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.)

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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.