This is a rush transcript from "Hannity," January 11, 2012. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: How to restore prosperity in our economically broken nation. Now that is what tomorrow night's event in the nation's capital is called -- "Remaking America," that's what they aim to explore.

Now it's hosted by liberal PBS talk show host, Tavis Smiley. It will be a nationally televised discussion among a, quote, "all-star panel of leaders and activists."

Now left-wing film maker, Michael Moore and my next guest, Princeton University professor, Civil Rights activist, Dr. Cornel West. Tonight, Dr. West joins me for the first time since 2006 to reveal whether his thoughts on restoring America are in line with the Obama administration.

And include actions like expanding the role the federal government, raising taxes on the so-called rich. So, here with me now is "Remaking America" panelist, co-host for the "Smiley and West" radio program, Dr. Cornel West.

Where have you been? Why you don't come on my show anymore. What is up with that?

DR. CORNEL WEST, PRINCETON UNIVERSITY PROFESSOR: No, brother, you ask and I will come.

HANNITY: No, I ask and you don't come.

WEST: No, you ask and I've got something else to do, that's what happened. That's what happened.

HANNITY: Good to see you. Welcome back.

WEST: Happy New Year to you though.

HANNITY: All right, now on your radio program with Tavis, and I've known Tavis for many years. Our careers kind of got started at the same time together.

Harry Belafonte, not been a friend of conservatives, said Barack Obama does not deserve a second term. He lacks a moral compass. Do you agree with him?

WEST: No, no, not at all. When you look at Republican candidates, I must be honest, my brother, I see mediocrity. I see mean spiritedness toward the poor and I see too many of them not being for real.

It's one of the reasons why Ron Paul is doing so well. He, at least, is for real even though I disagree with him about 85 percent of the time, but there's no doubt that Barack Obama is much better than the Republicans.

My problem is that I just wish Barack Obama were even more intense in terms of his commitment to the poor and working people.

HANNITY: Hang on a second. He's given us $5 trillion in debt. He got his health care bill through. He got his budgets through. He's got his stimulus through. He gave all his money to his cronies at Solyndra and Sun Power and all these, quote, "green energy groups." And that's not enough? You want more money. You want more spending and more government.

WEST: No, not at all, Brother Sean.

HANNITY: No?

WEST: My problem is that in America, oligarchs rule and rotating politicians reign. Look at big money in New Hampshire. Look at big money in South Carolina. Here goes money from Adelson. Here comes money from the Koch brothers.

HANNITY: Obama is going to have a billion dollars to smear Republicans.

WEST: I know, it's big business, and big money across the board. That's what I'm critical of. That's one of the reasons why I do deeply disagree with you, Brother, when you spread the falsehood that Obama is a socialist. He's not a socialist. He's a neo liberal tied to oligarchs. If you want to see a real socialist, go to my --

HANNITY: Let's not split hairs and parse words.

WEST: No, it's not splitting hairs now.

HANNITY: Listen, I know your class at Princeton is popular. Somebody we both know goes there.

WEST: Who is that?

HANNITY: My nephew, I told you my nephew goes to Princeton, and he couldn't get into your class. He's graduating this year.

I've got a little bit of bone to pick with you on something. Let me play the words that you used talking about Herman Cain is going to be on next. And I think you owe Herman an apology. Let's roll this tape.

(BEGIN VIDEO CLIP FROM CNN, OCT. 10, 2011)

UNIDENTIFIED FEMALE: What do you make of what Herman Cain said? He did acknowledge that racism exists, but he says, you know, it doesn't matter that much that more of it is about actually working hard and making opportunities happen for yourself.

WEST: Well, one, black people have been working hard for decades. I think he needs to get off the symbolic crack pipe and acknowledge if the evidence is overwhelming.

(END VIDEO CLIP)

HANNITY: Symbolic crack pipe? Why can't somebody be African-American and conservative and why are they constantly beaten up, demonized, called Uncle Toms and sellouts, horrific names that I know in your heart you're not like that. Why would you say that about somebody like that?

WEST: Herman Cain is a member of the Antioch Baptist Church, I come out of Shiloh (ph) Baptist church and we're fellow Christians. By symbolic crack pipe, what I meant was, he's living in Never Neverland.

Anybody who down plays the role of racism when it comes to the present industrial complex, when it comes to the way our brown sisters and brothers are treated with immigration policy, when it comes to the glass ceiling still at work even though we have a black president, racism is still very real.

When he puts it down, when he says the reason you're not rich is because you've got to blame yourself, I know this is not just conservatism, but it's a vulgar version. I believe a sophisticated version of conservatism even though I disagree. That's not a sophisticated version, my brother.

HANNITY: Wait a minute. Go ahead.

WEST: No, you believe that racism is still very much in America.

HANNITY: Of course.