In one of “Saturday Night Live’s” most brilliant skits in recent memory, Will Ferrell reprised his role as the flailing current president last night in a special Thursday edition of the famed late-night show. In the skit, Bush offered “McRage” and “the Hot Lady,” played by Tina Fey, of course, “what every candidate wants most: a prime-time, heavily-publicized network endorsement from George W. Bush.”

The highlights: Bush tells Alaska Gov. Sarah Palin, “My god, you are folksy,’ before explaining the job of the vice president as “the most important office in the land. The vice president decides when we go to war, how we tax the citizens and how we interpret the Constitution. The president can do nothing without checking with the vice president.”

Classic.