This is a RUSH transcript from "The O'Reilly Factor," November 8, 2013. This copy may not be in its final form and may be updated.
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O'REILLY: "Lou's the Boss Segment" tonight, the stock market closed in record territory today, the Dow up 167 points. And while the business community may be prospering, many working Americans are not. Median income down from when President Obama took office nearly five years ago. And according to Pew Research just 31 percent of Americans approve of the way Mr. Obama is handling the economy -- a disastrous number.
With us now to explain further, Fox Business Anchor, Lou Dobbs. So isn't this interesting that the stock market, you know guys like you and I we have portfolios.
LOU DOBBS, FOX BUSINESS ANCHOR: Right.
O'REILLY: And mine's making money and I'm sure yours is, too.
DOBBS: Twice as much.
O'REILLY: Yes, you're twice as smarter, so that's the way it goes. But then the working guy doesn't have a lot of disposable income to buy stocks.
O'REILLY: Their -- their position is going down and down and down and down.
DOBBS: The Dow Jones Industrial is up 20 percent.
O'REILLY: Just this year.
DOBBS: Just -- year to date.
DOBBS: The S&P 500 up 23 percent. The unemployment rate is 7.3 percent. It's moved from 7.9 percent in January now to 7.3 percent. The labor force participation rate, the number of us by percentage of population working, has dropped to a 35-year low, 62 points --
O'REILLY: Yes because people are giving up.
O'REILLY: We have more people underemployed, unemployed in this country.
O'REILLY: Part time.
DOBBS: Right now 14 percent of the country is in that category. And we are taxing jobs. The effect of Obamacare is to tax jobs, to create part-time jobs. We have -- we have stagnant wages over the course of three decades.
O'REILLY: I know. I mean, is -- this is the irony of this whole thing. President Obama's primary goal in his life --
O'REILLY: -- is to redistribute income assets. Right?
O'REILLY: Do you agree? I think nobody can disagree with that.
O'REILLY: And he came into office with the belief that he was going to make the USA more fair, economically. That is, bring the wealthy closer to the working people.
O'REILLY: He has done the exactly the opposite. The fat cats are making more money than ever before. All right? And the workers are making less money.
DOBBS: He's raised taxes through Obamacare, through taxes on capital gains; raising the income tax rate. None of this is a tax on wealth itself. And I'm not trying to give him, I assure you, any ideas.
O'REILLY: Well if you die tomorrow, Dobbs, they're coming with a truck to your house. They're going to take everything they can between Jersey and the feds. You're lucky you have a motor scooter left after they get through with you.
DOBBS: Well the fact of the matter is, I'm going to make sure I resist the outcome.
O'REILLY: Yes I mean don't die. But that's how they get it.
DOBBS: But the truth is, that we are -- we are watching companies in this country do no more investment in plants and factories. They're buying back their stock. And everybody's making a bundle. The effect of a stock buyback is to reduce the number of shares in a market which does not reduce demand. The fed puts out another $1 trillion a year and then next thing you know the market keeps rising and rising without necessarily improving earnings.
O'REILLY: But let's get back to --
DOBBS: Or creating jobs.
O'REILLY: -- let's get back to the folks.