This is a RUSH transcript from "The O'Reilly Factor," July 29, 2010. This copy may not be in its final form and may be updated.
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JUAN WILLIAMS, GUEST HOST: A lot of reaction to President Obama's appearance on "The View" today. Bill O'Reilly himself will join us in a moment with his take on how the president did. But first, let's take a look at some of the highlights.
(BEGIN VIDEO CLIP)
PRESIDENT OBAMA: The last 20 months has been a nonstop effort to restart the economy, to stabilize the financial system, to make sure that we're creating jobs again instead of losing them. And in the midst of all of that, we've also had the oil spill, we've also had two wars. As much as you said it's been tough for me, the truth is, it's not tough for me. I mean, you know, I've got people, pundits on the news who may say things about me.
JOY BEHAR, CO-HOST, "THE VIEW": You noticed?
OBAMA: Of course.
BEHAR: The right wing through Fox News and other outlets, they seem to be hijacking the narrative. Where on your side is the narrative? Where is your attack dog to come out and tell the American people, "Listen, this is what we did"?
OBAMA: Joy, that's your job.
ELISABETH HASSELBECK, CO-HOST, "THE VIEW": We are in a state of chronic joblessness. Yet -- and we heard in the beginning of the show, as well, you claim that there's saved jobs, something -- a standard that's not been used before by any administration.
OBAMA: Well, actually, Elisabeth, what's happened is that we have gained private sector jobs for the last five months. So we were losing jobs when I was sworn in, as I said, 750,000 jobs per month. We've now gained jobs for five consecutive months in the private sector.
BARBARA WALTERS, CO-HOST, "THE VIEW": They took your e-mail away when you came in, but do you do it on the side?
OBAMA: You know, I have a BlackBerry, but only 10 people have it. And I've got to admit, it's no fun because they think that it's probably going to be subject to the Presidential Records Act. So nobody wants to send me the real juicy stuff.
(END VIDEO CLIP)
WILLIAMS: Joining us now on the phone, the aforementioned Bill O'Reilly. Bill O'Reilly, thanks for taking time from your vacation.
BILL O'REILLY: All right, Juan. I watched the show tonight -- today, I should say, with the ladies.
O'REILLY: And, you know, I've been there about, I'd say seven or eight times in that seat. And I think Obama did pretty well. He was relaxed. He knew what he wanted to say. He knew -- I don't think he knew the questions in advance, but he certainly knew it was a friendly audience except for Elisabeth Hasselbeck. And it was more like a campaign rally. I got that campaign rally thing out of that. How did you pick it up?
WILLIAMS: Well, you know, I looked at the news of it, Bill. And it seems to me that he went there because he's after an audience of women. And he, right now is sinking in the polls. And he thinks it's with conservative women. I should say independent conservative-leaning, but independent women. And he thinks they watch "The View." And "The View" has, what, 3 to 4 million women who watch. You know this. They can move the polls. So that's what he was doing there. And I think the most newsy thing he did was say that he's been creating jobs for the last five months. What say you?
O'REILLY: Well, the women thing, yes, OK. But this is basically a chosen venue because there's no challenge to it. That's No. 1.
No. 2, if he goes on any program like that, it's going to get picked up on the Internet. So everybody's going to see it. And then, you know, cable news is going to pick it up and run with it. So it's not about being on "The View." Everybody gets to see and hear what he says. And so you select a venue that's friendly. He did that. He came off fine.
All right, jobs. In the entire Obama experience, which is 18 months, the country has lost 2.5 million private sector jobs, all right? That is according to the Labor Department, Bureau of Labor statistics. So 2.5 million jobs in the private sector gone, since Mr. Obama's been president. Sounds bad, OK? But we all know he inherited a situation that was pretty intense.
O'REILLY: And in the last five months, he's added about 600,000 jobs. Not he, but the country. 600,000 jobs in 2010. However, the government has spent nearly $500 billion, that's half a trillion dollars, stimulating the economy to add these 600,000, which is a paltry -- and I emphasize that word paltry -- performance. You're going to spend a half a trillion dollars, you better add more than 600,000 jobs. Do the math. I mean, it's crazy.
