This is a rush transcript from "Glenn Beck," October 29, 2010. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: Well, hello, America.

It is Friday. And we have a studio audience come in and we want to talk a little bit about the election. I don't know about anybody else, does it seem like the election has been going on absolutely forever?

When it is — I was in car the other day and I heard someone mention Nikki Haley. She's running for governor of South Carolina. And remember, there was this controversy where they were calling her names and say — that doesn't narrow it down much.

Anyway, there was a big scandal. You know, a few months back. And I'm driving in the car and my first thought was — my gosh, she's still running? I mean, that this is still going on — it feels like there should have been an election for that long ago.

I don't know how — first of all, could anyone run for two years? Could you just go out and run? I'm not asking you if you would want to. I'm asking: could you leave your life as you know it and do what these politicians do for two years? Anybody?

Does that make anybody wonder how or who they're indebted to by the time they're done? How do you do that?

We've got a problem here, America, that we're spending far too much money on these campaigns and it takes far too long. Does anyone feel like they really know, after all of this — raise your hand if you feel you really know the candidates?

Wow!

(LAUGHTER)

BECK: So, let me ask you this: what do you know about the candidates generally? Not specifically, but generally what do you feel like you know?
Where are the microphones? Lee (ph), let's start over here.

AUDIENCE MEMBER: I guess trusting them is to me the most important aspect. The ones that I do trust, the ones that I don't trust.

BECK: Do you — I feel like — and the choices: do you feel you know who to trust?

AUDIENCE MEMBER: To be perfectly honest at this exact moment and I follow it pretty well, Marco Rubio seems to be the only politician at this moment that I can actually trust. It makes it easy who he surrounds it with.

BECK: Who's from New York? Anybody from New York?

OK. Does anybody know who they are going to vote for? Do you? As governor?

Let me go. Richard — pass the microphone over to Richard here.

Richard, who are you to — that's you, Richard in the green. He's looking around going, me?

Who are you going to vote for, for governor?

AUDIENCE MEMBER: Paladino.

BECK: Really?

AUDIENCE MEMBER: Absolutely.

BECK: Even with all — even with all the things that have gone on?

AUDIENCE MEMBER: Even though he is somewhat of a loose cannon.

BECK: Somewhat.

AUDIENCE MEMBER: Somewhat of a loose cannon, but I think between the two, I would trust him more.

(CROSSTALK)

BECK: You've automatically dismissed the hooker/madam? The one whose campaign slogan, if you're not from New York, her campaign slogan is — what is it? Yes?

No, no, no. About homo — vote homo, not Cuomo.

(LAUGHTER)

BECK: I swear to you! That is one of her ads. Vote homo, not Cuomo. You got that. And you're just going to bypass the guy who is saying the rent is too damn high?

(LAUGHTER)

AUDIENCE MEMBER: I like him. I like him.

BECK: You like him?

AUDIENCE MEMBER: I like him. Yes.

BECK: Kind of problem is I think he is a communist, but other than that —

(LAUGHTER)

AUDIENCE MEMBER: Other than that, I like him.

BECK: He's perfect!

OK. What do you think — Richard, let me go to you. What do you think is coming after the election? Do you think things are going to get better, worse or the same?

AUDIENCE MEMBER: Well, it appears that we're just spiraling in a black hole. And it keeps getting worse and worse. The opportunity to change the course that the Obama administration has led us on these past almost two years seems that there is light at the end of the tunnel, the ability to stop this movement into indebting the entire country and socializing almost communistic approach that he's taking our country into. So, yes, we're looking at hopefully better times, at least a stopping of this momentum going forward.

BECK: OK.

Is there anybody here — raise your hand — if you believe that the Bush tax cut will be extended by the end of the year?

Thomas, you think they will be extended? You think Congress — you think the Congress sitting there now is going to come back — give him a microphone. Is going to come back —

(LAUGHTER)

BECK: I got to hear this. This is good. Maybe he'll give us hope.

That they'll come back and they'll say, you know what? I know the holidays are right around the corner and we could let this expire and then we could all say we didn't do it, it just expired? You think they'll extend the Bush tax cuts?

