Stephen Colbert definitely took advantage of his opportunity and showed some balls in his monologue at the White House Correspondents' Association Dinner. The video of the monologue is tough to watch, both because of the utter truthfulness of it all, but also because of the blatant disrespect showed by Colbert to the President.
Here are a few quotes from the monologue.
"So, Mr. President, please, pay no attention to the people that say the glass is half full. 32% means the glass -- it's important to set up your jokes properly, sir. Sir, pay no attention to the people who say the glass is half empty, because 32% means it's 2/3 empty. There's still some liquid in that glass is my point, but I wouldn't drink it. The last third is usually backwash."
"Everybody asks for personnel changes. So the White House has personnel changes. Then you write, "Oh, they're just rearranging the deck chairs on the Titanic." First of all, that is a terrible metaphor. This administration is not sinking. This administration is soaring. If anything, they are rearranging the deck chairs on the Hindenburg!"
Here is the painful video. White House Correspondents' Association Dinner