Sen. Elizabeth Warren | Full Court Stress

Summary

The Late Show Pod Show with Stephen Colbert Episode: Sen. Elizabeth Warren | Full Court Stress Release Date: April 17, 2025

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Overview

In this compelling episode of The Late Show Pod Show with Stephen Colbert, host Stephen Colbert engages in a spirited and insightful conversation with Senator Elizabeth Warren. Titled "Full Court Stress," the episode delves deep into the tumultuous actions of the Trump administration, the ensuing legal battles, and the broader implications for American democracy. Through sharp wit and substantial discourse, both Colbert and Warren explore the challenges facing the United States, offering listeners a blend of humor and earnest political analysis.

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Stephen Colbert’s Opening Monologue

International Tourism Decline [01:47] Colbert kicks off the episode by highlighting a significant decline in international tourism to the U.S., noting an "11.6% fall in visits from overseas" (01:50). He humorously equates the expected $18 million drop in Las Vegas room revenue to "two mini fridge Toblerones," underscoring the economic impact with his signature comedic flair.

Legal Conflicts and Trump Administration [02:30] Transitioning to domestic issues, Colbert addresses the Trump administration's ongoing conflicts with the judiciary. He references Federal Judge James Boasberg's decision to hold the administration in criminal contempt over the deportation of Venezuelan immigrants, sarcastically remarking, "Judge Boasberger, I probably hold you in contempt. Case dismissed." (04:15). This segment critiques the administration's disregard for court orders and the integrity of the legal system.

Trump’s Immigration Policies [06:49] Colbert continues by mocking former President Trump's characterization of violent criminals as "homegrown criminals," juxtaposing it with bucolic imagery of cartoonish antics. He quips, "The homegrowns. Nope, wrong. The word you're looking for is American citizens, not homegrowns," (06:56), highlighting the administration's flawed rhetoric and policies.

Republican Struggles and Public Backlash [08:23] Turning to the Republican response, Colbert depicts Senator Chuck Grassley's futile attempts to defend Trump's immigration stance at a town hall, with Grassley exclaiming, "That's not a power of Congress," prompting Warren to retort, "If I get an order, pay a ticket for $1200 and I just say no, does that stand up?" (08:30). Colbert underscores the waning support for Trump's policies within the GOP.

Cuts to NPR and PBS [10:02] Colbert sarcastically discusses Trump's plans to cut federal funding for NPR and PBS, illustrating the administration's disregard for public programming. He humorously asserts, "NPR fans get ready for Fresh Air to become. And PBS fans can look forward to Sesame Street. Bert and Ernie have wives now," (11:15), critiquing the potential erosion of educational and cultural institutions.

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Interview with Senator Elizabeth Warren

Introduction and Context [13:39] Colbert welcomes Senator Warren, commending her as a "great explainer" with a "great love of the country and a good dollop of righteous anger about people who abuse." (13:45). This sets the stage for a robust discussion on contemporary political challenges.

Trump Administration’s Economic Policies [14:48] Warren expresses deep concern over Trump's economic strategies, stating, "Donald Trump and his co-president Elon Musk want to make sure that billionaires get more tax giveaways, more out of this country," (15:00). She emphasizes the detrimental effects on Social Security, healthcare, veterans, and public education, warning of impending economic instability and potential recession.

Tariffs and Market Chaos [17:26] Diving into trade policies, Warren criticizes Trump's inconsistent tariff implementations, highlighting the resulting economic chaos. She explains, "Tariffs are on. Tariffs are off. Tariffs are on," (16:57), noting the unpredictability deters investment and hampers job creation. Warren underscores the urgent need for legislative measures to stabilize trade policies.

Investigating Market Manipulation [23:35] Addressing allegations of Trump's potential market manipulation, Warren states, "We have asked the SEC, the Department of Justice. It is their job," (23:46). She advocates for a thorough investigation into insider trading and emphasizes the necessity of independent oversight to maintain market integrity.

Legislative Reforms and Conflicts of Interest [24:40] Warren proposes sweeping legislative changes to prevent conflicts of interest, insisting, "Not one single senator, representative, spouse of a senator or representative, should be allowed to buy or sell individual stocks anytime. Ever. Done." (24:55). She advocates for stringent regulations to ensure transparency and accountability among elected officials.

