parody: a humorous imitation, often used to expose, denounce or deride.
satire: the use of irony, sarcasm and ridicule to expose, denounce or deride.
I’m a fan of the Stewart/Colbert hour. They do almost the same thing, but with a twist. John Stewart makes fun of the news and the people that read the news directly. He points out their faults and follies directly. His angle is nearly pure satire.
Colbert makes fun of news agencies (read Fox) by pretending to represent one of them and playing it straight most of the time. He exposes their flaws through exaggeration and mimicry. This is nearly pure parody.
Which do you think is a more effective means of denouncement? Satire or Parody? Which do you prefer?
N.B. I am aware that parody is, in fact, a subset of satire. Let’s treat them as separate for this argument.