"Mr. Trump, Mr. Trump, there's a lot you don't understand. But I never thought one of those things would be show business," Colbert said in his "Late Show" monologue (above). "Don't you know I've been trying for a year to get you to say my name? And you were very restrained, admirably restrained, but now you did it. I won."
Colbert has been cracking jokes at Trump's expense for months, and recently faced backlash for a monologue joke at the beginning of the month when he said, "The only thing your mouth is good for is being Vladimir Putin's c--k holster." Despite news of the FCC investigating the on-air moment some viewers considered "homophobic," Colbert didn't seem too worried, and ripped Trump for blatant hypocrisy about use of "adult language."
"Please, oh please! Don't make me trend on Twitter again," Colbert said. "Don't throw me in that hashtag briarpatch. But you're not wrong. I will give this to the man, you're not wrong. I do occasionally use adult language, and I do it in public instead of the privacy of an 'Access Hollywood' bus."
Here are Trump's comments Colbert was responding to:
You see a no-talent guy like Colbert. There's nothing funny about what he says. And what he says is filthy. And you have kids watching. And it only builds up my base. It only helps me, people like him. The guy was dying. By the way they were going to take him off television, then he started attacking me and he started doing better. But his show was dying. I've done his show. … But when I did his show, which by the way was very highly rated. It was high—highest rating. The highest rating he's ever had.
Colbert did throw Trump a bone and admitted the ratings of his show were indeed high the night Trump was on, but the shade quickly followed: "The only episode that got better ratings was the night I had Jeb Bush on. That's right, you got beat by low-energy Jeb. But don't worry - you won the energy ratings college."
The comment was both harsh and accurate. Bush stopped by Colbert's show in September 2015, and the episode scored 6.6 million viewers. Trump's appearance a few weeks later earned 4.6 million.
"And making jokes about you has been good ratings. It's almost as if the majority of Americans didn't want you to be president," Colbert concluded. "But you know who has got really bad ratings these days? You do. Really terrible approval numbers. I hear they're thinking about switching your time slot with Mike Pence. But since all of my success is clearly based on talking about you, if you really want to take me down, there's an obvious way — resign."