AUDIENCE MEMBER: I think with the GDP growth outside of the U.S. is three times our economy. It's the only hope to make our economy more attractive and keep investors here.

BECK: I got to tell you — I remember when I was young and naive.

(LAUGHTER)

BECK: I mean, I hope you're right. I hope you're right.

But that takes into consideration that maybe they want to do the right thing for the country. That they — I mean, because, Thomas, let me ask you this: what gives you the indication that the people in Congress understand what is causing the GDP everywhere else? The growth in Asia and the lack of growth here, what makes you think they understand that?

AUDIENCE MEMBER: Not too sure.

BECK: OK. Yes. I mean, to me, that's the problem is, I don't think they see it the same way. And so they think — I mean, they really — there are so many of them that really believe that, you know? Those evil rich, we just got to soak it. They'll never miss that money any way.

Does anybody though — does anybody work in Wall Street or do anything with finances or anything?

You do, Krista (ph)?

AUDIENCE MEMBER: I do. I'm an attorney but I work in debt collection.

BECK: Oh.

AUDIENCE MEMBER: So —

BECK: You're busy!

AUDIENCE MEMBER: I'm busy. And I see the lack of personal responsibility daily that people have. And that to me is the biggest reason we're in a lot of this mess.

BECK: Somebody told me that they lived down the street. This is in California. They lived down the street from somebody who they bought the house in their wife's name. They then saw that a house that they always coveted, always wanted down the street was for sale at an unbelievable deal, lower than the house that they bought their house for. So, they went into foreclosure and walked away from the house that was in her name and purchased that house in his name.

You're not surprised by that at all?

AUDIENCE MEMBER: No, not at all. And they probably will not have to pay for anything.

BECK: That is obscene. That's obscene.

All right. We'll have more conversations but I want to — I want to bring in three people that may or may not win. But I thought they were worth talking to.

In Colorado is Tom Tancredo. He is the former congressman who is now running for governor of Colorado on the American Constitution ticket.

And Ryan Frazier, he is a Republican running for Congress in Colorado also.

And joining me from Arizona, Ruth McClung. She is a 28-year-old Republican who is now running for Congress.

I want to — Ruth, I want to start with you, because you are a — you're a physicist. Is that right?

RUTH MCCLUNG (R), AZ CONGRESSIONAL CANDIDATE: That's correct.

BECK: But I thought everyone who was conservative was a moron.

(LAUGHTER)

BECK: Did you just — did you just become a conservative? And now, you your I.Q. is going to start to slide down? Or what happened to you?

MCCLUNG: I've been a conservative probably since I was roughly 12 years old. And something that conservatives look at is: what are the unintended consequences of things that are actually pushed through, which is very heavily involved in physics. Just looking at things from all different angles and looking at unintended consequences.

BECK: Have you read the book "Physics for Future Presidents" yet?

MCCLUNG: I have not read it but I do own it.

BECK: Oh, you do own it? You should read it. It's actually very, very good. I mean, every president should read it. It's a really — the guy is from Berkeley, California, and I don't believe anything he, you know, probably stands for, but it's a brilliant, brilliant book. And everybody wants to be president should read it.

You got involved — I mean, you're not a politician, right? Or is the economy so bad that there's no physics jobs?

MCCLUNG: You know, I actually worked full-time until roughly May this year and then I worked part-time. And only about three weeks ago did I actually go to being a full-time campaigner.

BECK: So, how are — how are you doing this? How are you staying — how are you eating?

MCCLUNG: Well, fortunately my husband, he was working on starting a business, but he went back to work to support me through this. So, I have a great husband that's helping me out.

BECK: And why did you run?

MCCLUNG: I was pretty fed up with just the direction the country was going. I've been running for over a year-and-a-half now. I really wanted to make sure there was a good choice on the ticket when it came to November and just started going out and meeting people and talking to people.

And I knew what was going on in my life and how bad it had gotten. But going out there and talking to other people around this district, it really is rough out there. And I really do have it good because I still have a job. And my husband has a job.

But some people, accountants that are in their 60s can't find work right now. And talking to them, they were high-powered accountants. And that's just one story. You're dealing with people from all different walk of life, all different career fields. That is really rough out there.

BECK: So, what is your — what is your — what is your platform?

(CROSSTALK)

BECK: Wait, wait, wait. Wait a minute. Don't tell me — don't give me the thing that everybody tells you to say. Just tell me what you are about.

MCCLUNG: My platform — you got to go out there and represent people and really stand up for people. As I mentioned, you got to look at the unintended consequences.

We need politicians that are willing to look at the facts. What has worked in the past? What has not worked in the past?

And there are many clear ideas that have worked in the past to help us bring our economy, put it back on track. And there are many clear ideas that have not worked in the past. They have never really worked. And we need people, politicians, in Washington, but also in local politics that are willing just to sit down and look at the facts and see what's going on.

BECK: My gosh, what a racist!

(LAUGHTER)

BECK: It's amazing to me. That makes common sense. And yet, do you hear that very often?

Let me go to — let me go to Colorado. Let me start with Tom Tancredo. Tom, you have been a pariah in the power circles for a very long time. They don't like you very much.

You were a Republican. You're not running as a Republican now. In fact, the Republican is still running against you.

I find this amazing. He has a whopping — the last poll I saw — a whopping five percentage points and you could win. What's happening in Colorado?

TOM TANCREDO, RUNNING FOR GOVERNOR IN COLORADO: Well, it's been a very, very interesting race, that's for sure. But some time ago, I could just see this train wreck occurring and that if I didn't do something, if I didn't get into the race, we were going to have the most liberal mayor, the city of Denver has ever had, the one of the most liberal politicians in the state of Colorado simply walk in the governorship.

And so, I got into the race. And things have changed.

BECK: OK. Let me —

TANCREDO: Now we're neck and neck.

BECK: Let me show the poll numbers. We checked. There's been a few people. Ron Paul went from zero to I think — not Ron Paul but Ross Perot, went from zero to 19 percent when he ran. But I don't think anyone in America has ever done this.

Look at this poll. Can you put the poll number up, please? Look at the poll.

You went from 13 percent to 40 — what? Forty-one percent. From 39.7 percent from September 9th to today. That's incredible.

TANCREDO: And we're higher than that today. I'll tell you.

BECK: What is — what is the number today?

TANCREDO: It's — well, the most recent poll we saw was I had 44 percent. And he had 47 percent. So, that was a Public Policy poll two days ago. The Rasmussen poll supposed to come out today, I'm told it might look really good, even better.

BECK: OK. Tom, the thing that the guy you are running — what's his name? Hickenlooper, right?

TANCREDO: Yes.

BECK: Yes, Hickenlooper.

The thing I played on the program yesterday is this audio of him and the way he's talking about the people of Colorado and the West. I want to play this video and get your comments on it.

TANCREDO: Yes.

(BEGIN VIDEO CLIP)

JOHN HICKENLOOPER (D), COLORADO GUBERNATORIAL CANDIDATE: A couple of things. I mean, you know, the tragic death of Matthew Shepard occurred in Wyoming, and Colorado and Wyoming are very similar. We have some of the same, you know, backwards thinking in the kind of rural western areas you see in, you know, Montana, Wyoming, Colorado, New Mexico.

(END VIDEO CLIP)

BECK: I have family in Wyoming.

(LAUGHTER)

TANCREDO: Yes.

BECK: I don't think they're backwards. I don't think they're going to beat anybody to death because they're different than anyone else. That is an insult.

TANCREDO: It's a total insult. And here is the thing. It's not just an off-hand comment about the difference between rural and city folk, you know? It's — you remember the context. He is talking about a murder, the murder of a young man up in Wyoming because he was a homosexual. And he's suggesting that that is a relatively common sort of attitude out here in the West in Colorado, he said Wyoming, Montana. What a thing to say!

But, you know, he really does believe that. Just like Obama believes what he said when he said that there is — you know, when the things get tough, when the economy goes bad, these people, we out here start, you know, grabbing for our — holding on to our guns and our religion.

