i didnt see it live, but ive managed to get a glimpse of some clips of the broadcast. my thoughts have been that he was mostly "congratulating" the press on doing their job (which he should be doing at such a "White House Correspondents" dinner). I say this because he used sarcasm, saying the press shouldn't ask questions of the press secretary but just go home, write the decisions down, and get on with their lives. in the part i'm referring to it seemed like he wasn't necessarily making fun of Bush (which has been termed Bush bashing--making fun of any other president would just be good natured comedy) but rather using sarcasm to say, hey, the press in investigating certain issues is merely doing its job.

expecting the press to not search for the truth is not part of a liberal representative democracy. thus, i thought colbert was mostly commenting on this using recent events and any "Bush bashing" was Colbert being a comedian (some of the jokes were cheap shots, but comedians can be counted on that--i believe the guy who booked Colbert said he thought he was funny and didn't say anything that made him want to yell, "Stop")