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They both win. It's all about generating interest and getting paid for these two guys.
They both appear on each other's show constantly to boost ratings for each other.
Think of it like pro wrestling. John Stewart is Hulk Hogan and Bill O'Reilly is the evil Iron Sheik.
You can't have the good guy without the bad guy. It's just entertainment. I don't think either guy really believes half the things they say to entertain people. It's theater.
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