campaign to object because Ifill might overcompensate to prove that she isn't anti-McCain/Palin and treat Joe Biden unfairly.

It's all on Ifill.

Unfortunately, its too late for her to back out now. The best she can do -- and what she -- must/em do -- is to inform viewers of the title and subject of the book shes working on and pledge to try to be as unbiased as possible.