Threats to Democracy and Habeas Corpus [26:48] Warren draws parallels between Trump's actions and authoritarian regimes, asserting, "If Donald Trump and his henchmen can do this to one citizen from Maryland, they can do it to anyone," (27:11). She underscores the importance of habeas corpus and the rule of law in safeguarding individual rights against executive overreach.

Call to Action [25:15] Concluding their discussion, Warren urges collective action, stating, "We have the power to stop Donald Trump... We can do that," (25:20). She emphasizes the role of state attorneys general and the necessity of public support to enforce legal and ethical governance.

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Conclusion

The episode culminates with a heartfelt thanks from Stephen Colbert to Senator Elizabeth Warren for her insightful contributions. Throughout the conversation, listeners are provided with a nuanced understanding of the pressing issues facing the nation, particularly the challenges posed by the Trump administration's policies. Warren's candid analysis and proposed solutions offer a roadmap for combating corruption and preserving democratic integrity.

Closing Remarks [29:02] Colbert wraps up by encouraging listeners to stay engaged and informed, directing them to The Late Show YouTube channel for additional content and exclusives.

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Key Takeaways

• Economic Instability: Trump's inconsistent tariff policies and executive actions are highlighted as major factors contributing to economic uncertainty and potential recession.

• Legal Overreach: The administration's defiance of judicial orders and potential contempt of court raise serious concerns about the erosion of the rule of law.

• Market Manipulation Concerns: Allegations of insider trading and market manipulation by Trump and associates call for urgent investigations and legislative reforms.

• Democratic Safeguards: Weiargently emphasizes the need for robust legal frameworks and public accountability to protect democratic institutions and individual rights.

• Call for Collective Action: Both Colbert and Warren stress the importance of unified efforts to counteract administrative overreach and restore ethical governance.

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Notable Quotes

• "Donald Trump and his co-president Elon Musk want to make sure that billionaires get more tax giveaways, more out of this country." – Elizabeth Warren [15:00]

• "If Donald Trump and his henchmen can do this to one citizen from Maryland, they can do it to anyone. Whether American citizen, one resident of Maryland, they can do it to anyone." – Elizabeth Warren [27:11]

• "Not one single senator, representative, spouse of a senator or representative, should be allowed to buy or sell individual stocks anytime. Ever. Done." – Elizabeth Warren [24:55]

• "We have asked the SEC, the Department of Justice. It is their job." – Elizabeth Warren [23:46]

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This episode serves as a crucial discourse on the state of American politics, offering listeners both humor and depth in understanding the complex interplay between executive actions, legislative responses, and the overarching pursuit of maintaining democratic integrity.

Transcript

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[Stephen Colbert]

