Yes, her degree is not in psychology, it's in physiology. She's a glorified P.E. major.
As someone who knows a couple people with PhDs in physiology, I'd rather not see Dr. Laura's status as a hypocritical, ignorant blowhard impugn the people who have earned similar degrees. They're much more than glorified PE majors.
That said, Dr. Laura, who earned that title but isn't presenting it in the proper context, deserved to be fired and does not deserve the outcry of public support from ignorant fools who support her on the grounds that her free speech is being stifled. She can say the n word all she wants as long its not done in a way that creates a clear and present danger as per the law, but she needs to deal with the consequences of it. Saying that its on HBO and rap music all the time isn't a good argument for you being able to say it. Its a good argument for saying that they shouldn't use it there either.