On Monday’s CBS "Early Show," co-host Harry Smith talked to Democratic strategist Bob Shrum about Senator Ted Kennedy being hospitalized over the weekend and asked: "How important -- is there a way to measure this? Because everybody took a deep breath on Saturday and took a second to say, ‘oh, my gosh.’" Shrum responded: "I thought it was an incredible acknowledgment of the fact that this is probably the most effective and significant Senator in the last 50 years, one of the most significant in American history."

Shrum continued to lionize Kennedy: "...this is someone who literally has touched almost everybody's life in America. There isn't a bill for economic or social justice that doesn't bear his imprint. He's lived the Kennedy legacy, which we're all fascinated with, but he's vastly enlarged it." Smith followed up by describing how Kennedy even garnered respect from the Republican nominee:

We put a little bit of John McCain's statement up just a second ago. I want to put it up in full because this is really important. Here's a guy who should be his ideological opposite theoretically and this is what John McCain says: 'Senator Kennedy's role in the U.S. Senate cannot be overstated. He is a legendary lawmaker, and I have the highest respect for him.’

Correction (July 31 | 14:40): Colbert's wrist was broken. He injured it running around his studio before a show. I regret the error.

Bob Shrum, the Democratic political strategist who has only slightly fewer losses on his resume than the Philadelphia Phillies, appeared on the Colbert Report last night to tout his book, “No Excuses: Confessions of a Serial Complainer,” err, I mean, “No Excuses: Confessions of a Serial Campaigner.”

Colbert, who was pretending to be gravely hurt and wearing a fake cast on his arm, was ushered in by wheelchair. Shrum, not missing an opportunity to shill for the Democrats, quipped:

“I hope all the suffering has made you more inclined to support national health insurance, so everybody can get the same kind of risk care you do.”

Clever as ever Mr. Shrum. But that was only the beginning.

Colbert immediately turned his attention to what Shrum, the Susan Lucci of political campaigning, is best known for, losing.

A transcript of Colbert and Shrum’s conversation follows. Colbert’s show is designed as a satirical homage to Bill O’Reilly and usually makes fun of conservatives and certainly Shrum knows this. Even so, he’s dead serious about his Bush-stole-Ohio charge.

Here’s the transcript. More commentary follows.: