In its final episode before Christmas, “SNL” brought back Alec Baldwin as Donald Trump for a cold open sketch parodying “It’s a Wonderful Life,” dubbed “It’s a Wonderful Trump.”

In this version of the story, Baldwin’s Trump feels despondent about the way his presidency is going and wishes that he had never become president. He’s led on this journey by Clarence, played here by “SNL” regular Kenan Thompson.

“Since it’s Christmas, I just want to say that you taught me everything I know.” -Michael Cohen #SNL pic.twitter.com/JLC2kEqkf1

— Saturday Night Live – SNL (@nbcsnl) December 16, 2018

We also got a bunch of guest stars, including Robert De Niro back as Special Counsel Robert Mueller, Ben Stiller as Michael Cohen and host Matt Damon reprising his role as Brett Kavanaugh.

Also Read: 'SNL': De Niro's Bob Mueller Pops Up in Eric Trump's Closet (Video)

The whole thing is a parade of folks revealing that, unlike Jimmy Stewart’s George Bailey in “It’s a Wonderful Life,” actually everyone’s lives would be better had he never become president. Kellyanne Conway, for example, says that “after we lost the campaign the devil gave me my soul back.”

In this story Trump still did run for president, but he lost to Hillary Clinton. Or rather, “In this reality all she had to do to win was visit Wisconsin once,” Clarence says.

The cavalcade of people whose lives are improved by Trump’s loss include Eric Trump, who walks in just as he solves a Rubik’s Cube. Since he doesn’t have to run the Trump organization, he’s taken adult education courses and is smart now.

Also Read: 'SNL': Alec Baldwin's Trump Channels 'Evita' and Mopes About Putin's Bro-Down With MbS

Melania (played by Cecily Strong), meanwhile, speaks perfect English because she and Trump got divorced — she says that being married to Donald was holding her language skills back.

Meanwhile, Michael Cohen still loves Trump, Mike Pence has discovered his true calling as a DJ, Matt Damon’s Brett Kavanaugh is happy because people don’t think he’s weird when he says he likes beer, and E Niro’s Bob Mueller is happy that he has plenty of time to spend with his grandson.

Trump himself has benefited as well — he now has a full head of normal hair thanks to the work of a Syrian immigrant who was never denied entry to the US.

Also Read: 'SNL': Kate McKinnon's Laura Ingraham Wants You To Know That 'If You Have Less Than Five Guns, You're Gay' (Video)

The lesson Trump learns from seeing that everyone’s lives would be better if he wasn’t president is that “the world does need me to be president after all.”

“Not the lesson!” Thompson’s Clarence said.

'SNL' Five-Timers Club: Most Frequent Hosts, From Alec Baldwin to Jonah Hill (Photos)

In the world of sketch comedy, there is no fraternity more prestigious than the "Saturday Night Live Five-Timers Club." Those who have proven their worthiness by hosting "SNL" five times are invited into an elite circle, where they don luxurious satin robes, smoke expensive cigars and, for their entertainment, watch current cast members fight to the death.
NBC
Alec Baldwin - 17

Not counting his many guest appearances to play guys like Donald Trump, Baldwin has hosted 16 times, passing Steve Martin's record in 2011. Martin was there that night to demand a surprise drug test.
NBC
Steve Martin - 15

The esteemed president of the Five-Timers Club was also the fastest to get to that milestone, hosting his fifth less than two years after hosting his first. In total, Martin has hosted fifteen times, most recently in 2009.
NBC
John Goodman - 13

Goodman ranks third on the all-time "SNL" hosting list with 13 episodes, behind only Steve Martin and Alec Baldwin.
NBC
Buck Henry - 10

From 1976 to 1980, it was tradition for the "Heaven Can Wait" director to host the "SNL" season finale. In total, Henry hosted 10 episodes, including a Mardi Gras special.
NBC
Tom Hanks - 8

Hanks' fifth go-around as host in 1990 was what spawned the Five-Timers Club sketch. His 2016 appearance marks his eighth time hosting the show.
NBC
Chevy Chase - 8

