• With: Barack Obama

    OBAMA:  Absolutely wrong.

    O'REILLY:  But how do you know that, because we -- we still don't know what happened there?

    OBAMA:  Bill, we do -- that's not what happened. They -- folks have, again, had multiple hearings on this. I mean these kinds of things keep on surfacing, in part because you and your TV station will promote them.

    O'REILLY:  But don't...

    OBAMA:  But when (INAUDIBLE)...

    O'REILLY:  -- think there are unanswered questions?

    OBAMA:  Bill, when you actually look at this stuff, there have been multiple hearings on it. What happened here was it that you've got a...

    O'REILLY:  But there's no definition on it.

    OBAMA:  -- you've got a 501(c)(4) law that people think is focusing. No -- that the folks did not know how to implement...

    O'REILLY:  OK...

    OBAMA:  -- because it basically says...

    O'REILLY:  -- so you're saying there was no...

    OBAMA:  -- if you are involved...

    O'REILLY:  -- no corruption there at all, none?

    OBAMA:  That's not what I'm saying.

    O'REILLY:  (INAUDIBLE).

    OBAMA:  That's actually...

    O'REILLY:  No, no, but I want to know what...

    OBAMA:  -- (INAUDIBLE)...

    O'REILLY:  -- you're saying. You're the leader of the country.

    OBAMA:  Absolutely.

    O'REILLY:  You're saying no corruption?

    OBAMA:  No.

    O'REILLY:  None?

    No?

    OBAMA:  There were some -- there were some bone-headed decisions...

    O'REILLY:  Bone-headed decisions...

    OBAMA:  -- out of -- out of a local office...

    O'REILLY:  But no mass corruption?

    OBAMA:  Not even mass corruption, not even a smidgeon of corruption, I would say.

    O'REILLY:  OK. I got a letter from Kathy LaMaster (ph), Fresno, California. I said I would read one letter from the folks, all right?

    OBAMA:  All right.

    O'REILLY:  "Mr. President, why do you feel it's necessary to fundamentally transform the nation that has afforded you so much opportunity and success?"

    OBAMA:  I don't think we have to fundamentally transform the nation...

    O'REILLY:  But those are your words.

    OBAMA:  I think that what we have to do is make sure that here in America, if you work hard, you can get ahead. Bill, you and I benefitted from this incredible country of ours, in part, because there were good jobs out there that paid a good wage, because you had public schools that functioned well, that we could get scholarships if we didn't come from a wealthy family, in order to go to college.

    O'REILLY:  Right.

    OBAMA:  That, you know, if you worked hard, not only did you have a good job, but you also had decent benefits, decent health care...

    O'REILLY:  They're cutting me off...

    OBAMA:  -- and for a lot of folks, we don't have that. We've got to make sure that we're doing everything we can to expand the middle class...