You know, it's this condescending elitist attitude. But by the way, I should say, that if I'm going to hold on to anything, I'm going to hold on to my guns and my religion. That's OK with me.

(LAUGHTER)

(APPLAUSE)

BECK: All right. Now let me bring in Ryan Frazier. He is a Republican running for Congress, also in Colorado.

Ryan, you are, if I'm not mistaken here, you were in the Navy, in the National Security Agency. You worked for Raytheon. So, you are obviously part of the military industrial complex.

(LAUGHTER)

BECK: Why are you — why are you running?

RYAN FRAZIER (R), COLORADO CONGRESSIONAL CANDIDATE: Well, you know, I don't know, for so many reasons. I think we owe our children a better America. And that, you know, each and every one of us has a role to play, a part to play in helping save the type of America that we want it to be and that we want it to be for future generations.

And, you know, for me, this is a way I thought I could make a difference — for fighting for the types of policies that I think create prosperous America, to fight to balance our budget, and to fight for a Congress that's accountable to the people.

And so, you know, Glenn, at the end of the day, we have to stand up.
It's up to us, the type of America we leave our children and our grandchildren. And I thought this was one way I could make a difference.

BECK: Well, what's the biggest problem in America?

FRAZIER: Well, you know, there are a number of ways I can answer that, Glenn. But I will tell you right now, the economic problem in our country is a big one. The levels of uncertainty we have today are unparalleled. And we haven't seen them in a generation or more.

You know, The Wall Street Journal reported several weeks ago that non-financial companies are sitting on over $1.8 trillion in cash and other liquid assets.

I talk to small businesses all across in Colorado and right here in the seventh congressional district, and they tell me time and again that they're not investing, they're not hiring, because they don't know what the health care law is going to do to them. Their taxes are due to increase in January. And this administration and this Congress continues to threaten them with more taxes and more regulation.

You know, we have to restore confidence in this country so that our American entrepreneur and investor have the confidence to invest and start creating the jobs right here in America. I'm optimistic we can do it. But it's going to take a new Congress and new leadership in Washington.

BECK: Let me ask — let me ask you. Do you have your soul?

FRAZIER: I like to think so. Absolutely.

BECK: I'm asking you, because I — do you realize how many people are going to be after it when you get to Washington? I mean that in all sincerity. When you get into Washington, if you get into Washington, the GOP and the Democrats, and everyone else is — when is the last time you saw "Mr. Smith Goes to Washington"?

FRAZIER: It's been some time.

BECK: You should watch it. Because he went in and he said, "I'm going to do the right thing," and he was co-opted by people he trusted.

FRAZIER: Right.

BECK: And before you know it, you're standing this going — oh, my gosh, I've become one of them. That's why I wondered if you had your soul yet and if you knew what you were walking into. How are you — how are you planning on not knowing the system, but being able to make sure you're not co-opted? You know what I'm saying?

FRAZIER: I do. I know what you're saying. I hear it all the time on the ground here in Colorado. People wonder whether the Ryan Frazier they see today will be the same Ryan Frazier if I'm elected to Washington — how do you maintain that sense of principle, ideas as well as being accountable to the people.

I can only tell you this, Glenn. You know, between my family, my wife Kathy and our three children, they keep me well-grounded. But something I've always taken pride in, and that's making myself both available and accessible to the people that I seek to represent. I think that's one way you stay accountable to those you serve. And I intend to do just that.

BECK: OK.

FRAZIER: What we cannot afford to do, Glenn, is do nothing. You know, Edmond Burke once said, that all it takes for evil to triumph is for good men, and I would submit good women, to do nothing.

And so, this is the way in which I have chosen to step up and step forward. But I agree with you, the culture in Washington, D.C. has to change, that's both Democrats and Republicans, because both Democrats and Republicans are responsible for the mess we're in today. And I think we need new voices from all backgrounds, all stripes, all social economic statuses to step up and step forward and hold ourselves accountable for what it is we said we would do.

BECK: Back in just a second.

(APPLAUSE)

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