Welcome one and all in here, out there, all around the world to the Late Show. I'm your host Stephen Colbert. Hey, let me ask a quick question. Anybody here from out of the country? I don't believe you and I'll tell you why. Because last month visits to the US from overseas fell 11.6%. And in Las Vegas alone, the international tourism decline is expected to mean an $18 million drop in room revenue. $18 million, which I believe is two mini fridge Toblerones. And because this people from overseas are frightened to come here, okay, to say goodbye to some of our biggest international party people. Because we're seeing our biggest drop in Australian visitors since COVID Do you know how bad things have to be to scare off Australians their Prime minister is a spider. What else is going? Oh, there's this little thing about American democracy collapsing due to a constitutional crisis. Donald Trump has been ignoring court orders left and right, starting with the judge who originally ordered him to turn around those first two planes full of Venezuelan immigrants headed down to El Salvador. Federal Judge James Boasberg, seen here about to reveal to the Chipotle cashier that he has a coupon. The administration pretended they did not hear the judge's order and since then have been stonewalling the judge ever since. So today Boasberg found probable cause to hold the Trump administration in criminal contempt. Uh huh. How about that? That's been a while. Well, Judge Boasberger, I probably hold you in contempt. Case dismissed. Judge Judy over run commercial for neutral bullet. Trump is also willfully misinterpreting the Supreme Court's 90 decision to return Kilmaur Abrego Garcia, a Maryland man who the administration rendered to an El Salvador prison due to what they have repeatedly admitted in court was a mistake. The SCOTUS order directed the White House to facilitate Garcia's release. In response, the administration said they would only do that should El Salvador want to return Albergo Garcia. I mean, what can we do? America is a gentle, passive giant that would never put pressure on a sovereign nation. Now then, Denmark, suck on these tariffs and gimme, gimme Greenland. None of this has gone down well with the judge who first ordered Trump to bring Garcia home. District court judge and Mr. Spock's realtor, Paula Siniz. Number one realtor on Balkan. Judge Siniz wrote that mistakenly deporting Albergo Garcia to one of the most inhumane and dangerous prisons in the world had exposed him to harms that shock the conscience. I'm sorry, shocks the what now? Oh, the little voice in my head. I strangled that sucker a long time ago. It screamed it's wrong to kill me, but once it was gone, I'm telling you, nothing was ever wrong again. Last week, Sinise ordered Trump's henchmen to provide her with daily updates on what they have done so far to return Abrego Garcia. And they have provided nothing. So yesterday in court she said, we're going to move. There will be no tolerance for gamesmanship or grandstanding. There are no business hours while we do this. Cancel vacations, cancel other appointments. Wow. Cancel all plans. Pretty strict. But you know, at least one of those lawyers is going to be thrilled about this. Hey, bud. Yeah, I'd love to help you go Pick up that waterbed from Facebook Marketplace. But ol Judge Sini says no. Damn this Constitution. Yep, despite the judge's orders so far, the administration is not backing down. In fact, it could get worse because last night Trump went on Fox Noticias, their Spanish language channel. You know their motto? Speak English on there. On Noticias, anchor and former co star of Road Rules, Rachel Campos Duffy asked Donald Trump about sending U.S. citizens to the Salvadoran torture prison. Could we use it for violent criminals? Our own violent criminals? I call them homegrown criminals.

[Advertiser]

The homegrowns.

[Stephen Colbert]

Nope, wrong. The word you're looking for is American citizens, not homegrowns. Okay, now, no. Homegrowns is what your cousin calls the crappy weed he's trying to sell you that he grew in his closet, even though it's legal. Now. Trump went on to define the term the ones that grew up and something went wrong and they hit people over the head with a baseball bat. Is that the worst crime he can think of? Did Donald Trump grow up on the mean streets of Looney Tunes? Something's very wrong with these people. They bonk people over the head with baseball bats and the little bump goes whoop. And then they drop anvils from cliffs and the really bad ones will strap themselves to a giant rocket that says ack me. Okay. The last words you'll ever hear. Meep, meep. They'll run off the cliff like 10ft and don't even realize that there's nothing underneath them. And then. Pchoo. Congressional Republicans are starting to have a hard time defending Trump's snatch and grab immigration policies at their town halls across the country. Here's what happened yesterday when 91 year old Senator Chuck Grassley got propped up in front of some of his Iowa voters. Are you going to bring that guy back from El Salvador? Why not? Well, because that's not a.

[Elizabeth Warren]

That's not a power of Congress.

[Stephen Colbert]

Supreme Court said to bring him back.

[Elizabeth Warren]

If I get an order, pay a.

[Stephen Colbert]

Ticket for $1200 and I just say no, does that stand up? Because he's got an order from the Supreme Court and he just said no.

[Elizabeth Warren]

Yeah, screw it. I'll be able to answer your question.

[Advertiser]

You ignored my letter.

[Stephen Colbert]

Ma'am, in fairness to Chuck, he's not ignoring you. It just takes a long time to translate your letters. He's so old. His first language was Sumerian. You gotta send it to him on a clay tablet. Okay, Just linear A. He never learned linear, baby. Also, you can't blame Chuck Grassley for Being slow to respond. He's so old. He also showed up to the town hall to complain. Excuse me. Excuse me. Someone pooped in Chuck Grassley's pants. We need to find out who. It's getting cold. But when Grassley finally piped up, he didn't. El Salvador is an independent country. The president. Can you speak up, please?

[Elizabeth Warren]

We can't hear you.

[Stephen Colbert]

Well, that's because when people are very confident that they're doing and saying the right thing, they always use their very softest voice. Reminds me of that famous scene in A Few Good Men. I want the truth. You can't handle the truth. Good movie. That's good. You forget how good that Jack.

