Remove shortcode and tags from latest post feed

I use the below to display the latest blog posts on a static home page. The post_content unfortunately is including a line of video embed shortcode; I want to exclude shortcodes from the content feed (but not from the index page entirely: I have the video showing up in a different column).

I found instruction on how to strip out the shortcode, only I do not know (and have not been able to find in hours of searching) the php syntax. Could someone help me?

Live site is http://krishanti.com. You’ll see the error in the LATEST POST content paragraph (opens the paragraph).

Thanks!

Not bothering to include the full surrounding html.

<!--LATEST POST-->
            	 <?php $the_query = new WP_Query( 'showposts=1' ); ?>
                      <?php while ($the_query -> have_posts()) : $the_query -> the_post(); ?>
                        <div class="row">
                        	<div class="medium-7 medium-push-5 columns">
                                <h5>LATEST POST</h5>
                                <h2 class="margTzero"><a href="<?php the_permalink() ?>"><?php the_title(); ?></a></h2>
                                <p class="margBhalf"><?php echo substr(strip_tags($post->post_content), 0, 700);?>...</p>
                                <h5 class="margTzero"><a href="<?php the_permalink() ?>">continue reading...</a></h5>
                            </div>
                            <div class="medium-5 medium-pull-7 columns bodyfont2 padTtwo">
								<div class="row">
                                        <div class="small-12 columns">
                                                <?php
                                                    $thumbnails = get_posts( 'numberposts=1' );
                                                         foreach ( $thumbnails as $thumbnail ) {
                                                             if ( has_post_thumbnail( $thumbnail->ID ) ) {
                                                                 echo '<a href="' . get_permalink( $thumbnail->ID ) . '" title="' . esc_attr( $thumbnail->post_title ) . '">';
                                                                 echo get_the_post_thumbnail( $thumbnail->ID, 'thumbnail' );
                                                                 echo '</a>';
                                                             }
                                                         }
                                            ?>
                                    </div></div>