While Obama said that he couldn't talk specifics in regards to the lack of prosecutions on Wall Street, as that's controlled by the Justice Department, he did offer one key observation.
"I can tell you ... some of the least ethical behavior on Wall Street, was indeed legal," Obama said. "That's exactly why we had to change the laws. And that's why we've put in place the toughest financial reform package since FDR and the Great Depression."
"I am probably a little biased against reality TV," he admitted. "Partly because there's this program on C-SPAN called Congress."
'1600 Penn' reportedly focuses on a fictionalized, "dysfunctional" first-family and will be shot as a single-camera show. It's co-produced by 'The Book of Mormon' star Josh Gad and 'Modern Family' writer Jason Winer.
Lovett left the Obama administration in September to take his writing talents to Hollywood. His first-hand experience working in the government is similar to that of Lawrence O'Donnell, who worked as a legislative aid for Senator Daniel Patrick Moynihan before becoming a writer on 'The West Wing.'
This will be Obama's fourth appearance on the late night talk show.
Obama first stopped by to chat with Leno on Dec. 1, 2006. He followed up that visit in October of 2007 and according to NBC, in March 2009 he became the first sitting president to appear on a late night talk show.
This week, several of our favorite TV clips were infused with political undertones. Betty White prepared to run for the presidency on the double entendre ticket, while Bill O'Reilly wouldn't high five Letterman after admitting he was wrong about the Iraq War. Hank Williams Jr. went on 'The View' to try to explain himself after getting sacked from 'Monday Night Football,' but all that came out was jibberish.
LL Cool J dropped some knowledge in a BET Awards acceptance speech, in what proved to be the high-point of the week for Blackberry. And thankfully, Simon Cowell dumbed it all down by marveling at Wendy Williams' boobs.
Check out the clips after the jump and vote for your favorite in our weekly poll.
Our favorite TV clips from this week ran the full gamut of emotions, and were filled with contradictions. J.R. Martinez's 'Dancing With the Stars' tribute to fallen soldiers was uplifting and emotional, a solid rebound after the horror of last week's Nancy Grace nip slip. Andy Rooney's '60 Minutes' sign-off was grumpily sincere, while Evangeline Lilly's story about farting on an airplane passenger was gross but oddly charming.
Meanwhile, Snooki throwing wine bottles at the Situation was, like most things that happen on 'Jersey Shore,' sadly entertaining. Finally, Hank Williams Jr. comparing President Obama to Hitler ... well, that was just absurd and unoriginal.
Check out the clips after the jump and vote for your personal favorite in our weekly poll.
Harper called Obama "a great guy" and said he's still the same person he was at Harvard. He especially praised his sense of humor. "I'll tell you, the thing I wish more people know about our president is seeing his sense of humor. Super funny, super fun. He is, he's very witty and he has this kind of really kind of acerbic kind of cool sense of humor."
Because they have to play the ratings game to succeed as a network, he believes their integrity as news organizations is next to nil, as they can sensationalize anything, no matter how trivial, into something huge and meaningful.
His most recent example is the recent rescheduling of a Presidential Address to Congress, to accommodate a Republican presidential candidates debate. Stewart called this a Tale of Reasonable Accommodation, and he applauded the politicians for simply taking care of this minor scheduling issue amicably.
With all the lockout drama off the field over the summer, in recent days NFL fans have been sitting back and taking a few easy breaths as they await next week's season opener.
Now, however, comes news of a possible TV scheduling conflict: President Obama vs. football.
The president had planned to deliver a televised address on jobs and the economy to a joint session of Congress at 8PM ET on Sept. 7. However, that's when the Republican party is holding its televised Presidential Debate in Simi Valley, Calif.
After Speaker of the House John Boehner balked at Obama's request for an address on the 7th, the president yesterday agreed to move the speech to 8PM ET on the 8th. Unfortunately, that's led to a potential conflict with the Saints-Packers game on NBC, which kicks off at 8:30PM ET.
The White House is said to have been keen to avoid such a conflict, so what to do?
Unfortunately, it's probably not the kind of gift most of us would be lining up to receive.
It was a box filled with clips from the various news outlets detailing the DOW plummeting, and the S&P 500 experiencing the 14th worst single-day point decline in its history. So, happy birthday?
We couldn't take our eyes off of Stewart's eyes, though, as he tried to keep the package lined up properly so the blue screen magic would work and we could see the images properly. It was like he was looking into our very souls ... or maybe just below them.
NPH was hosting an event "about LGBT stuff" for the DNC, and there was a line for photo ops with President Obama. Harris was moving through the room, getting ready to get back on stage and continue with his next part of the show when he was ushered around a curtain.
"You turn around a curtain and there's the freaking president of the United States," he said. "And you quickly panic because, what do you say?"
Instead, Barack Obama turned to the American people. "If you want a balanced approach to reducing the deficit, let your member of Congress know," he pleaded. But you'd better do it soon, and you'd better hope they pick up.
"That's your idea?" Stewart asked, after a moment of stunned silence. "Call your Congressman? Did the president just quit?"
Happy 4th of July weekend, everyone! You're probably at the beach, grilling meat over an open flame or lighting fireworks right now, but if you're not, check out these videos and vote for your favorite in our weekly poll. Then go outside or watch a baseball game!
Holly Robinson Peete started the discussion on a lighter note, saying, "There hasn't been a man called 'Dick' in the oval office since President Richard Nixon." Leah Remini said she liked the fact that the president could be kind of a dick. "I don't know, I like to hear that people are like hard-asses a little bit, especially our president," she said.
Sharon Osbourne said that wasn't the context in which Halperin used the term. "He didn't say 'this guy is a ball-buster, he's a toughie,'" said Osbourne. "He did it in a very disrespectful way."
Mark Halperin, Time Magazine editor-at-large and MSNBC correspondent, has been suspended indefinitely by MSNBC after saying live on 'Morning Joe' (6AM, weekdays on MSNBC) that President Obama acted like "kind of a dick" in his Tuesday press conference. Immediately taken aback by Halperin's language, Joe Scarborough scrambled to ask his producers if they could put the comment on 7-second-delay, but they were unsuccessful in doing so.
Several minutes later, Halperin issued an on-air apology to the President and to viewers.
MSNBC released a statement after the incident explaining Halperin's suspension.
TV Squad Hot Topics
Most Popular Articles
From Our Partners
- The Voice Season 7 Knockout Pairings (and Song Choices) Revealed!
- How to Get Away With Murder Recap: The Writing's on the Wallpaper
- Scandal Recap: The One Where Everyone Believes that Jake Killed a Kid
- Project Runway Finale: Did the Right Designer Win Season 13?
- ABC Orders More Castle, Once, Grey's Anatomy and 5 Other Series
- More From TVLine
- Kelly Osbourne Gets Tattoo In Memory of Joan Rivers
- Tori Spelling Sends Out Cryptic Message from Hospital -- Is She Leaving Dean?
- Mama June Reacts to Claims She's Dating a Convicted Sex Offender
- Justin Bieber Uses a Disney-Inspired Pick-Up Line on a Model!
- From Sea Urchins To Getting Framed, Taylor Swift Reveals Her Biggest Phobias
- More From ET