So what the president is saying is No. 1, he saved the country from a depression. Well, he can say that. Who can prove it? Nobody.
No. 2, that he saved, s-a-v-e-d, saved all these jobs. Well, who can prove that? Nobody.
So you know, they're shrewd in their presentation, but the most important thing he said, and this is very, very true for Barack Obama, that he believes in his heart all the controversy, all the low polls, all the trouble he's having right now is going to go away because his economic policies are going to pay off and the economy's going to rise the last two years of his first term. That's what he believes will save him.
WILLIAMS: Right, but so, Bill, let me challenge you here. It's without a doubt true what he said, that for the last five months, the U.S. economy has been adding jobs. And what we know is coming out of the Bush years, the U.S. economy was losing jobs.
O'REILLY: Yes, but Juan, if you're going to spend that much money, come on, why don't you just send the checks to the people? It's cheaper.
O'REILLY: I mean, come on.
WILLIAMS: Sixty-two percent of the stimulus money has already been spent.
WILLIAMS: That bucks up your point. But here's my point to you. Right now, he's still making the case, do you want to go backwards or do you want to go forwards? This is…
O'REILLY: I'd like – look…
WILLIAMS: This is what he's sticking up in "The View" today.
O'REILLY: Juan, I want the economy to prosper, but I'd like the country not be bankrupt at the end of it. How about you?
WILLIAMS: Well, without a doubt. And you know what?
O'REILLY: OK, so I mean, he's spending a half a trillion dollars to add 600,000 jobs. Come on, Juan.
O'REILLY: Do the math, man.
WILLIAMS: Right, but Bill…
O'REILLY: We don't have the money to do that.
WILLIAMS: …the question is -- and you picked up on this early -- would we be in a Depression had he not…
O'REILLY: Who knows?
WILLIAMS: Yes, you say we don't know. But on the other hand…
O'REILLY: Nobody knows.
WILLIAMS: …what is the risk? Were you willing to take the risk, Bill O'Reilly?
O'REILLY: Was I willing to do it?
WILLIAMS: Yes, in other words, would you say…
O'REILLY: I -- from the very beginning, I departed from some conservative ideologues who said no government interference in the economy. I departed. The reason I departed was because I thought Bush was going to throw up when he came out and made the announcement that the economy was on the brink of disaster. Did you see his face?
O'REILLY: All right? So they presented to Bush, hey, you know, the banks are going to go under. The mortgage lenders are going to go under. Everybody's going to go under. The car companies. And if you don't do anything to, you know, prop it up, it's going to be a Depression. So Bush did. So, therefore, I said, OK, if Bush is going to be this, you know, intense about it, how do I know? I don't have the stats coming into my house. So I supported the thing.
But there comes a point where the country gets damaged by the enormous spending that's going on, and I think we've reached that point. Barack Obama didn't say one thing today about spending the country into bankruptcy. Not one thing, because Joy Behar was more interested in pointing out the conservatives are after you.
WILLIAMS: Oh, yes.
O'REILLY: When are you going to reply to them?
WILLIAMS: Oh, and then…
O'REILLY: Like the liberals weren't after Bush, Joy? Did you miss those eight years? Were you in a coma?
WILLIAMS: Well, you know, you said you sat on that couch. You know they lean a certain way.
O'REILLY: Lean, Juan?
WILLIAMS: Hey, like fall off. But I'm just telling you…
O'REILLY: I mean, come on. Talk about in the tank. There's not a tank big enough.
WILLIAMS: Right. Well, you know, it's interesting -- I know this music started, but I just want to make this point to you that in fact, if you look at the polls right now on job creation, it's something like this: 80 percent of Republicans disapprove, 67 percent of independents disapprove, Bill O'Reilly. I think that's why he was on "The View." I think most Americans right now don't think that what Obama is doing, the president, is leading to more jobs for the country.
O'REILLY: Well, it may be leading to more jobs, but it also might be leading to bankruptcy. Keep that in mind. Thanks, Juan. I appreciate you filling in for me.
WILLIAMS: You're welcome, Bill.
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