Craig Ferguson (Late Show-CBS) sort of explains the equal time rule. More specifically:
"Simply put, a station which sells or gives one minute to Candidate A must sell or give the same amount of time with the same audience potential to all other candidates for the particular office. However, a candidate who can not afford time does not receive free time unless his or her opponent is also given free time. Thus, even with the equal time law, a well funded campaign has a significant advantage in terms of broadcast exposure for the candidate."No Age guitarist, Randy Randall, could not wear his Obama T-shirt and at the last minute he took a Sharpie, turned it inside out, and wrote "Free Health Care." Randy went on to blog about it, as did the LA Times music blog, as well as contacting as many friends and press contacts he could, including Stereogum. They played "Eraser" which was slated for the 10/27 show, but CBS aired it early and Craig said he was all for their punk-rock rebelliousness. Since Sarah Palin was on SNL, one can predict that Obama or Biden will make an appearance, as hinted at here.