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Every year, the press corps meets for an awards show, where the President shows up, and everyone has a good time. Colbert gives a typically biting monologue. The really funny part is that it was probably funnier to everybody who is out of that circle.
You can see the clip here. The audience is quite silent while he throws out barbs about the press, such as “those were good times, as far we knew” while referring to the spinelessness the press showed for the first five years of Bush’s presidency.
Worth a watch.