I watch The Daily Show on my laptop over breakfast each day, and then I listen to Countdown on my drive to work. So I followed both sides of this exchange in near real time after a short lag.
Jon Stewart was absolutely right to call out Keith Olbermann as crossing a line. As someone who has tried to cultivate his "Edward R. Murrow" persona of serious commentary mixed with a little rabble rousing, Olbermann should have known better. When you are reduced to complaining about swearing in front of kids, or not taking the time to disavow every crazy thing an audience member shouts, you're not pursuing truth, you're just grasping at something to justify your position.
It's Keith's response in the last 30 seconds of the clip, though, that makes him still a class act in my book. When Jon Stewart went after Jim Cramer, Cramer got involved in an embarrassing week long pissing match before ultimately coming on the Daily Show and admitting that he was, in fact, full of it. Olbermann actually listened to the criticism, thought about it, and backed off rather than escalating.
Extra kudos to Stewart for calling out a guy who would ordinarily be an ally, and for being right.