This is a RUSH transcript from "The O'Reilly Factor," December 7, 2010. This copy may not be in its final form and may be updated.
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Bill O'REILLY, HOST: In the "Stossel Matters" segment tonight: As you may know, the Fox Business anchor is a libertarian about many things, so we asked him to define the biggest libertarian story of 2010, and here is Stossel. So what is it?
JOHN STOSSEL, FOX NEWS BUSINESS ANCHOR: That people finally pushed back against the big spending. The Tea Party movement.
O'REILLY: That's the biggest story for libertarians.
STOSSEL: Voting out the people who supported Obamacare. I thought people would like that. People like getting what they think is free stuff from government. I thought it would be popular. You said it wouldn't be. I was wrong.
O'REILLY: I knew the folks wouldn't. You know why they didn't go for it? Because they couldn't understand it. That's why.
STOSSEL: Well, it's a 2,000-page bill and that kills...
O'REILLY: Right. And President Obama doesn't understand it to this day.
STOSSEL: But in my working career, I have never seen people wake up to the fact that these guys are spending us...
O'REILLY: Well, it's because of the 24-7 news cycle. Remember when you -- when you and I worked at ABC News? Remember those old, halcyon days when we were at the network? OK.
STOSSEL: The worst part of my life.
O'REILLY: All it was was one 22-minute broadcast, hard news broadcast a day. And then it was "Nightline" if you stayed up late. That's all it was. So if you weren't dialed into either of those at ABC -- and the others didn't have a late-night broadcast -- they just had the 22 minutes -- then you didn't know what the hell was going on. Now, jamming it down the -- any time you want, deficit, debt, boom, boom, boom. That's why the people are waking up, because they have the information.
STOSSEL: If they don't listen to Fox, they don't hear as much about the debt.
O'REILLY: No, but talk radio is there that echoes a lot of this stuff, and the Internet is there. Every -- by the time you and I are finished on this segment -- we have 6 million people watching us, OK, on this program tonight. Triple that number will get us on the Internet, because every segment on "The Factor" immediate goes worldwide and people know. So they get it. That's why they awakened. Like the Sunni awakening, the Obamacare awakening.
STOSSEL: Well it's about time.
O'REILLY: And you know what? I agree that that's the biggest story of the year. The...
STOSSEL: We agree on something. Yes.
O'REILLY: …unbelievable spending. Unbelievable spending. The folks rise up against it. They see the trouble down the road. Just today, California, Arnold Schwarzenegger said we have a state of emergency because we're bankrupt, and he's furloughing -- August he'll be way out of there. Three days a month, state workers aren't going to get paid.
STOSSEL: Now, they complain about spending in general. When anybody proposes a cut or this commission, they call it a moment of truth. The deficit commission.
O'REILLY: No, there's all of that bull. But we'll cut through that bull. The folks know it's in bad shape.
Now, you also went out -- in addition to Stossel's opinion about the big story, libertarian story of the year, he went out and asked other folks, regular folks what their big story was. Go.
(BEGIN VIDEO CLIP)
STOSSEL: 2010 is coming to a close. So what were the big stories this year?
UNIDENTIFIED FEMALE: Tiger Woods was mostly on the news.
UNIDENTIFIED FEMALE: Prince William and Kate Middleton's engagement.
UNIDENTIFIED FEMALE: Katy Perry. I love Katy Perry. My daughter loves Katy Perry. She got married to Russell Brand this year. That was a big story.
UNIDENTIFIED MALE: Derek Jeter signing with the Yankees.
(END VIDEO CLIP)
O'REILLY: Are you sure they didn't think you were from "Entertainment Tonight," Stossel, or what?
STOSSEL: In fairness, they talked about the oil spill and the election. But there was a lot of that.
O'REILLY: There was a lot of that. You're going to feature that on your program on Thursday, right?
STOSSEL: I am. We'll talk about this.
O'REILLY: What's the name of this now? You usually brand these things.
O'REILLY: No, I know what the name of the program is, but do you have a theme name?
STOSSEL: "The Libertarian Year: Is It a Good Year for Freedom?"
O'REILLY: "The Libertarian Year: Is It a Good Year for Freedom?" That's an interesting question. Do you think it was a good year for freedom?
STOSSEL: The part we talked about: the people finally pushed back. But what just happened now, they're going to spend more on extending unemployment insurance past 99 weeks.
O'REILLY: A hundred and fifty billion -- 150 billion more goes into the debt.
STOSSEL: And inspiring people to wait until their insurance runs out to find work. A third of people find a job when their unemployment runs out. In Denmark, it used to be five years. They discovered, gee, everybody is getting work after five years. Let's make it four. Everybody got work after four years. Now they've made it two. We're going in the other direction.
O'REILLY: Right. All right, Stossel. Check him out Thursday night at 8 with the libertarian big stories of the year. Thanks for coming in here.
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