For the first part of the conversation, Colbert and Oliver mostly avoided the elephant in the room.

Oliver talked about his upbringing in England and his education at Cambridge, all in his trademark self-deprecating way.

At one point, Oliver elaborated on some more of the similarities between the Brexit decision and Trumps victory.

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Credit: Dave Kotinsky/Getty Images for Montclair Film Festival

[British people] could see this coming, because it felt the same, Oliver said.

The rhetoric running up to Brexit was similar.

What we did was fake news, Colbert said.

That was fake news.

Calling this fake news upsets me, because this is just lying.

Not everyone is going to be okay, so its incumbent on everyone to remember that.

WhenLast Week Tonightreturns, Trump will be in office.

Youre just trying to find a way to inject substance into sugar.

That show was the hardest thing Ive ever done in my entire life, Colbert said.

You couldnt cut to commercial either.

My audience was sobbing openly.

Who can make jokes to a sobbing audience?

Colbert had a long, dark, thoughtful answer.

Im all for giving him a chance, but dont give him an inch, Colbert said.

Because I believed everything he said, and I remember everything he said, and its horrifying.

Second is, they tried to stop Trump.

Everyone tried to stop Trump.

Do not delude yourself.

Everyone except the people hes going to appoint tried to stop him, and they didnt.

He owes them nothing.

Thats what scares me.

He owes the checks and balances of Washington nothing, because they tried to stop him and they couldnt.

And hes a vindictive person.

So, its all going to be fine.