I must admit that I was concerned when I read in the Age (last Sunday) that it's been suggested that the media should be restricted from using certain words, at least if they're used pejoratively. See:
My concern is that the decision whether or not an expression such as "crazy" or "nuts" has been used pejoratively will often involve a matter of judgement. The idea that regulatory bodies (potentially government-funded) should become involved in such matters gets very close to the concept of "thought police".
I strongly support good taste and am dismayed by many aspects of today's society which appear to me to be in very bad taste - but the problem isn't going to be fixed by having regulations about the matter.