• This is a RUSH transcript from "The O'Reilly Factor," July 11, 2012. This copy may not be in its final form and may be updated.

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    BILL O'REILLY, HOST: "Personal Story" segment tonight, you may remember Jimmie J.J. Walker, who hit it big in the TV sit-com "Good Times." Mr. Walker currently has a book out called "Dyn-o-mite," his signature phrase. We spoke a few days ago.

    (BEGIN VIDEOTAPE)

    O'REILLY: In studying your rise from a poor kid, all right, to national TV, "Good Times," it was interesting to see that you made it on your own. You're an icon. Everybody knows "Good Times."

    (BEGIN VIDEO CLIP)

    UNIDENTIFIED FEMALE: At least you're not a greeter girl.

    JIMMIE J. WALKER, ACTOR: You know, I'm known as the sultan of smooth.

    (END VIDEO CLIP)

    O'REILLY: And you separate then from many, many African-Americans who support Barack Obama. You're not a real big supporter of his. How did that happen?

    WALKER: Barack Obama is more like a Tony Roberts -- Tony Roberts type of guy. You feel real good and you're happy and everything. And then you go home, and you realize there's a foreclosure sign on your door. And you just go, "Wait a minute. I just had this great meeting with this guy, and he made me feel real good."

    And I don't think he's a bad guy. I don't think he's a good guy for the job we have to do.

    O'REILLY: When you say that, other African-Americans are, you know, "Hey, come on."

    WALKER: You just can't blindly vote for somebody just because they are your -- sometimes even a brother, you have to let him go and he's not doing the gig.

    O'REILLY: Did you vote for him first time around?

    WALKER: I never voted for him.

    O'REILLY: Now, when African-Americans say to you, "Hey, you're betraying your race" or -- because you know, there's a lot of racial stuff around President Obama. You say?

    WALKER: I say let's look at the job that he's done. And I go back be to the old Reagan slogan, "Are you doing better now than you were four years ago?"

    O'REILLY: You just keep it policy.

    WALKER: I keep it policy. I just think that he is not the guy.

    O'REILLY: OK. Jay Leno. I've been on the program a dozen times or so. I don't really know Jay, but he's been respectful to me, nice to me.

    WALKER: Great guy.

    O'REILLY: He does -- he does a fine program. But you feel that he's changed a bit?

    WALKER: He's changed. He's let us down. We all started literally within the last -- you know, same five-year period.

    (BEGIN VIDEO CLIP)

    WALKER: Thirty million people are not out of work. Thirty million people are just in between jobs. That's like a lifeguard saying to a guy that's drowning, "You're not drowning. You're just in between land."

    (END VIDEO CLIP)

    O'REILLY: You came up with Leno.

    WALKER: Yes. And then Jay worked for me as a writer, along with David Letterman and many others: Louis Anderson, a lot of other people.

    O'REILLY: Where were you when he was writing for you?

    WALKER: I was on our show in Los Angeles.

    O'REILLY: OK. So they were writing one-liners for you.

    (BEGIN VIDEO CLIP)

    WALKER: Criminals now have their own TV show, "America's Most Wanted." Criminals are watching themselves every weekend like, "Look, there's Bubba."

    (END VIDEO CLIP)

    O'REILLY: So how did Leno change?

    WALKER: He changed in terms of bringing on new talent, which is that spot which is Johnny Carson, Jack Parr, Steve Allen. He has not broken in his 20-something years on the air, he has not broken one major act.

    O'REILLY: But, you know, it's a different time now and the ratings pressure is so intense that a lot of times...

    WALKER: Jay is No. 1 and Jay can do whatever he wants.