This is a RUSH transcript from "The O'Reilly Factor," October 18, 2012. 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: "Back of the Book" segment tonight, our pal, Marc Lamont Hill, who teaches at Columbia University causing trouble again -- he's always causing trouble.
He recently wrote an article entitled, "The 15 Most Overrated White People." And here he is, Dr. Hill.
So before we get into your dopey list, what if I wrote an article, "The 15 Most Overrated Black People." What do you think would happen.
MARC LAMONT HILL, FOX NEWS POLITICAL CONTRIBUTOR: I think you'd be celebrated and praised for the comedic truth-teller that you are, Bill.
Why do white people always ask that question.
O'REILLY: Because you know there's a double standard.
HILL: It's not a double -- yes, it's a double standard. A double standard that white people have power. They've had influence.
They've been able to control the United States the last 400 years. So, now, everything that white people can do, black people can do, and vice versa.
You can't ask them, "Why isn't there White History Month. Why aren't there, historically, white universities."
Well, we have them. We call white -- you know --
O'REILLY: All right. So because the white establishment has the power, you can pretty much do whatever you want to them.
HILL: No. It just means that they're not opposite sides of the same coin. When I scream, "black power," I'm talking about community development.
If you would scream, "white power," it would be something very different. They just don't mean the same thing.
O'REILLY: Look, I don't scream any kind of power because I don't like the division of the races. But I think you're actually telling the truth in a roundabout way.
In this country, you can mock white people. But in a minority setting, you can't.
HILL: You can mock black people.
O'REILLY: No, you can't.
HILL: You can mock black people.
O'REILLY: I can do it to you.
HILL: Right, because we're besties.
O'REILLY: No, because you're a Communist.
You're not a black person to me. You're a Communist.
HILL: So, you see red, not black or white.
O'REILLY: So, I'm actually mocking an ideology and not a color.
HILL: I feel the same thing as you. I mean, it's great. I'm glad we can come together on this.
O'REILLY: Sure. All right. Let's get into your stupid list. You wrote it on Columbus Day --
HILL: Yes, in honor of Columbus.
O'REILLY: -- because Columbus, in your opinion, is overrated.
HILL: Yes, he epitomizes overrated white people.
O'REILLY: The Nina, the Pinta and the Santa Maria, all right, going in uncharted waters, overrated.
HILL: And unexpected waters. They thought they're going one place, landed someplace else. "Gilligan" got a TV show over this and, somehow, we give Columbus a whole day. I mean, come on.
O'REILLY: They didn't have maps back then. See, nobody had sailed there. But why is he overrated.
HILL: Because what we do is we give him credit for creating something in a way that ignores indigenous people --
O'REILLY: Indigenous people.
HILL: Yes, native Americans, Indians -- whatever you want to call them, indigenous people to the lands.
O'REILLY: But Columbus had nothing to do with that. He just discovered this continent and brought it back to Spain because there's a lot of folks here.
HILL: And the problem is when we talk about discovery now is he acts as if no one else was already there. As if traditions weren't there, cultures weren't there.
O'REILLY: I don't think Columbus was acting.
HILL: We act that way.
O'REILLY: He was trying to dodge the arrows. He knew people were there.
HILL: Dodge the arrows. See, that's the kind of --
O'REILLY: Oh, I'm sorry. There were no arrows.
HILL: Did you get that media man. He said, "Dodge the arrows."
O'REILLY: Right. There were no arrows coming at him. All right, now. And, now, you're into really, really dangerous territory.
O'REILLY: Elvis is overrated. Elvis Presley.
HILL: I can talk about the President, Jesus.
O'REILLY: This is the best entertainer in history.
HILL: Oh, my God. Maybe, the best white entertainer. Frank Sinatra has something to say about that, too. Come on, Elvis.
O'REILLY: You just admitted it. No, you just admitted he's the best white entertainer. You see, how can he be overrated.
HILL: Because there's about 74,621 black entertainers who are better than Elvis.
O'REILLY: Oh, I see. They're better.
HILL: Snoop Dogg is better than Elvis. You know, I'll put them on the same tier.
O'REILLY: Oh, there it is. OK, that's how naughty you are.
HILL: I'm kidding. I'm kidding. Snoop Dogg is not Elvis. Elvis was extraordinary in many ways. I'm not saying he's not good. He's just overrated. He's not the King of Rock and Roll.
O'REILLY: Ronald Reagan is overrated.
O'REILLY: Yes, of course, bringing down the Soviet Union, having a good economy. That's all overrated.
HILL: Expanding prisons, shutting down mental institutions, shrinking public assistance for the most vulnerable people, many of whom are white, yes.
O'REILLY: You're just mad because are you a Communist and the Soviet Union fell apart.
HILL: Broke my heart. Broke my heart.
O'REILLY: That's right. That's what that's all about.
HILL: No, but Bill Clinton. You know, it's not a partisan thing.
O'REILLY: And then you have Clinton on the list.
HILL: He's overrated.
HILL: Because black people keep calling him "The First Black President," he did these extraordinary things, Prison Litigation Reform Act, Welfare Reform Act, Three Strikes.
All of the stuff that are hurting black people. Black people still praise the democratic party and Bill Clinton.
O'REILLY: Why do they like him though. You don't like him, they do.
HILL: Because he goes into a church and some days claps on beat. He plays his saxophone and let you see how he plays to the most low-end, low- barred troops of black culture.
O'REILLY: Are you saying that African-Americans are not discerning in their opinion.
HILL: No, you're saying that.
O'REILLY: No, you just said it.
HILL: No, I'm saying with Bill Clinton, they've consumed the beverage. I won't say Kool Aid because that would be racist.
O'REILLY: The final one is President Obama's economic team, Tim Geithner --
HILL: See, I thought you're going to go Babe Ruth.
O'REILLY: No, because, Babe Ruth, that's a baseball player. We're talking serious here.
HILL: Excuse me. Right. I forgot, we've said Elvis.
O'REILLY: Why is -- well, Elvis is an icon. So is Babe Ruth. But let's just get on to Geithner.
O'REILLY: Why is President Obama's economic team overrated in the face of Geithner.
HILL: Because with Geithner, it's somewhere at the beginning -- I mean, we can go from --
O'REILLY: Yes but why. Why are they overrated.
HILL: Why, because, I think, we came with an expectation that he was going to create an entirely new economic landscape for America --
O'REILLY: A Communist one.
HILL: -- a new vision for poor people, a new vision for the vulnerable. And Obama is following the same -- not a Communist one.
HILL: I just want a progressive one. I just want him to bow at the feet of Wall Street.
O'REILLY: So, because the Obama administration hasn't seized private property, you think they're overrated.
HILL: No, I just want people to --
-- Wow, wow.
O'REILLY: No, I am exposing you, Hill.
HILL: You have a manual for this.
O'REILLY: I'm exposing you tonight.
HILL: Oh, please. So, we agree on Justin Bieber then. That means, we agree that Justin Bieber is overrated. We agree that the Royal Family - -
O'REILLY: The kid is 10 years old. Why are you picking on Justin Bieber --
HILL: I'm not picking on Justin Bieber. I'm just saying --
O'REILLY: How can you be overrated with hair like that. You can't.
HILL: That's awesome hair.
O'REILLY: All right, Marc Lamont Hill, everybody.
Content and Programming Copyright 2012 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2012 CQ-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 CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.