• With: Lou Dobbs

    This is a RUSH transcript from "The O'Reilly Factor," February 28, 2014. This copy may not be in its final form and may be updated.

    Watch "The O'Reilly Factor" weeknights at 8 p.m. and 11 p.m. ET!

    O'REILLY: "Lou's the Boss Segment" tonight, as you may know Arizona governor Jan Brewer vetoed the bill that would have given business owners in that state the right to refuse service to gays on religious grounds. And there was good reason that the Governor vetoed the bill.

    Here now to explain Fox Business anchor, Lou Dobbs. So this is about the Super Bowl and other economic opportunities. Is it not?

    LOU DOBBS, FOX BUSINESS ANCHOR: It is at least a powerful subtext to it but talking with the Governor this afternoon. She made it very clear that for her it was about the faith based community and religious rights. And her staff which is by the way considered one of the best in the country could find not a single instance of a violation of -- of religious rights in the state of Arizona that this legislation would pertain to. It had no basis in reality.

    O'REILLY: And that may be true. I'm not going to --

    (CROSSTALK)

    DOBBS: Yes.

    O'REILLY: -- but let's face it I mean if she had -- if she had signed the bill no Super Bowl, they would have pulled out. Ok?

    DOBBS: Yes.

    O'REILLY: They already lost a couple of conventions some big ones in Phoenix.

    DOBBS: Right.

    O'REILLY: They would have been boycotted by tons of people down there. The economic thing would have been Armageddon. There is no way that she could have signed that.

    DOBBS: I think that's right Bill.

    O'REILLY: I mean come on.

    DOBBS: But on the other side of it is the faith based community in the way in which they were working is really significant. She actually had the faith-based community of Phoenix of the state of Arizona in her office supporting her decision to veto this legislation. And --

    O'REILLY: Yes there --

    DOBBS: And it's been cast not entirely correctly.

    O'REILLY: Right not -- people who believe in God and want their religious rights respected were split on the issue. Some people said ok. Some people said no, it's not ok. But I believe firmly that economics really made the call on this.

    DOBBS: We're talking about $600 million at stake.

    O'REILLY: That's right.

    DOBBS: No question about it. You are exactly right.

    O'REILLY: Yes.

    DOBBS: But it's also important to note that there was no split in the faith based community in Arizona. They were solidly behind her decision, all five candidates running to replace her, at the end of this year. All of them said veto this legislation.

    O'REILLY: Ok that's why people of faith drove the bill in the first place. And they didn't like it.

    DOBBS: Right exactly.

    O'REILLY: I got to get -- I got to get on to Ukraine. All right so Putin sends down troops into the Crimea.

    DOBBS: Right.

    O'REILLY: It's the southern part it's right on the Black Sea to intimidate the Ukraine government.

    DOBBS: Right.

    O'REILLY: All right and then as soon as that happened, the stock market drops like 87,000 points. I mean it's just crazy.

    DOBBS: Exactly.

    O'REILLY: So then President Obama has to react to it and here is what he said late this afternoon.

    (BEGIN VIDEO CLIP)

    BARACK OBAMA, PRESIDENT OF THE UNITED STATES: We are now deeply concerned by reports of military movements taken by the Russian Federation inside of the Ukraine. But any violation of Ukraine's sovereignty and territorial integrity would be deeply destabilizing which is not in the (inaudible) interest of Ukraine, Russia or Europe.

    (END VIDEO CLIP)

    O'REILLY: All right that doesn't mean anything because the sovereignty has already been violated. The Russian troops are already at the airport in Sevastopol. So, I mean, come on. And look, let's be fair, we can't do anything about this militarily.

    DOBBS: Exactly.

    O'REILLY: There is nothing we can do. We can do economic things to Putin. We can make fun of him but we can't do anything about it but tell me about the stock market. How crazy is this thing that it can drop 500 points in a second? How does that happen?

    DOBBS: Well you know discounting some modest hyperbole on your part.