[Elizabeth Warren]

Right.

[Stephen Colbert]

Jack is always good. One take. It's one take. Things got really spicy when Grassley tried to claim that the issue is out of our government's hands.

[Elizabeth Warren]

The president of that country is not.

[Stephen Colbert]

Subject to our U.S. supreme Court. I'm pissed. Oh, fantastic. Oh, my. Oh, my Lord. The oldsters are turning on their own. Like one of them just sat on the channel changer in the day room. Well, thanks, Barbara. Now we'll never know whether the fella bought a vowel. I was ready to solve the puzzle. I'm pissed. Treat yourself around a sausage. Voters are about to have even more to get mad about because we just learned that Trump is planning to cut federal funding for NPR and pbs. But they can't cut it anymore. They're already operating on a shoestring budget. Daniel Tiger can't even afford to wear pants. The White House says PBS funding does not align with the Trump administration's priorities, including a PBS program from 2022 about a transgender woman who comes out to members of their bowling league in Ohio. Okay, well, I get that. Because America can't be allowed to find out that trans people bowl, because then other trans bowlers might bowl as well. And if the bowling alleys allow. The pins are women. The pins clearly are women, and the balls are boys. If you use two balls, and then where do your fingers go? I'm not sure. What that the bowling shoe spray turns my feet into women, what would the problem be? I don't. Trump might get these cuts soon because all the administration needs is simple majorities in both the House and the Senate. And with the administration calling the shots, it could mean changes to public programming. So NPR fans get ready for fresh air to become. And PBS fans can look forward to Sesame Street. Bert and Ernie have wives now. We got a great show for you tonight coming up.

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[Elizabeth Warren]

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[Stephen Colbert]

Counted out, dismissed, passed over, told I'd never be a golfer with just one arm.

[Elizabeth Warren]

But the only thing that feels better.

[Stephen Colbert]

Than proving people wrong is out driving them. I'm 14 year old golfer Tommy Morrissey.

[Elizabeth Warren]

And I want to be remembered for.

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[Stephen Colbert]

All rights reserved. Hello, friends, ladies and gentlemen, my guest tonight is the senior senator from the great state of Massachusetts and a former presidential candidate. Please welcome back to the Late Show, Senator Elizabeth Warren. Senator, Senator, I was saying to you over there, it seems like old times. We've had far too many conversations about the state of America and the Trump regime. But I love talking to you because you're a great explainer. You have a great love of the country and you fuel it with a good dollop of righteous anger about people who abuse. So let's get straight into this. Trump has been in office for 86 days. Yeah, I've heard he hasn't signed, he hasn't signed many bills into law, but he's managed to sow chaos with executive orders and this sort of made up agency called doge, which isn't even a real thing. It's just man in power to some, unlike a billionaire. Is this what you expected? And if so, did you expect this much and this fast?

[Elizabeth Warren]

So it is not what I expected. It is worse and worse because let's just remember where we were. Donald Trump ran for president saying over and over and over, I will cut costs for American families on day one. On day one, those were his words, over and over. So he's after, he's a few weeks in, he's doing this terror thing and people say to him, someone Says to him, you realize that's going to raise costs on American consumers. And his words were that he couldn't care less, so why. But they've got a plan here. And the plan is Donald Trump and his co president Elon Musk, the guy with the chainsaw. What their plan is, is they want to make sure that billionaires get more tax giveaways, more out of this country. And they want to pay for it on the backs of cutting access to Social Security for seniors. They want to pay for it on the backs of little babies losing access to their health care, breaking our promises to our veterans and just cutting as much of the VA as they can, and on the backs of doing what they can to break our public schools. So this is a moment. And then they layer on top of all of this what's going on with tariffs, which are going to drive up costs and increase unemployment. Many on Wall street, many economists saying we're already headed into recession. So I see this as a moment where all of us, we have a choice. You can see this is like so bad, so much worse than we thought. We can cover our heads with a blanket and just hope it all goes away, or we can fight back. And me, I'm fighting back. That's what it is. That's the deal. You.

[Stephen Colbert]

The.

[Elizabeth Warren]

Yeah.

