Anyone who's seen President Obama do his thing each year at the White House Correspondents' Dinner knows that the leader of the free world fancies himself a bit of a comedian. He even likes to laugh at his own jokes and during his third appearance on The Colbert Report, many in America laughed, too.

"Stephen, you've been taking a lot of shots at my job, I decided I'm going to go ahead and take a shot at yours," Obama said.

After switching chairs, he launched into a segment of "The Word," which he renamed "The Decree," just to make it "a little more presidential."

"Nation, as you know, I — Stephen Colbert — have never cared for our president," Obama said. "The guy is so arrogant, I'll bet he talks about himself in the third person."

He talked about his signature domestic legislation, Obamacare, which is currently in its second enrollment period, and made fun of the fiasco that was last year's sign-up period.

"I think that's where Disney got the idea for Frozen," he said, referring to the constantly crashing website.

He also wondered how to reach young people to sign up for health care coverage.

"Young people don't watch real news shows like this one," he said.

"Or fake ones like Fox," read a pop-up phrase as he spoke.

"They watch comedy shows, and I just don't see the president going on one of those," Obama said. "They're beneath his dignity."

"But above his approval ratings," flashed the pop-up.

Later the president and the real comedian talked about more serious subjects like the Keystone XL oil pipeline, immigration and the economy.

Keep it here to see this and more.

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(Photo: The Colbert Report via Comedy Central)