Colbert at the Correspondent's Dinner.

Stephen Colbert hosted the White House Correspondent's Dinner in his Colbert Report character.

Crooks and Liars has the video. Freakin' hysterical, although the press corps at times seemed afraid to laugh. Take fifteen minutes out of your Sunday to laugh. I promise you, it's worth it. (this other slightly edited version is clearer.)

E&P on the president's reaction, "as Colbert walked from the podium, when it was over, the president and First Lady gave him quick nods, unsmiling, and handshakes, and left immediately."

The best line I've come across so far, "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," Colbert said in a typical zinger."

(Also, I keep thinking that The Daily Show and now the Colbert Report are the equivalent of the turn of the century political cartoonists who had so much impact on the politics of the day.)

First Draft has a slightly edited and bigger version. Again, I promise you it's worth it.