The original anchor of "Weekend Update" hosted "SNL" eight times after being the first original cast member to leave in the middle of the show's second season.
NBC
Christopher Walken - 7

Walken was the first person to join the Five-Timers Club in the 21st Century after making his fifth appearance in May 2001.
NBC
Drew Barrymore - 6

Though we haven't seen her in a Five-Timers' robe, her portrait is in the club's luxurious quarters. She holds the record for youngest host ever, having appeared on the show at age 7 following the release of "E.T." in 1982.
NBC
Elliot Gould - 6

Gould hosted the show five times in the '70s, but his sixth appearance was his last after being blindsided by the sudden departure of Lorne Michaels from the show in 1980.
NBC
Danny DeVito - 6

Shortly after playing The Penguin in "Batman Returns," DeVito joined the club with an "SNL" appearance in January 1993.
FX
Candice Bergen - 5

Bergen was the first woman to host "SNL" and hosted five times from 1975 to 1990.
NBC
Bill Murray - 5

After starring on the show in Seasons 2-5, Murray returned to host five times in the '80s and '90s.
NBC
Ben Affleck - 5

The man "SNL" once mocked for his film "Gigli" joined the Five-Timers club in 2013, shortly after winning the Best Picture Oscar for "Argo."
NBC
Tina Fey - 5

Arguably the most famous "SNL" cast member among millennials, Tina Fey joined the Club in 2015 after a hosting career that included (and still includes) her famous Sarah Palin impression.
NBC
Justin Timberlake - 5

The pop star's fifth appearance in 2013 saw "SNL" bring back the "Five-Timers" sketch, as Timberlake's induction was celebrated with a brawl between cast members Bobby Moynihan and Taran Killam.
NBC
Scarlett Johansson - 5

The actress made her fifth appearance in 2016, and kicked off her monologue by putting on a Five-Timers jacket handed to her by Kenan Thompson.
NBC
Melissa McCarthy - 5

After a season of guest appearances as Donald Trump's White House Press Secretary, Sean Spicer, McCarthy grabbed her Five-Timers jacket in Season 42.
NBC
The Rock - 5

Dwayne "The Rock" Johnson hosted the finale of the 42nd season of "SNL"
Jonah Hill - 5

Hill's five appearances as host spanned a decade, with the first coming in 2008 and the fifth on Nov. 3, 2018.
Paul Simon - 4

Technically, Simon only hosted four times, but he's been included in "Five-Timers Club" sketches since he was the musical guest on a fifth show. He also owns arguably the most emotional moment in the history of "SNL": his performance of "The Boxer" in the cold open of the first post-9/11 episode.
Getty

1 of 21

TheWrap looks back at those who’ve joined the most elite club in sketch comedy

In the world of sketch comedy, there is no fraternity more prestigious than the "Saturday Night Live Five-Timers Club." Those who have proven their worthiness by hosting "SNL" five times are invited into an elite circle, where they don luxurious satin robes, smoke expensive cigars and, for their entertainment, watch current cast members fight to the death.

View In Gallery

‘SNL': Alec Baldwin’s Trump Returns in ‘It’s a Wonderful Life’ Parody (Video)

'SNL' Five-Timers Club: Most Frequent Hosts, From Alec Baldwin to Jonah Hill (Photos)

‘Walker, Texas Ranger’ Reboot Starring Jared Padalecki in the Works

Women in Film LA Launches Showcase of Socially Conscious Movies From Female Directors

Emmys Mistook Living Conductor Leonard Slatkin for the Late André Previn During ‘In Memoriam’ Segment

Sylvester Stallone to Star in Alternate Take on Superhero Genre ‘Samaritan’ at MGM

Ratings: ABC’s ‘$100,000 Pyramid’ and ‘To Tell the Truth’ Finales Get Lost in Emmys, NFL Clutter

'SNL' Five-Timers Club: Most Frequent Hosts, From Alec Baldwin to Jonah Hill (Photos)

Related Content