What Did Coulter Really Say?

As Chris Matthews and Elizabeth Edwards set out to destroy Ann Coulter for a seemingly inexcusable comment, what did the blonde firebrand really say on Good Morning America, and in what context? See for yourself. [Hint: She was making a point about Bill Maher and others who make similar comments to no mainstream media scrutiny whatsoever.] And why is this crucial context conspicuously cut out of all MSM excerpts of the interview?