Nick Romano
February 06, 2018 AT 08:17 AM EST

While President Donald Trump was talking about the flourishing economy at a rally in Cincinnati, the stock market was taking a dive. “Remember when Donald Trump told us we’d be tired of winning? Well, evidently the stock market is exhausted because after losing 666 points on Friday, Monday said, ‘Hold my beer,’ and today posted the greatest single same-day drop in stock market history: 1,600 points,” Stephen Colbert said on The Late Show Monday night.

This may not be the all-is-lost moment just yet, but it doesn’t seem to warrant what Trump told factory workers: “When I signed the tax cut six weeks ago, it set off a tidal wave of good news that continues to grow every single day.”

“A tidal wave of good news followed by an earthquake of positive stories,” Colbert mocked, “and soon whole neighborhoods will fall into a giant sinkhole of happiness.”

The late-night host also slammed Trump for calling the Democrats refusing to applaud Trump at the State of the Union to be “un-American” and “treasonous.”

“Yeah, not clapping for you isn’t treason,” he said. “But don’t worry, Mr. President, you could find out the exact definition of treason pretty soon.”

Colbert then took aim at House Speaker Paul Ryan for tweeting and then deleting, “A secretary at a public high school in Lancaster, PA, said she was pleasantly surprised her pay went up $1.50 a week… she said [that] will more than cover her Costco membership for the year.”

“Cool! Now she’s just one historic tax cut away from a bus pass,” he said, before looking at another Ryan tweet about the tax reform “crumbs” “starting to add up.” Ryan had linked to a story about Hostess giving employees a free “multipack of the product of the week.”

“Summed up by middle-class hero Marie Antoinette, who famously said, ‘Let them eat Ding Dong,'” Colbert joked. “It’s interesting that Paul Ryan would boast about somebody making an extra $1.50 a week seeing as how others are bringing home considerably more bacon.”

Watch the segment in the video above.

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