The headline is a little overstated. It was a cordial conversation and reading it afterwards makes it sound a little more contentious than it was. But here’s the exchange between Koppel and Stewart last night.

JON STEWART

It’s that, the partisan mobilization has become a part of the media process. That they’ve realized that, this real estate that you possess, television, is the most valuable real estate known to rulers. If Alexander the Great had TV, believe me, he would have had his spin guys dealing, you know, Napoleon would have had people working. The key to leadership is to have that mouthpiece to the people, and that’s what, and that’s what this is. You guys are, this is a battle for the airwaves. And that’s what we watch, and that’s what’s so, I think, dispiriting, to those at home, who believe that, I think, there’s a sense here that you’re not participating in that battle and there’s a sense at home watching it of you’re absolutely participating and complicit in that battle, in the sense of this.

TED KOPPEL

(Off Camera) Go a little further, go a little further on that.

JON STEWART

I’m a news anchor. Remember, this is bizarro world. And I say, the issue is healthcare. And insurance, and why 40 million American kids don’t have insurance, 40 million Americans are uninsured. Is this health insurance program being debated in Congress good for the country? Let’s debate it. I have with me Donna Brazile and Bay Buchanan. Let’s go. Donna. I think the Democrats really have it right here. I think that this is a, a pain to the insurance companies and to the drug companies and I think it’s wrong for America. Bay. Oh, no, no, no. That’s incorrect. What it is is, and then she throws out her figures from the Heritage Foundation and she throws her figures from the Brookings Institute, and the anchor, who should be the arbiter of the truth says, thank you both very much. That was really interesting. No, it wasn’t. That was Coke and Pepsi talking about beverage truth. And that, that game is what has, I think, caused people to go, I’m not watching this.

JON STEWART

(Off Camera) All right, so you have found an answer, through humor …

JON STEWART

No. It’s not an answer.

TED KOPPEL

(Off Camera) … no, well, a truth, an answer in the sense that through humor …

JON STEWART

I found an outlet. I found a catharsis, a sneeze, if you will.

TED KOPPEL

(Off Camera) But it’s not just a catharsis for you, it’s a catharsis for your viewers. Those who watch say at least when I’m watching Jon, he can use humor to say, BS. You know, that’s a crock.

JON STEWART

But that’s always been the case. Satire has always been.

TED KOPPEL

(Off Camera) Okay, but I can’t, I can’t do that.

JON STEWART

No. But you can say that’s BS. You don’t need humor to do it, because you have, what I wish I had. Which is credibility, and gravitas, this is interesting stuff. And it’s all part of the discussion, and I think it’s a good discussion to have, but I also think that it’s important to take a more critical look, you know? Don’t you think?

TED KOPPEL

(Off Camera) No.

JON STEWART

And certainly not from me.

TED KOPPEL

Not from you.

JON STEWART

I’m, I know my role. I am the dancing monkey.

TED KOPPEL

(Off Camera) I’ve had enough of you. You’re done. You’re finished. Thank you, Jon.

JON STEWART

You’re very welcome.