A few highlights from the Stephen Colbert's presentation, from E&P:
* ON APPROVAL RATINGS: Colbert strongly urged Bush to ignore his low approval ratings, saying they were based on reality, “and reality has a well-known liberal bias.”
* ON RESTRUCTURING: Colbert attacked those in the press who claim that the shake-up at the White House was merely re-arranging the deck chairs on the Titanic. “This administration is soaring, not sinking,” he said. “If anything, they are re-arranging the deck chairs on the Hindenburg.”
* ON RETIRED GENERALS: Colbert compared Bush to Rocky Balboa in the “Rocky” movies, always getting punched in the face — “and Apollo Creed is everything else in the world.”
* ON THE WAR: "I believe that the government that governs best is a government that governs least, and by these standards we have set up a fabulous government in Iraq."
* ON PRINCIPLES: "When the president decides something on Monday, he still believes it on Wednesday -- no matter what happened Tuesday."
* ON THE PRESS: Colbert said he was “surrounded by the liberal media who are destroying this country, except for Fox News. Fox believes in presenting both sides of the story — the president’s side and the vice president’s side."
According to E&P, "as Colbert walked from the podium, when it was over, the president and First Lady gave him quick nods, unsmiling. The president shook his hand and tapped his elbow, and left immediately."
"Those seated near Bush told E&P's Joe Strupp, who was elsewhere in the room, that Bush had quickly turned from an amused guest to an obviously offended target as Colbert’s comments brought up his low approval ratings and problems in Iraq."