This is a partial transcript from "The O'Reilly Factor," April 14, 2005, that has been edited for clarity.

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BILL O'REILLY, HOST: "Personal Story" segment tonight, FOX News analyst Newt Gingrich (search) gave a speech yesterday where he said Hillary Clinton (search) will most likely be the Democratic nominee for president in 2008. And some believe her opponent will be Newt Gingrich.

Joining us now from Boynton Beach, Florida, political analyst Dick Morris (search), the author of the book "Because He Could."

OK, Morris, now you know, they asked Gingrich. I asked him and other people, you know, are you going to run for president? He doesn't say yes or no. We all know he's thinking about it. And wouldn't that be an interesting race? How do you see it?

DICK MORRIS, POLITICAL ANALYST: Well, it's impossible that he would give the Clintons the same gift twice. You see, in 1995, and '96 when I was running the Clinton campaign for re-election, we didn't want to run against Dole. We wanted to run against Gingrich. So we kept talking about Newt, Newt, Newt.

And basically, by the time Dole showed up, he couldn't win election.

O'REILLY: Why did you want to run against Gingrich?

MORRIS: If Gingrich runs against Hillary, he's going to elect Hillary.

O'REILLY: Why? Why did you want to run against him back then?

MORRIS: Because he's so much fun to run against. He's so negative. So many people don't like him. He's turned off people. He has this high, high negative rating. Newt Gingrich will not beat Hillary Clinton.

There are three people who could defeat Hillary Clinton: Rudy Giuliani (search), but he might not get the nomination; John McCain (search), but he might not get the nomination; and Condoleezza Rice (search). Anybody else, Hillary is the next president.

O'REILLY: Interesting. Now, Gingrich's new book did very well, and it was a positive look at, you know, what we have to do in this country to move the country along in the next century. And he has a huge profile. And he is articulate and smart.

You're telling me that he can't do a Nixon and then change that image and come back and win?

MORRIS: No, I think Gingrich suffers from, in addition to being really brilliant, which he is, he's also basically honest and it's going to be very hard for him to reinvent himself in that way.

He is what he is what he is. This great big cherub filled with ideas, brimming over with thoughts, but who has mismanaged his public image. And he can't get elected dogcatcher in the United States.

O'REILLY: All right. So you think that if he ran it would just be the partisan Republicans, conservative Republicans that go for him and the independents. See, I don't know. Hillary has got a 40 percent negative...

MORRIS: It would be a free ticket for Hillary to get in. I mean, it's hard to imagine a candidate that can alienate people more than Hillary, but Gingrich might be able to do that.

O'REILLY: OK. Now you were listening to our segment in Los Angeles about the sanctuary cities.

MORRIS: Yes.

O'REILLY: You wanted to say something about it. Go ahead.

MORRIS: Yes. There is a bill to ban driver's licenses for illegal immigrants. And last year, the House Republicans wanted to attach to it a bill the Democrats could never filibuster. And the administration persuaded them not to do it.

Now they want to put it on another bill, the Defense Appropriations Bill, that the Democrats can't filibuster. And Frist is stopping them from doing it. And Frist is basically killing the legislation, in effect, that would licenses for illegals. And that's a tool that I think we have to have to protect ourselves against.

O'REILLY: Now this is Sensenbrenner's bill.

MORRIS: That's right.

O'REILLY: And why does Frist not want it to go into law?

MORRIS: Well, he says we have to address the whole issue of immigration at once. We can't just take it piecemeal. But he has to know that if they put a bill like that forward, the Democrats are going to filibuster it. And he doesn't have the votes to kill the filibuster.

Could I just mention one other thought about Hillary, on your previous subject? There is a very interesting fight shaping up in '06 in New York State. Because Hillary, you know has to run for re-election to the Senate before she runs for president.

O'REILLY: Right.

MORRIS: I personally would advise her to skip it and just run for president. What does she need a re-election fight for? But I've heard that there's some possibility that a pro-choice, pro-assault rifle ban, pro-affirmative action woman might run against her — Jeanine Pirro, the attorney general — district attorney of Westchester who's on FOX News a lot.

O'REILLY: Yes.

MORRIS: That would be something.

O'REILLY: That's in the air. That's in the air. And you know, but Hillary has so much money. But that would be a competitive race. And if that happens...

MORRIS: Because Hillary needs to run against someone like a Gingrich.

O'REILLY: Yes.

MORRIS: Hillary needs to run against somebody like a Gingrich, who's anti-choice, and you know, pro anti-gun control. But again, someone who in essence is so much like her on the policy issues, Hillary would find herself fighting herself.

O'REILLY: It would be interesting. But I think Hillary might take your advice — if Ms. Pirro does declare — she might say, "I'm going to run for president."

MORRIS: Yes. She might just take a pass. What does she need to spend $10 million getting re-elected to the Senate for?

O'REILLY: Because she's got $100 million.

Dick, thanks very much. We appreciate it.


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