Updated

This is a RUSH transcript from "The O'Reilly Factor," January 26, 2011. This copy may not be in its final form and may be updated.

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BILL O'REILLY, HOST: In the "Personal Story" segment tonight: another round with our pal Jon Stewart. Earlier this week, Stewart took on the Congressman Steve Cohen-Nazi controversy. You may remember this:

(BEGIN VIDEO CLIP)

REP. STEVE COHEN, D-TENN.: They say it's a government takeover of health care, a big lie. Just like Goebbels, you say it enough, you repeat the lie, you repeat the lie, you repeat the lie, and eventually people believe it. The Germans said enough about the Jews, and people believed it, and you had the Holocaust.

(END VIDEO CLIP)

O'REILLY: Well, Cohen was roundly criticized for that statement for two reasons. First, because he compared those who opposed Obamacare as spreading Nazi-like propaganda, a falsehood. And second, he did that just days after President Obama called for civility in the national debate in a speech in Arizona.

Congressman Cohen made a huge mistake, no question. But Jon Stewart sees it a bit differently. He did not defend Cohen. He didn't defend the man. But he believes there's hypocrisy in play and that I, your humble correspondent, am a part of it.

(BEGIN VIDEO CLIP)

O'REILLY: If you look back at what happened in Germany, you cannot escape the similarities between what Hitler and his cutthroats did back then and the hate-filled blogs, what they're doing now.

(END VIDEO CLIP)

O'REILLY: That clip was from February 28, 2008, and it was edited by the Stewart folks. They played it on the broadcast. Here's the whole thing:

(BEGIN VIDEO CLIP)

O'REILLY: Israel Gobstein, Silver Spring, Maryland: "Mr. O'Reilly, I'm surprised at your lapse of judgment, comparing the tactics of the Nazis to The Huffington Post. I lost many members of my family to the Holocaust, and the meaning of their deaths means more than a comparison to a meaningless blog."

Now, first of all, I appreciate your letter very much, sir, and I've thought about it. If you look back at what happened in Germany, you cannot escape the similarities between what Hitler and his cutthroats did back then and the hate-filled blogs, what they're doing now.

(END VIDEO CLIP)

O'REILLY: And here is the context to that letter and that statement. On February 17, 2008, Nancy Reagan fell, fell down and had to be taken to the hospital. Shortly after that, this appeared on The Huffington Post: "Like her evil husband, she has lived far too long. Here's hoping the hag suffers for several weeks, then croaks in the tub."

I submit to you, ladies and gentlemen, that my comparison to the vile Nazi propaganda machine is dead-on. You can make the call on that.

Jon Stewart didn't mention Nancy Reagan or the context of my remarks. He just used a short clip of a much longer statement, no setup whatsoever.

If Stewart were a journalist, I would pound him into pudding. But he's not; he's a comedian, and as such, has license to take things out of context for entertainment purposes.

However -- however -- there are some Stewart viewers, even media people, who do form conclusions based upon Stewart's expositions, and I submit there is not one Stewart viewer -- not one -- who had any idea that a vicious attack on Nancy Reagan prompted my analysis that Stewart used, OK? They didn't know that.

Sophisticated viewers understand Jon Stewart is a satire guy, and "The Factor" is a valid target for satire, no question. But let the buyer beware with the blending of humor with serious issues.

The cold truth is Congressman Cohen directed his remarks at Republicans who oppose Obamacare and classified them as using Nazi propaganda techniques. That's what he did. I pointed out a hateful posting on The Huffington Post that should never have appeared. It should have been taken down. The call for someone to endure a painful death because of her political beliefs does not deserve to be posted on any blog, and I compared that to the Nazi propaganda dispatchers. They did that stuff all day long, did they not?

If Jon Stewart believes comparing me to Cohen is a valid comparison, he's entitled to his opinion. But I stand by my commentary. It was far different than what Congressman Cohen put out there.

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