WELCOME TO "A LATE SHOW."

I'M YOUR HOST, STEPHEN COLBERT, I'M FLAD TO BE YOUR HOST

TONIGHT, ALL NIGHTS, BUT PARTICULARLY TONIGHT IS AN

HISTORICAM NIGHT IN THE ANNALS OF TELEVISION.

TONIGHT IS THE FIRST NIGHT I AM SITTING DOWN WITH A GUEST IN

PERSON "THE LATE SHOW"" AND WHO ELSE DO YOU WANT TO

BREAK THAT SEAL WITH BUT PRESIDENT BARACK OBAMA.

THAT'S RIGHT, BARACK OBAMA, MY GUEST TONIGHT.

THREE ACTS?

THREE ACTS OF BARACK OBAMA.

AND YOU GO, "IS THAT-- SEEMS LIKE A LONG TIME"

NO, IT'S NOT.

YOU CAN'T BELIEVE HOW QUICKLY IT FLIES.

FIRST ACT, OBVIOUSLY, JUST FRIENDS HANGING OUT.

POWER PACKED THOUGH, AND REALLY SUBSTANTIVE.

NEXT ACT WE'RE GOING TO MOVE SOME PAPER.

WE'RE GOG SELL SOME BOOKS.

SUPER FUN AT THE SAME TIME.

THEN THE THIRD ACT, WE PLAY BASKETBALL.

THAT'S HISTORIC.

THAT IS AN HISTORIC GAME.

WAIT UNTIL YOU SEE THE RESULTS.

AND, YES, THERE WAS SOME WAGERING.

ANYWAY, HOW MANY QUESTIONS DID I GET IN?

>> THREE.

>> Stephen: THREE QUESTIONS, 20 MINUTES.

HE WAS VERY GRACIOUS.

THANK YOU AGAIN, MR. PRESIDENT, FOR SITTING DOWN WITH US.

YOU KNOW WHO HE IS MARRIED TO, THAT MICHELLE OBAMA.

THAT WOULD BE A GREAT GUEST.

THAT, THAT WOULD BE A GREAT GUEST.

NOT THAT HE'S NOT A GOOD GUEST.

HE'S A GREAT GUEST, BUT EVERYBODY LOVES HER.

EVERYBODY LOVES HER.

I'M ALSO JOINING YOU ON-- IS THAT TOO LONG A PAUSE?

I WAS JUST INSPIRED BY THE PRESIDENT.

IT WAS AN OBAMA-ESQUE PAUSE.

I'M ALSO JOINING YOU ON AN HISTORIC DAY FOR FANS OF

CAPITALISM, BECAUSE FOR THE FIRST TIME EVER, THE DOW HIT

30,000.

WOW!

THAT IS IS... SO MANY OF THEM.

OF THE DOW... POWNTS?

IS IT DOW POINTS.

DOWELLINGS.

IS IT DOW DROPS.

DOW UNITS.

30,000 DOWS, DOWELLINGS.

LET ME PUT IT IN LEHMAN'S TERMS.

IF YOU PUT ALL 30,000 OF THOSE DOW POINTS END TO END, IT WOULD

STRETCH ALL THE WAY TO THE S&P 500.

I DON'T ACTUALLY KNOW WHAT THEY ARE.

I THINK EACH DOW IS LIKE A TICKET AT CHUCK E.

CHEESE.

WHEN IT WAS AT 25,000, AMERICA COULD GET A STUFFED BUNNY.

NOW WE'RE AT 30,000, AND WE COULD GO FOR THE BEAR OR THE BIG

LION, OR THE FULL-SIZED FOOTBALL.

ANYWAY, WHATEVER THEY ARE, IT'S A LOT OF THEM.

SO, TO EVERYONE WHO WORKS ON WALL STREET, CONGRATULATIONS.

AND TO EVERYONE WHO DOESN'T WORK ON WALL STREET, GOOD LUCK WITH

THAT.

NEVER ONE TO PASS UP AN OPPORTUNITY TO GLOAT FOR

SOMETHING HE'S NOT RESPONSIBLE FOR, THE PRESIDENT HELD AN

IMPROMPTU PRESS CONFERENCE TO CONGRATULATE HIMSELF FOR THE

DOW JONES NUMBERS GOING BIG ON THE MONEY CHART.

