Jon Stewart once told Elizabeth Warren that he wanted to make out with her. Obviously, when the chair of the Congressional Oversight Panel stopped by The Colbert Report last night, it was a rather different story.

"Explain to a conservative why he should support curtailing the ability of banks to do whatever they want," said Colbert. Warren made the case for a strong consumer agency that would, among other provisions, make credit card and mortgage agreements readable.

"Why do we have to wear a belt with our suspenders? We already have one set of regulators," pressed Colbert.

"Well, actually, right now, we don't have any pants on," she replied.

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