The Late Show Pod Show with Stephen Colbert

Episode: Sen. Elizabeth Warren (Extended) | Signing Off
Date: November 21, 2025
Guest: Senator Elizabeth Warren

Episode Overview

This episode features an extended interview with Senator Elizabeth Warren, focusing on the high-stakes release of the Epstein files, accountability for the powerful, banking oversight issues, political threats and violence, the recent government shutdown, and the significance of affordability in American politics. True to form, Colbert brings wit and sharp commentary, while Warren provides policy insights and urgent calls for activism.

Key Discussion Points & Insights

1. Release of the Epstein Files and Government Transparency

• Main Theme: Trump signed a bill pressing the DOJ to release files related to Jeffrey Epstein within 30 days, prompting public and political scrutiny about transparency.

• Colbert’s Take: Skeptical about whether the files will be fully released, and highlights the risk of redaction and tampering.

• Warren’s Insight:

  • Acknowledges the likelihood of redaction.
  • Stresses sustained public pressure is crucial to ensure maximum transparency.
  • Frames the release as a fundamental question of whether the "tiny little group at the top" have a different set of rules than everyone else.

  “The reason The Epstein files are being released is because of you. If people across this country had not continued to push, push, push, raise hell, hold signs, talk about it, not get distracted, then they would not come out.”
  – Senator Elizabeth Warren (20:46)

  • Flags the challenge of missing information: “You’re going to have to now start doing the comparisons. So wait, why is this thing numbered page 123 9?... There’s going to be a lot of cross-hatching.” (19:40)

• Banking Records:

  • Warren emphasizes the need to “follow the money,” especially Epstein’s relationship with JPMorgan Chase, which provided him with extensive banking services even after his criminal convictions.
  • Calls for Jamie Dimon (JP Morgan CEO) and others to testify under oath.

  “I am. You know I am. So JPMorgan Chase is Jeffrey Epstein’s bank... They did more than a billion dollars in transactions for Jeffrey Epstein.”
  – Senator Elizabeth Warren (22:20)

2. Accountability for the Powerful and the Role of Public Pressure

• Warren ties the Epstein case into broader patterns of elite impunity and the necessity for public activism.
• Colbert and Warren agree that only continued vigilance will expose wrongdoing and drive reform.
• Warren:

  “Are we going to be a country where there’s one set of rules for this tiny little group at the top ... and a completely different set of rules for everyone else? The Epstein files is fundamentally about that.”
  (21:22)

3. Political Threats, Military Oaths & Trump’s Rhetoric

• Background: Congressional veterans released a video urging military and intelligence professionals to refuse unlawful orders.

• Trump reacts strongly, calling the video “seditious” and sharing posts advocating death penalties for those responsible.

• Warren strongly defends the veterans, underscores the importance of rejecting intimidation, and calls for a bipartisan stand against incitement and threats.

  “This is a time to call on these Republicans who have been surgically altered and have no spines, to say that when Donald Trump is encouraging violence like this... it is time for everyone in Congress to stand up and say, no, that is enough.”
  – Senator Elizabeth Warren (27:10)

4. Government Shutdown and Health Care

• The recent, lengthy government shutdown ended when eight Senate Democrats crossed the aisle; Warren was not approached.

• Warren emphasizes the healthcare stakes: millions were threatened with loss of coverage or catastrophic premium hikes.

• Shares the story of a Floridian mother with malignant melanoma, forced to consider abandoning treatment due to insurance costs.

  “The United States of America is the richest country in the history of the world. It is time for us to make good on the statement that health care is a basic human right.”
  (29:48)

5. Affordability as the Defining Political Issue

• Politics Beyond New York: Warren and Colbert discuss how rising costs of living—groceries, housing, utilities, healthcare—are the real unifying political concern nationwide.

• Warren argues Democrats must champion affordability, directly countering Trump’s broken promises and tariff policies.

• Notes recent Democratic electoral victories focused on affordability, including Michelle Wu (Boston Mayor) and utility commissioners in Georgia.

  “While Donald Trump is trying to put gold leaf on everything that he touches, American families have had just about enough of this. And Democrats are going to get in there and fight for affordability for the American people. I love it.”
  – Senator Elizabeth Warren (33:47)

Notable Quotes & Memorable Moments

• On DJT and Transparency:

  “He asked them to force him to do what he could already do... He does have something of a history of hiding things, lying about things, misrepresenting, using every loophole.”
  – Warren (19:37)

• On Veteran Lawmakers Speaking Out:

  “Can we just say good on them for standing up and pointing us out. ... Donald Trump thinks he can intimidate them. ... It is powerfully important that we push back. And I don't just mean Democrats.”
  – Warren (26:51)

• On the Meaning of Public Accountability:

  “We gotta have their backs. Donald Trump thinks he can intimidate them. And I gotta say, I think he picked the wrong set of people to try to intimidate.”
  – Warren (27:00)

• On the Cost of Living:

  “Democrats are focused and our focus is on what the American people are telling us that they most want, and that is a government on their side, not on the side of a handful of billionaires on their side.”
  – Warren (33:12)

Timestamps for Key Segments

| Timestamp | Content/Topic | |------------|------------------------------------------------------------------------| | 17:23 | Senator Elizabeth Warren joins the show | | 18:09 | Warren discusses Bailey, her dog, and media consolidation | | 18:52 | Epstein files—Colbert & Warren on redaction and transparency | | 20:46 | Warren on public pressure and why files are released | | 22:20 | JPMorgan Chase’s role; Warren on banking accountability | | 26:01 | Trump’s threats, military duty, veterans’ video | | 28:06 | Recent government shutdown and health care implications | | 30:45 | Affordability as the premier issue, and examples from recent elections |

Signature Colbert Moments

• Humor on Redaction:
  “By the time Trump’s people are finished with their El Marcos, the release could be a single black page with the words Bill Clinton.” (07:16)

• On Trump’s Media Evasiveness:
  “He signed it off camera and he'll sign anything on camera. Executive orders, sneakers, lady parts, wall parts, a toddler...” (05:07)

• Comic Relief:
  “Secretary Duffy released this video yesterday pining for the old days of air travel. Come fly with me, let's fly, let's fly away.” (12:02)

Conclusion

This episode is a punchy, insightful, and urgent discussion about high-level government accountability, the dangers of unchecked power, the necessity of public civic pressure, and the critical importance of affordability and health care. Warren is clear, fiery, and focused; Colbert keeps things moving with his trademark wit. Listeners come away with a strong grasp of the high stakes in the coming months, especially regarding the Epstein file release, banking investigations, and the direction of American democracy.