On Thursday night's edition of "The Colbert Report," host Stephen Colbert debuted a new "Tip of the Hat, Wag of the Finger" segment, dedicated this week to the Swedish inventors of a constantly-updating clip-on web cam and Evangelist Billy Graham.

Colbert opened by saying that there's little in life he enjoys as much as taking photos with his iPhone. "When I was a kid, we had to duct tape a Polaroid camera to our rotary phone," he said. "Bonus: It also held twenty songs if you hot glued a record player to it."

The best thing about the smartphone, he said, is that it allows one to document one's life, from concerts to family events to "spontaneous eruptions of applause from my studio audience!" he said as the audience erupted into cheers.

Sadly, he said, as convenient as it is, the smartphone sometimes misses the best, purely unplanned moments, which is why this weeks "Tip of the Hat" went to a Swedish company that has invented a clip-on camera that is small enough to wear continuously "without getting in the way." The Memoto camera shoots photos every 30 seconds and thereby documents literally everything the user encounters.

If he'd had the device a year ago, Colbert mused, he could have captured "the beginning and end of Tim Pawlenty's campaign in two pictures."

This week's "Wag of the Finger" went to evangelical icon Rev. Billy Graham, who, after years of decrying Mormonism as a cult, recently changed his tune after meeting with Republican presidential candidate, former Gov. Mitt Romney (R-MA).

"Friends, a miracle has occurred for Mitt, because with God, all things are deletable," Colbert said, before rolling a clip of newscasters describing how, after meeting with Romney, Billy Graham's website removed all mentions of Mormonism as a cult, and that Graham has pledged to "all I can to help Romney win the White House."

"Though in fairness, the 93-year-old Graham has said the same thing to his coat rack," quipped Colbert.

Watch the video, embedded via Comedy Central, below: