Stephen Colbert shares his greatest fear for a Trump presidency

"Late Show" host Stephen Colbert and "Last Week Tonight" host John Oliver, both formerly of "The Daily Show," discussed their greatest fears in the looming Trump presidency at a fundraiser for a film festival in Colbert's hometown of Montclair, New Jersey.

During the wide-ranging discussion, the duo touched on the "fake news" that influenced the election in comparison with the brand of satire both men presented on "The Daily Show" and "The Colbert Report," with Colbert bemoaning his possible role in perpetuating fictional news:

"What we did was fake news. We got on TV and said 'This is all going to be fake. We're making fun of news,'" he said. "The fact that they call this fake news upsets me because this is just lying."

Later, when asked about how the US would fare under the new administration, Colbert expressed that he genuinely feared that the US political system's checks and balances would fail to rein in Trump.

"Here's why we are most screwed," Colbert said. "Everyone tried to stop Trump except the people he is going to appoint, they tried to stop Trump and they didn't. He owes them nothing."

"That's what scares me," said Colbert. "He owes the checks and balances of Washington nothing. Because they tried to stop him and they couldn't. And he's a vindictive person. Merry Christmas."