[Stephen Colbert]

That'S. That is a hopeful thing to do, a hopeful thing to hear. Because in some ways, this doesn't feel like abuse of office so much as it seems like some form of active destruction. Yeah. Of our country. For purposes that I don't understand. Can you understand why he wants to be popular? So why would he want her to. Why would he want to take away benefits of Social Security? Why would he want to tank Medicare and Medicaid? Why all those things? What's behind the game?

[Elizabeth Warren]

So you know who he really wants to be popular with? The people he respects. And you know who that is? It's the billionaires. Those are the folks. And so what's he doing? He is driving this country toward. And Congress is going right along. Those Republicans in the House and the Senate are just inch at a time and hoping nobody's noticing. Moving forward, their budget. That will be giant giveaways. Two billionaires and billionaire corporations. And they got to find some way to try to balance that out at least a little bit.

[Stephen Colbert]

But there's nobody.

[Elizabeth Warren]

And that's why the cuts to everyone else.

[Stephen Colbert]

Do none of those people understand that at a certain point you will actually undercut the actual structure that allows them to live the lives that they do. If you destroy the United States, all the money in the world isn't going to help them.

[Elizabeth Warren]

Look, their view about this is they live behind the gates and they live with people who say to them over and over and over, steven, yes. Oh, so smart, so brilliant. You got it just right.

[Stephen Colbert]

And reality, they say, like, you're perfect in every way. Things like that.

[Elizabeth Warren]

Actually. Yeah, yeah. But the whole point is reality then intrudes on what's happening. And the reality right now is that two things are happening at once. The cuts are starting to hit. They're starting to hit veterans. They're starting to hit seniors. They're starting to hit our public schools. And people are starting to fight back. People are starting to say, no more of this.

[Stephen Colbert]

They're coming. I'm pissed.

[Elizabeth Warren]

I'm pissed.

[Stephen Colbert]

I'm pissed. We have to take a quick break. We'll be right back with more.

[Elizabeth Warren]

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[Stephen Colbert]

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[Stephen Colbert]

Go to your happy price, Priceline. Hey, everybody. We're back with Senator Elizabeth Warren. One of the things, one of the things that was interesting when I would have you or other senators on during the first term is that you or other people might say, like, behind closed doors, these people know this is crazy. What's happening now? Are you having any conversations in the cloakroom with your counterparts across the aisle? People who were elected had their own O's. Imagine love their country. What are they saying?

[Elizabeth Warren]

Privately, they don't make eye contact anymore.

[Stephen Colbert]

Oh, that's not good. No, it's not good because they have no argument.

[Elizabeth Warren]

They know what's happening. Look, these guys are smart. They get it, they know what's happening. But they have a decision made. Let's talk just for a second about the tariffs. So we've seen what the tariffs are doing. Donald Trump has played red light, green light, red light, green light, red light, green light. Right. Tariffs are on. Tariffs are off. Tariffs are on. Tariffs are off. It creates enormous chaos. You don't create jobs in the United States in the middle of enormous chaos. Nobody's going to invest the money to build a factory or to buy a bunch of tools if they can't know kind of what the rules are going to look like for five years. And right now with Donald Trump, you don't know five minutes out on what the rules are going to be. So people understand this. The only reason Donald Trump has the power to create this much chaos, to drive the market down and then straight back up and then back down again, the only reason he has is there's a provision in law that says if he declares an emergency, blah, blah, blah, but it says right under it and the United States Congress can say, yo, not an emergency, we can vote on that. So Senator Wyden and I have introduced a bill that is the. It would be this proclamation. There's no emergency here, and we are able to force a vote. So in about two weeks, there's going to be a vote in the Senate. And here's the deal. Every single Republican is going to have to say out loud, either you are here just to fall on the ground and kiss the hem of Donald Trump's britches, or you are here to stand up for the American people. You just, you're going to have to vote on this one way or the other.

[Stephen Colbert]

So what? One of the things about the red light, green light of this is that it became pretty clear to me and to other people that this would be an excellent way for Donald Trump himself, or through proxies, or through shell corporations or through family members, through cronies, to actually make bets on a market that he is, in a way kind of unique in American history, able to yank around hundreds or thousands of points up and down and to make a killing. In fact, he did this last week right before he announced that he was gonna do a 90 day pause, something he said he would never do. Right before he said this, this is a great time to buy djt, which happens to also be the name of his stock symbol for Trump Media. Bunch of people made money.

[Elizabeth Warren]

Oh, yeah.

[Stephen Colbert]

That day. Mm. Do we know who made that money? Are there members of Congress who made those bets? Are there members of the administration or his family who made those bets? Because that should all be traceable.

[Elizabeth Warren]

So I have asked, along with other senators on the Democratic side, for an investigation. We've asked the sec, the Department of Justice. It is their job. And before you say, oh, but they're all Republicans beholden to Donald Trump. I'm not going to let them off the hook that fast. This is their job. They need to do their job. But we got a backstop here. And the backstop is every attorney general in the United States, States of America also has an interest and supervision. That's right, the state attorneys general, not all of whom are under Donald Trump's thumb. And so we have asked the state attorneys general, I have led a letter on this, to actually go out and do the investigation. So there will be independent investigation. That's part one. If people have traded on inside information, then they need to be held accountable. And I want you to understand we're damn serious about this. You can go to jail for trading on inside information. And if that's what people have done, that's what should happen to them. But there's a part two to this. We need to change the law. Not one single senator, representative, spouse of a senator or representative, should be allowed to buy or sell individual stocks anytime. Ever. Done.

[Stephen Colbert]

If I'm not mistaken, If I'm not mistaken, wasn't there a time when the presidents put their holdings into a blind trust? He's the first one not to do that in my lifetime.

[Elizabeth Warren]

But look, he's also. He won't disclose his financial information. We got a lot of problems here. But again, I want to remind everyone, look, we don't have. Democrats, do not have as much power as we want. We are not in the majority, but we are not powerless. One of the things we can do is demand that other people do their jobs. Another wouldn't. We can do is we can keep calling these Republicans out time after time after time and say it only takes a handful of you to grow a spine and stand up and shut down the chaos and the corruption that is dragging down our country. We can do that.

[Stephen Colbert]

We're going to take another break. We'll be right back with more. Elizabeth Warren, everybody. We got Senator Elizabeth Warren. One of the prime examples of the chaos is the fact that both federal district courts and immigration judge and the Supreme Court have said the Trump Administration should facilitate the return of a Maryland man from a Salvadoran prison. You know, the law. Does the Constitution apply to non citizens?

[Elizabeth Warren]

Yes.

[Stephen Colbert]

Okay, so if the Constitution applies and the Supreme Court has said this is unconstitutional, what you're doing, you have to actually facilitate getting this person back because of habeas corpus, I would imagine. I've always heard that if, say, habeas corpus goes out the window, then basically that's the whole ball of wax. Cuz if somebody can pop a bag over your head and render you to someplace that your family knows not, you have no other rights.

[Elizabeth Warren]

So that really is the point. This comes up in the context of someone who is not a citizen. Although can we all remember the guy works in the construction trade, he's in a union, he's got three kids, he's married. This is, this could be any of our neighbors here. But the real point is, and the United States Supreme Court has said this, if Donald Trump and his henchmen can do this to one citizen from Maryland, they can do it to anyone. Whether American citizen, one resident of Maryland, they can do it to anyone. And that means nobody's safe. You speak out, you do something Donald Trump doesn't like, you do something one of Donald Trump's henchmen doesn't like, boom. And you are disappeared. That is truly what dictatorships are about. Because the point of doing this is not just the one man. The point is to frighten everybody else. The point is to try to get everyone. When we talk about we have the power to stop Donald Trump, we have the power to push those Republicans to do their job, we have that power. But Donald Trump is hoping that enough people will be afraid, enough people will just hold it down just a little bit. You know, I want to call out my friend Chris Van Hollen, the senator from Maryland who right now is in El Salvador trying to bring back the man who has been spirited away by Donald Trump. And he reminds us all, sometimes each of us gets called on individually to get in this fight. And when that happens, you go, you do what you can and you make change. We gotta be there to support him.

[Stephen Colbert]

Senator, thank you so much for being here. Senator Elizabeth Warren, everybody, thank you for listening to the Late Show POD show with Stephen Colbert. Just one more thing. If you want to see more of me, come to The Late Show YouTube channel for more clips and exclusives.