corrente

David Corn was there, and describes it:

But an awful you're-all-alone moment came during George W. Bush's comments that followed the sit-down dinner. The current president is often the honored guest at this annual affair, and the audience toasts him in what is supposed to be a sign of communal and nonpartisan spirit. And, the tradition is, that the president has to be funny. It's standard fare humor. ... But at one point, Bush showed a photo of himself looking for something out a window in the Oval Office, and he said, "Those weapons of mass destruction have got to be somewhere."

The audience laughed. I grimaced. But that wasn't the end of it. After a few more slides, there was a shot of Bush looking under furniture in the Oval Office. "Nope," he said. "No weapons over there." More laughter. Then another picture of Bush searching in his office: "Maybe under here." Laughter again.

Disapproval must have registered upon my face, for one of my tablemates said, "Come on, David, this is funny." I wanted to reply, Over 500 Americans and literally countless Iraqis are dead because of a war that was supposedly fought to find weapons of mass destruction, and Bush is joking about it. Instead, I took a long drink of the lovely white wine that had come with our dinner. It's not as if I was in the middle of a talk-show debate and had to respond. This was certainly one of those occasions in which you either get it or don't. And I wasn't getting it. Or maybe my neighbor wasn't.

So what's wrong with this picture? Bush was somber about the sacrifice being made by U.S. troops overseas. But he obviously considered it fine to make fun of the reason he cited for sending Americans to war and to death. What an act of audacious spin. ...
As the crowd was digesting the delicious surf-and-turf meal, Bush was transforming serious scandal into rim-shot comedy.

Few seemed to mind. His WMD gags did not prompt a how-can-you silence from the gathering. ...

And now comes the double standard. Why, why, why, WHY does Bush keep getting a free pass on this stuff?

Even if Bush does not believe he lied to or misled the public, how can he make fun of the rationale for a war that has killed and maimed thousands? Imagine if Lyndon Johnson had joked about the trumped-up Gulf of Tonkin incident that he deceitfully used as a rationale for U.S. military action in Vietnam: "Who knew that fish had torpedoes?" Or if Ronald Reagan appeared at a correspondents event following the truck-bombing at the Marines barracks in Beirut--which killed over 200 American servicemen--and said, "Guess we forgot to put in a stop light." Or if Clinton had come out after the bombing of Serbia--during which U.S. bombs errantly destroyed the Chinese embassy and killed several people there--and said, "The problem is, those embassies--they all look alike."

Yet there was Bush--apparently having a laugh at his own expense, but actually doing so on the graves of thousands. This was a callous and arrogant display. For Bush, the misinformation--or disinformation--he peddled before the war was no more than material for yucks. As the audience laughed along, he smiled. The false statements (or lies) that had launched a war had become merely another punchline in the nation's capital.
(David Corn via The Nation)

Yes, the sickest thing of all is that almost the entire audience—our national press, mind you—thought this was funny. I bet Bush thinks it's funny.

Of course, there's "funny ha ha" and the other kind of funny. Which do you think applies to Bush and our Beltway press?

UPDATE The transcript is here.