This is a rush transcript from "The O'Reilly Factor," April 10, 2008. This copy may not be in its final form and may be updated.

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BILL O'REILLY, HOST: In the "Week in Review" from "The Ingraham Angle" segment tonight, we have two matters to talk to Ms. Laura about. First is our lead story about George Soros' henchmen raising big money to smear John McCain. Then there's singer Elton John helping raise more than $2 million last night for Hillary Clinton in New York City. In addition to singing, he said this.

(BEGIN VIDEO CLIP)

ELTON JOHN, SINGER: There is no one more qualified to lead America. Having said that, I never cease to be amazed by the misogynistic attitude of some of the people in this country. And I would say to hell with them. This lady is not for turning.

(END VIDEO CLIP)

O'REILLY: As far as we can tell, the phrase "not for turning" comes from a Margaret Thatcher speech, where she said she was going to stick to her policies using that phrase.

Joining us now from Washington is a woman who sticks to her policies, radio talk show host Laura Ingraham, who does have glasses like Elton John, but we would not let her wear them this evening on this program. We don't want to obscure, you know...

LAURA INGRAHAM, FOX NEWS CONTRIBUTOR: Well, I left them at home, Bill. I liked Elton John better when he was in that duck costume phase. Remember, when he would waddle...

O'REILLY: Yes.

INGRAHAM: ...on stage with the big duck outfit?

O'REILLY: I liked the duck.

INGRAHAM: I think he had a lot more credibility back then.

O'REILLY: Yes, I liked him as a duck. You know, I have no problem with Elton John supporting Hillary Clinton or thinking that she'd be the greatest president. But calling America or many Americans a woman-hating society because she's not ahead, I think that's just a cheap shot from this British subject.

INGRAHAM: Well, speaking as a huge Elton John fan, you know, since I was a kid, Bill, this pains me to say it, but Elton, shut up and sing, OK? And Elton, if you're going to accuse people of being misogynistic, it's probably not a good idea to direct it toward the Clintons, given the fact that the misogynist charge was thrown around, let's say about 10 years ago in 1998. So...

O'REILLY: Well, but you're a woman who's competing in a very difficult industry, a very competitive industry.

INGRAHAM: Sure.

O'REILLY: Do you think we're a misogynistic society here?

INGRAHAM: No, I don't, Bill. I think, you know, men and women are different. We have different challenges and...

O'REILLY: But you haven't been held back because of your gender? Because talk radio is dominated by idiots like me, white guys.

INGRAHAM: No, I...

O'REILLY: Now here's the most important question I have. Do you know where I can get a little cape like Elton John had? Can you show that little cape he had? Because what I want to do is I want to put "No Spin" on the back of the cape. Do you know where I can get one of those?

INGRAHAM: Well, actually, yes. It's at the Benny and the Jets store right down the block from where FOX is in New York.

O'REILLY: Do they have a Benny and the Jets store?

INGRAHAM: Yes, actually. And you're going to come...

O'REILLY: Is that right?

INGRAHAM: You're going to come to the White House Correspondents Dinner...

O'REILLY: I'll wear that. I'll wear that to the correspondent dinner next week.

INGRAHAM: And it's going to say "Goodbye yellow brick road no spin zone" on the back of the cape. It's going to be cool.

O'REILLY: I didn't know about the Benny and the Jets store, but if I can get a cape like that, but "No Spin" on the back, I'm definitely going to do it. All right now...

INGRAHAM: And the duck outfit, and the duck outfit.

O'REILLY: I don't know about the duck, but I want the cape.

INGRAHAM: OK.

O'REILLY: Now George Soros — and I can't tell everybody how dangerous this man is, in my opinion, how evil Brock is, his hired assassin. And do you see it my way?

INGRAHAM: Well, look, George Soros is a socialist, Bill. I think people who call him a liberal, a left wing, he's way beyond that.

O'REILLY: Way beyond it.

INGRAHAM: I mean, he believes in a global order where America and America's boundaries and borders and sovereignty really are a thing of the past. So I think we need to make sure that people understand that.