>> THANK YOU VERY MUCH, AND I JUST WANT TO CONGRATULATE

EVERYBODY.

THE STOCK MARKET, DOW JONES INDUSTRIAL AVERAGE JUST HIT

30,000, WHICH IS THE HIGHEST IN HISTORY.

THE STOCK MARKET'S JUST BROKEN 30,000, NEVER BEEN BROKEN, THAT

NUMBER.

THAT IS A SACRED NUMBER, 30,000.

>> Stephen: YES, A SACRED NUMBER.

AS JESUS HIMSELF SAID, "BLESSED BE THE NUMBER 30,000, FOR, MAN,

THAT'S A LOT OF WHATEVER IT IS YOU'RE COUNTING.

SHEEP?

WHAT ELSE DO WE OWN AROUND HERE?

NOTHING."

GOTTA BE SHEEP.

THEN, JUST ONE MINUTE AND 15 SECONDS AFTER THE PRESS

CONFERENCE STARTED, IT TURNED OUT IT WASN'T A PRESS

CONFERENCE.

IT WAS JUST A BRAG 'N DASH, BECAUSE HE LEFT WITHOUT TAKING

ANY QUESTIONS.

>> THANK YOU VERY MUCH, EVERYBODY.

THANK YOU.

(CROSSTALK) (REPORTERS SHOUTING QUESTIONS)

>> MR. PRESIDENT-- >> MR. PRESIDENT--

>> SIR, WHY NOT... FOR THE GOOD OF THE COUNTRY, SIR.

( BLEEP ) >> Stephen: STIRRING WORDS THAT

SOMEDAY, NO DOUBT, WILL GRACE THE FACADE OF HIS PRESIDENTIAL

LIBRARY.

THIS WAS A RARE POTUS SIGHTING.

SINCE THE ELECTION, HE'S MADE FEW PUBLIC APPEARANCES.

HE KNOWS THAT IF HE COMES OUT OF HIS BUNKER AND SEES HIS SHADOW,

HE'LL ONLY HAVE SIX MORE WEEKS OF PRESIDENT.

BUT TODAY, HE HAD A PRESSING MATTER OF NATIONAL SECURITY: THE

ANNUAL TURKEY PARDON.

THIS YEAR'S STAR TURKEYS WERE NAMED CORN AND COB.

WE HAVE SOME FOOTAGE OF THEM ARRIVING IN D.C. FOR THEIR BIG

DAY.

HERE THEY ARE ARRIVING AT THE ICONIC WILLARD HOTEL, GREETING

THEIR THRONGS OF FANS, AND THEN RELAXING IN SOME PLUSH BEDS,

WHERE THEY ACKNOWLEDGE THEIR PRIVILEGE DURING AN EXPLODING

HOMELESS CRISIS.

OUR SOON-TO-BE FORMER LEADER MADE IT CLEAR HOW FORTUNATE THE

PARDONED BIRD WAS.

>> NOW IT'S TIME FOR THE MOMENT OF OUR GUESTS OF HONOR.

THEY HAVE BEEN WAITING.

AND, IN THIS CASE, HE HAS BEEN WAITING FOR THIS.

BRING THEM OUT.

LOOK AT THAT BEAUTIFUL, BEAUTIFUL BIRD.

OH, SO LUCKY.

THAT IS A LUCKY BIRD.

>> Stephen: YES, IT'S A LUCKY, LUCKY BIRD... TO HAVE A BETTER

LEGAL TEAM THAN THE PRESIDENT.

THEN HE SAID THE WORDS THAT SO MANY WHO HAVE WORKED FOR THIS

ADMINISTRATION HAVE LONGED TO HEAR:

>> I HEREBY GRANT YOU A FULL PARDON.

>> Stephen: THERE YOU HAVE IT-- AN INNOCENT TURKEY PARDONED BY A

LAME DUCK.

AND HE JUST GOT A LITTLE BIT LAMER BECAUSE LAST NIGHT, THE

GENERAL SERVICES ADMINISTRATION FINALLY DECLARED THAT BIDEN CAN

BEGIN HIS TRANSITION.

