This is a RUSH transcript from "The O'Reilly Factor," March 5, 2010. 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!

BILL O'REILLY, HOST: In the "At Your Beck and Call" segment tonight: As we've been reporting, Jeremiah Wright is giving himself a "Living Legend" award tonight in Chicago. Isn't that nice? And he's also giving Louis Farrakhan and radical priest Father Michael Pfleger the same honor. That's strange. I asked Beck about it.

(BEGIN VIDEOTAPE)

O'REILLY: Tonight, here's Beck. And tonight in — big show in Chicago. And you and I are going to miss it. Farrakhan…

GLENN BECK, FOX NEWS ANCHOR: Right. Yes.

O'REILLY: …Wright, Pfleger all on the same stage...

BECK: Oh my goodness.

O'REILLY: ...giving each other awards.

BECK: That's unbelievable.

O'REILLY: That's what — you and I should do that. I give you an award; you give me one.

Click here to watch Glenn Beck in the No Spin Zone!

BECK: Here. I would like to present the recipient of the silver pen for the greatest broadcaster in human history to me. Bill, what are you giving yourself today?

O'REILLY: I'm just happy to be in your presence. I'm not giving myself anything because Wright is — Wright is giving himself an award, "Living Legend."

BECK: I mean, I can understand if you want to give — you know, if I wanted to say, "Bill, you're the greatest," and give it to you and invite you.

O'REILLY: I'll take the pen. Thank you.

BECK: That was my award.

O'REILLY: Anyway, look, yesterday I had a nice woman on, the editor of the Indigo, and I said, you know, the media is afraid of them. That's why they're not covering this. They're afraid of them because if you say something negative, then you're going to have the wing-nuts march on your building or whatever. And you can't say anything positive about them, can you? Like Louis Farrakhan deserves to be a "Living Legend"? So she said no, no, no. Do you think the media is afraid of them?

BECK: Oh, yes.

O'REILLY: You feel the way I do, the media is afraid to criticize these guys? They don't want to criticize.

BECK: Either that or they agree with them.

O'REILLY: The Chicago Tribune doesn't agree with them.

BECK: No way, no way. No. So what is it, Bill?

O'REILLY: Maybe the Sun-Times. They're afraid. If they — look, if they say anything bad about Wright or Farrakhan — Pfleger, he's small potatoes, as they say in "The Godfather II."

BECK: The president — he's on the presidential council.

O'REILLY: But he's not a big shot. But if they criticize Wright, Farrakhan, they being the local news or The Chicago Trib, they're going to have people march. But I asked the nice lady yesterday, I said what if David Duke gave them an award, "Living Legend" award?

BECK: What about this? How about you and I go to Chicago and we do a "Living Legend" award? You and I come to town. I can guarantee you that we'll be — let's do that.

O'REILLY: You know, well, the media would cover it. But it would be a...

BECK: But there would be people that march in front, and they would cover all of the controversy.

O'REILLY: OK. But the real important part of the story is not these guys. They are free to say whatever they want to say, as insane as it may be. But the intimidation factor that they have managed — the far-left has managed and Farrakhan has managed, the Nation of Islam, to intimidate the media. They're scared of them. That's what I think.

BECK: So I agree with you. I know we're not — we're not making for really interesting television because...

O'REILLY: We're actually agreeing.

BECK: We're actually agreeing with each other. That doesn't usually happen.

O'REILLY: But now I'm going to throw in a wild card.

BECK: Yes.

O'REILLY: You're as bad as they are. I'm only kidding. That's just a joke for all you people.

BECK: You know what? I am going to present you with an award.

O'REILLY: Yes.

BECK: OK?

O'REILLY: Yes.

BECK: This is something very, very special. Nobody has — nobody has even seen this yet.

O'REILLY: Can I open it?

BECK: Nobody has even seen this. Yes.

O'REILLY: From Beck?

BECK: Yes. This is a very important award.

O'REILLY: I've already taken your pen.

BECK: This is very exciting.

O'REILLY: You hold it up. Look at that.

BECK: Bill O'Reilly as a teacher. There he is. Mr. William O'Reilly, social studies.

O'REILLY: The original Mr. Cotter.

BECK: Look at this. Boy, he's gone to hell, hasn't he?

O'REILLY: You know, I had a much better — a much better hair piece then than I have now. Do you know what I'm talking about? Look at it. Hey, do I look like I'm taking any garbage in the classroom?

BECK: No, you don't. That is the social studies teacher that you were either friends with or you're like that, "Dude is spooking me, man."

O'REILLY: Yes.

BECK: He'll take you out.

O'REILLY: There was no rowdiness in that classroom.

BECK: No, no. You're not messing with this guy. And you know what? Nothing has changed. Just the hair.

O'REILLY: How do you live with yourself?

BECK: Really quite happily.

O'REILLY: OK, last question now. You have — you have been talking about Van Jones.

BECK: Yes.

O'REILLY: OK? And we want to make it clear. You didn't want him to get fired.

BECK: Yes.

O'REILLY: He got fired because of his background and this and that. Jones, Farrakhan, Wright.

BECK: Yes.

O'REILLY: I don't think Jones is nearly as bad as those guys?

BECK: I don't think there's a lot of difference between…

O'REILLY: I knew we were going to disagree on this.

BECK: Wait a minute. There's not a lot of difference. The difference is, is that Van Jones has been homogenized. Van Jones watches his language.

O'REILLY: Van Jones…

BECK: Oh, I know.

(BEGIN VIDEO CLIP)

VAN JONES, FORMER GREEN JOBS CZAR: My fellow countryman, Mr. Glenn Beck, I see you and I love you, brother.

(END VIDEO CLIP)

BECK: Van, I see you. I love you. The difference here is that Van Jones used to say all of the same things. I believe he believes all of the same things as these guys.

O'REILLY: See, I don't see him as that bad. I believe he is a communist. I do believe that he is…

BECK: He pointed it out.

O'REILLY: I think he is. I think he sees every piece of furniture you have. I do.

BECK: He — did he just say...

O'REILLY: But I don't think he's a...

BECK: Seriously, did he just say, "I don't think he's that bad. Oh, he's a communist, sure. I don't think he's that..."

O'REILLY: As a guy. As a guy.

BECK: How does...

O'REILLY: Van Jones does not rise…

BECK: Excuse me, students in the classroom over there, listen. Communism is bad. Bad. I'm your social studies teacher.

O'REILLY: Oh my God. Well, Beck, I appreciate the picture. I'm going to take that home. I appreciate the pen. This is an excellent pen. Can I have your tie?

BECK: No.

O'REILLY: Glenn Beck, everybody. There he is.

(END VIDEOTAPE)

O'REILLY: Oh, man. We get paid for that.

Content and Programming Copyright 2010 Fox News Network, Inc. Copyright 2010 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.