And look, he has a smart guy working with him now, my old friend David Brock. And David is obviously now entrenched in the far left. And he wants to swift boat John McCain. Everyone likes to use the phrase...

O'REILLY: But this man Brock, you're not friends with him anymore, are you?

INGRAHAM: No, we're not the best of friends anymore.

O'REILLY: OK, all right, because he is a vile assassin, character assassin, who will say and do anything to hurt people with whom he disagrees. And I don't think you would hang around with somebody like that.

INGRAHAM: Well, it was a long time ago. And I pray for these guys a lot, because, look...

O'REILLY: OK. And you know, I want everyone to know that when Laura says she prays for them...

INGRAHAM: I do.

O'REILLY: ...she actually does.

INGRAHAM: It's hard, too, but I do.

O'REILLY: Right, OK.

INGRAHAM: Absolutely. But can I get into this, Bill, with you? Because I think that you're clearly on to something. Is this a dangerous phenomenon? Yes.

O'REILLY: Yes.

INGRAHAM: But the question I have is: What do we do about it? I mean, you're not someone who wants to restrict political speech. I know that, because you've made a lot of sense on the campaign finance issue. And we have to remember that if Obama or Hillary gets into the White House, the Fairness Doctrine is coming back. And I'm concerned, Bill, that all of us have to remain consistent on free speech issues.

So as much as I dislike the idea of a socialist like Soros trying to influence our elections, and I am disgusted by it, I want to make sure that we're consistent in supporting free speech so that we can...

O'REILLY: Well, I think the best argument you can make is that John McCain is getting hoisted on his own petard, because you know, he did the McCain-Feingold. And now it's coming right back right between the eyes to get him.

But I want to advance the story a little bit more, because MoveOn is raising hundreds of millions of dollars for Barack Obama, OK. Who controls MoveOn? George Soros. That, to me, is the most frightening thing I have ever seen in American politics, Laura.

INGRAHAM: Well, I think Republicans have to look at themselves in the mirror right now and ask themselves this question: Is it worth it to you to beat this push back? And what is McCain willing to do, more than run a "respectful campaign"? And I know he wants to run a clean campaign...

O'REILLY: But are you suggesting that they smear back? I don't think they should smear back.

INGRAHAM: Well, no. What I'm suggesting, Bill, is what you're trying to do here, is expose...

O'REILLY: Yes.

INGRAHAM: ...what this is all about.

O'REILLY: Absolutely.

INGRAHAM: I mean, and so...

O'REILLY: Everybody in the country should be, and Barack Obama should be doing it, too...

INGRAHAM: Well, but of course, Bill...

O'REILLY: ...because I don't know how much he knows about this.

INGRAHAM: Come on. Come on.

O'REILLY: I don't.

INGRAHAM: And it's like he doesn't know anything about Reverend Wright's controversial statements.

O'REILLY: No, of course he does.

INGRAHAM: And he doesn't know anything about George Soros. Come on, it's ridiculous. He knows exactly what Soros is about. You and I talked about this a couple of years ago. George Soros was shorting the U.S. dollar not so long ago. He probably made hundreds of millions of dollars doing it. He obviously knows how to make a lot of money. Now he wants to have a lot of political influence.

O'REILLY: And he does.

INGRAHAM: There's some good news. There's some good news here, though, Bill, is Media Matters, the group that David and friends run, they have a lot of money, but they're not very well liked because...

O'REILLY: They're hated. They're loathed.

INGRAHAM: ...well, they happen to hate everybody. And everybody's bad. There's nothing good out there. No media organization...

O'REILLY: Right.

INGRAHAM: ...lives up to the standards of that organization.

O'REILLY: All right. But I think you're right.

INGRAHAM: So there's not a lot of goodwill.

O'REILLY: I think you're right. We have to keep exposing this. And when I talk to McCain and Obama, I'm going to ask them about it, because that's the only way to defeat it. Because Soros doesn't want that exposure. He doesn't want people to know what he's doing.

INGRAHAM: Socialism 101.

O'REILLY: All right. Laura Ingraham, everybody.

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