I honestly think it's the work ethic. Younger comedians don't think of it as a proper job; they just think they're naturally funny and sort-of shit out of their mouths, whenever they want a paycheck. Older comedians would eat shit 99% of the time, and push through it all, to get to that one magical joke that consistently killed. Even someone like Bill Hicks would hone his act like a fucking sculptor, until he reached infamy. And he was intentionally as vulgar as possible.
i miss bill hicks... he was one of the few that first made me think... many moons ago.
If you watch all of his vids (including the cam ones you'd have had to download from KaZaA, back in the day), chronologically, in one sitting: you can actually see as he develops his jokes, and makes them better. It's really neat. I especially loved the one where he literally berates the audience for his entire set; he created a few routines on that one. It was actually one of my first wake-up calls to the testament of hard work.
absolutely
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