In the most biting of satire, Stephen laughs along with Rudy Giuliani as he disparages Barack Obama's historic campaign, and agrees with Sarah Plain that Barack Obama is a nobody who's only popular for giving great speeches (or in her case, a single speech.)
Download | play 
Download | play
Palin: What exactly is our opponent's plan?
Colbert: Exactly! We know nothing about Barack Obama. Only that he can give a great speech... and that is not enough. By the way, Governor Palin, great speech last night.