This is a rush transcript from "The O'Reilly Factor," June 4, 2008. This copy may not be in its final form and may be updated.

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BILL O'REILLY, HOST: In the "Miller Time" segment tonight: a lot going on in the land of Miller, including Obama's chances and the Scott McClellan situation. Dennis joins us from Los Angeles.

Hey, do you want us to send this out to you, this pink brick thing? It says "for disservice to the LBGT community." I thought LBGT was a golf tournament before I got this thing, but I can send it out there if you want.

DENNIS MILLER, FOX NEWS CONTRIBUTOR: Well, you can send me another one. I've got an entire shower stall done in those.

O'REILLY: You know, what am I going to say? I think we're fair to everybody. We try to be fair to everybody.

OK. Barack Obama now the guy. And Hillary wants VP. And you say what?

MILLER: Well, she's been laying it on pretty thick lately. So I thought last night she might throw in the trowel, but welcome to Clintonville. Only in Clintonville can Barack Obama accede to the wishes of the DNC and take his name off in Michigan and then when they try to do a settlement because he took his name off and told his people to vote undecided can the Clintons come back and say he doesn't deserve any votes because he didn't have his name on it.

This is the same Clintons I've been seeing for like 15-20 years now. I've been trying to tell my friends on the left. They said no, no, they're the greatest people in the world. Finally, somebody is getting to see.

Now, if you could be that wrong on the Clintons, people on the left, think about global warming. Start thinking about that, too. Because you're missing the point as much here.

Now, the thing about Hillary that makes me laugh is she says she can't stop her campaign on the dime. We're supposed to get all the troops out starting in 60 days in the war of our lifetime, but she can't wind this giant machine that is the Clinton campaign down, can't stop it on a dime. There must be more buck-passing going on over there right now than Tinkers to Evers to Chance.

O'REILLY: Now, do you think that she will get the VP nominee? And do you think it would be a good idea, if she did, for Barack Obama?

MILLER: If he picks her as the VP, nobody is going to vote for him, because they'll know he's clinically insane at that point. Can you imagine her and Bill down the hallway, having interns delivering pizzas to his office late at night, laughing, howling? It will be like one crazy frat party. He'll be like Toonces the cat driving around. Everybody's in the backseat, screaming at him. No, he can't pick her. That would be absolutely insane.

O'REILLY: So let me get this straight. You think the reason that Barack Obama cannot pick Hillary Clinton is because there will be pizza delivery people late at night in the White House. And then when they go on vacation together, driving in the same automobile, he would be at the wheel, Obama, and she and Bill would be in the backseat yelling at him? That's why they can't pick him?

MILLER: And you know, Michelle would be in the front seat. And you know, to be fair, she's starting to look like a long day. That woman is not happy.

O'REILLY: It's been a long campaign. She's a pretty woman. I mean, come on.

MILLER: Yes, but no, no, I don't mean look like a long day.

O'REILLY: If you and I campaigned for five months, we'd be looking like Gabby Hayes.

MILLER: She looks beautiful. I'm telling you she seems perpetually unhappy. Once you're about to become the first lady of the country, you've got to stop insinuating that the country is, you know, buzzkill country. She's doing all right.

O'REILLY: But you dodged my question. Do you think she's going to get the VP? I know you think it's a bad decision. You agree with Jimmy Carter. But do you think that Obama under pressure, because there is pressure, Pelosi and these people, do you think he's going to cave?

MILLER: Well, the only reason he might is because — I did not see this coming — but where the black community in America now feels, you know, listen, somewhat — when I saw him last night, a black American, and you know, 40 years ago, we were talking about separate bathrooms in this crazy scene. That I looked at it, it made me emotional. I thought, wow, this is a nice photo op. I'm not voting for him, but I'm happy the guy made it this far.

But I forgot to see that the suffragette movement still exists out there. There were some women who were calling into my show who were really cranky about this. And he might have to take her on just to get the women back onto the reservation.

O'REILLY: You know, Morris doesn't think it's going to happen either. If I had to bet I would say no for many of the reasons that you and Morris stated, but I don't think it's out of the realm.

OK. Let's get over to old Scott McClellan. Big interview here on Monday with him. Thousands of e-mails. We're going to read some of them at the end of the broadcast tonight. What did you think?

MILLER: You know, I didn't think that Scott McClellan was in the loop when he imagined himself to be the knot in the loop, quite frankly. I think he was a mercy hire. I think his life is sort of like a Kafka novella: it all happens out of earshot. I think whenever anybody's around him, they probably, you know, tell him what he wants to hear. Bush did, Rove did. Now I'm sure Katie Couric will. But his whole life happens out of earshot.

Trust me, Scott, it's not a pretty picture what everybody is saying about you. I know you're never going to hear. It's turned into some weird "Twilight Zone" episode for you. But to say that you're an empty suit would do a disservice to clothes hangers, my friend. You know, you're not all that respected by anybody.

O'REILLY: Well, that's a good point. I said that to him. I said look, you know, forget about your former friends in conservative circles. I mean, they think you're a traitor just like Bob Dole said. And your newfound friends are just going to use you. And then, you know, they don't want to hear about you anymore. And the proof of that is the blogs. I mean, if you go to the far-left blogs, they hate this guy. I mean, they hate Bush, and they say, you see, but we hate him, too. And you know, he's not getting any new friends.

But, you know, you can't read people's minds. I thought McClellan came across — I don't think he was a bad man. I told him, "I don't think you're a bad man." I thought he came across as weak, you know, and I think he was manipulated by his publisher.

I absolutely believe Ari Fleischer when Fleischer said: "Look, I talked to McClellan. He started off to write a book, to correct the record, stick up for Bush. They got him in a vortex. They, being a publisher, they convinced him that he wasn't going to sell any copies, that if he were negative, he'd sell more, and that's what he did."

You know, I can't be positive, but from talking with him, talking to Fleischer, I think that's what happened.

MILLER: I don't think he's a bad guy. I think the best thing he has going for him is his utter inconsequentiality. He should hit his knees and thank God he was never a great enough man to actually have to make any of these decisions that now he deems propaganda.

He's a guy who hangs around the periphery. He's like the old New Yorker cartoons said: He's the Uh-oh Squad. Bad stuff happens and he goes "Uh-oh." He's Margaret Dumont. I don't think it's propaganda.

I think if McCain wants to win this thing, he ought to do a little more propaganda. He ought to travel around with a tote board behind them, reminding everybody that it's been 2,458 days since 9/11 and we haven't had a terror attack on this soil.

Now, Scott McClellan, all of them can deem Bush a failure. That's all I want out of this movement is to keep it from coming onto the home ground and we've done that. It's not — there are worse failures.

O'REILLY: That's absolutely, you know, a great point. Dennis, thanks very much. We'll see you next Wednesday.

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