The last time we saw Jenny Lewis and Elvis Costello collaborate on a live version of "Carpetbaggers" was on Letterman back in November, and that version was tragically Zooey Deschanel-less. Here's Lewis and Costello (and their bands) banging out the song on Costello's Spectacle with added vocals from Deschanel, who seemingly just happened to be around when the show was filming. I'm not sure why the performance needed two drummers, but hey, it's their party and they can have superfluous drummers if they want to.
Unfortunately, Deschanel leaves (as does one of the drummers) for a performance of "Go Away" from Elvis Costello's Momofuku, which Lewis is featured on. It's considerably more rocking than the country-referencing "Carpetbaggers" and Costello is more animated doing his own song.
"Carpetbaggers" (sans-Deschanel) is on Lewis Acid Tongue, which is out now via Warner Bros, and Momofuku is out now via Lost Highway. [Pitchfork]

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zooey was there because the show consisted of 3 parts: she and him, jenny lewis, and jacob dylan.