HIS TRANSITION, EVEN THOUGH THE CURRENT PRESIDENT STILL HASN'T

CONCEDED, AND HE'S NOT HAPPY ABOUT IT.

I'LL TELL YOU ALL ABOUT IT IN TONIGHT'S EXCITING INSTALLMENT

OF...

( TO TUNE OF "JINGLE BELLS" ) ♪ SCREW YOURSELF

SCREW YOURSELF ♪ I WON'T GO AWAY ♪

>> "THE ROAD FROM THE WHITE HOUSE."

>> Stephen: WHEN THINGS GO WRONG FOR THE PRESIDENT, HE LOOKS DEEP

INSIDE AND TRIES TO UNDERSTAND WHO HE'S GOING TO BLAME.

IN THIS CASE, THE NEEDLE LANDED ON HIS PERSONAL ATTORNEY AND

BILBO POSSESSED BY THE ONE RING, RUDY GIULIANI.

AFTER RUDY'S DISASTROUS PRESS CONFERENCE LAST WEEK, AIDES SAY

THE PRESIDENT STARTED TO WORRY THAT HIS LEGAL TEAM "IS COMPOSED

OF FOOLS THAT ARE MAKING HIM LOOK BAD."

NO, SIR, THAT'S YOUR HAIR AND MAKEUP TEAM.

BUT ONE OF THE KEY CONFIDENCE KILLERS COULD HAVE BEEN WHEN

RUDY HAD THIS LITERAL MELTDOWN.

EVEN IF IT'S CLOSE TO THANKSGIVING, THE PRESIDENT

DOESN'T WANT A LAWYER WHO MAKES HIS OWN GRAVY.

NOW, IT MAY BE HARD TO IMAGINE, BUT RUDY WASN'T ALWAYS THE TROLL

LIVING UNDER AMERICA'S BRIDGE.

JUST 18 YEARS AGO, HE WAS ALMOST UNIVERSALLY HAILED AS A NATIONAL

HERO.

IN FACT, THIS MORNING, THE INTERNET UPCHUCKED A NEWLY

REDISCOVERED CLIP OF A 2003 RUDY BIOPIC FEATURING ACTOR AND GUY

ON THE SUBWAY WHO KEEPS MENTIONING THE SEAT NEXT TO HIM

IS FREE, JAMES WOODS.

WOODS-- 1600 ON HIS S.A.T.s, JUST ASK HIM AND HE'LL TELL

YOU-- UNIRONICALLY PORTRAYED GIULIANI AS A ROMANTIC IDEALIST.

HERE'S JUST A TASTE.

>> THAT'S WHAT MY FATHER TAUGHT ME.

MY DAD AND MY OTHER HEROES: WINSTON CHURCHILL, BOBBY KENNEDY

>> DEMOCRATS.

>> AS I ONCE WAS.

>> WHY'D YOU SWITCH?

>> YOU KNOW, DEMOCRATS ALWAYS TALKED ABOUT THINGS GETTING

BETTER.

REPUBLICANS DID WHATEVER THEY COULD TO MAKE THEM BETTER.

THAT'S WHAT WE'RE HERE FOR, RIGHT?

♪ ♪ ♪ >> Stephen: THEY WOULD HAVE PAID

FOR BETTER WRITING, BUT THEY BLEW THE WHOLE BUDGET ON THAT

WINDOWS 98 SCREENSAVER OF THE OCEAN BEHIND HIM.

NOW, THE ACTUAL TITLE OF THAT MOVIE IS "RUDY: THE RUDY

GIULIANI STORY."

SEEMS A LITTLE REDUNDANT, BUT THEN AGAIN, ALL THE BEST MOVIES

DRIVE HOME THEIR SUBJECT MATTER.

THAT'S WHY MY FAVORITE MOVIE IS "STAR WARS: A STAR WARS STORY."

WHAT I LOVE ABOUT THAT SCENE IS HOW REALISTICALLY IT PORTRAYS

THE ROMANCE OF TALKING ABOUT REPUBLICAN POLICY RIGHT BEFORE

YOU MAKE OUT.

HOLLYWOOD DOES IT ALL THE TIME IN LOVE SCENES:

>> I'M ALSO JUST A GIRL, STANDING IN FRONT