how could the PR firm masquerading as a presidential administration let this happen?

Watch parts 1 and 2 of Stephen Colbert laying into President Bush, the media, and beyond at a Washington DC press banquet.

Some favorite excerpts:

The greatest thing about this man [Bush] is he's steady. You know where he stands. He believes the same thing Wednesday that he believed on Monday, no matter what happened Tuesday. Events can change; this man's beliefs never will.
...
John McCain is here...By the way, Senator McCain, it's so wonderful to see you coming back into the Republican fold. I have a summer house in South Carolina; look me up when you go to speak at Bob Jones University. So glad you've seen the light, sir.

Tags: [Stephen Colbert, Colbert Report, Washington Correspondents' Association]