The highlight of the segment came when O'Reilly, imitating Democratic candidate Bernie Sanders, did his best to sum up Sanders' strong position on how the US economy is run.
"It's the billionaihs," O'Reilly, poorly mocking Sanders' Brooklyn accent, told Colbert. "And I, am going to solve it. It's rigged!"
To which Colbert replied, "I'm sorry, did you just have a stroke right now?"
But Colbert got in on the fun as well, asking O'Reilly (in another attempt at a Brooklyn accent), "You mean the 1% controlling 90% of the economy for everyone else?"
O'Reilly then compared Donald Trump, on the Republican side, and Sanders. Both have been "tapping into the anger of the voter," O'Reilly noted.
"Trump and Sanders are really the same guy," O'Reilly said. "They just change their facial expressions."
While the audience roared, Colbert noted that he's "never actually seen them in the same room."
O'Reilly told Colbert attributed Trump's and Sanders' success to the fact that voters want an "avenger." Those voters, O'Reilly said, don't really care if their candidates are proposing realistic ideas.