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In one respect you're right. It's the evolution of the talk show and Jon and Stephen are the next generation. Part of the problem in the fragmented media market of today is that a one hour show (or 90 minutes back in the day) just doesn't work now. Part of the problem is that the major networks could never afford to push the envelope with politically controversial subjects like Stewart can (though Dave did a far better job than Leno ever managed). The other issue leading to the demise of the late night dinosaurs is that the format was rather rigid in that much of the show served as nothing more than a pipeline to pimp upcoming movies, albums, etc. TDC and Colbert have resisted this to an extent and have gone with the edgier guests rather than the parade of stars pushing their next project (though lately that's been changing- 10 years from now the hipsters will be talking about back in the day when Stewart was cool and how he's sold out)

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yeah, but she has to speak reeeally slowly and use little words

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