This is a RUSH transcript from "The O'Reilly Factor," September 30, 2009. This copy may not be in its final form and may be updated.

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BILL O'REILLY, HOST: In the "Miller Time" segment tonight: The sage of Southern California has been watching the Roman Polanski story and the marketing of Sarah Palin's new book. Dennis Miller joins us now from Los Angeles.


O'REILLY: On President Obama going to Denmark tomorrow, four hours. Oprah is there. His wife is there. He's trying to get the Olympics to Chicago. Good thing? Bad thing? What do you think?

MILLER: Before we get started, I'd have to say, vis-a-vis that last segment, I get the feeling Judge Torrence is going to be strictly a drive-thru guy from here on in.

O'REILLY: Yes, for McDonald's. He's not going to be — not going to be hanging at the counter much longer. Right.

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MILLER: No. As far as the — as far as Barack going, listen, I don't have any trouble. I remember, I think Harry Truman pulled the pin on the grenade at Hiroshima on his way back from Potsdam on a boat via wireless. So I assume he can do the same on Air Force One or Oprah's plane. I don't know which one they went on. Oprah's is no doubt nicer. But I would caution the IOC to get ready. If they don't award this Olympics to Chicago, and thus to President Obama, get ready to be deemed racist. That is the move.

O'REILLY: And Oprah's there, too. They're going to take a hit. All right, so you agree with me that, look, if they can get the Olympics in 2016 for Chicago, it's a good thing. It's a good thing for America. He's popular overseas. It's a four-hour jaunt. He can get on a telephone; he can do whatever he wants. So there's no harm.

You know, this Polanski guy...

MILLER: Billy, I think it would be great in Chicago, when you think about it. Blago could be the mascot. You know, he looks kind of cartoonish. "Hey, kids, want a job in the Senate?" And then Ayers could bring the incendiary device in and light the — you know, light the Olympic torch. We can have — we can have Rev. Wright do the invocation.

O'REILLY: Invocation.

MILLER: The thing is pre-made.

O'REILLY: "God damn America." That would liven up the crowd. That would make Bob Costas's head whip back, you know? There you go.

MILLER: That would make Sports Center.

O'REILLY: And you know, you could throw out the first pitch, if you practice a little bit.

MILLER: Yes. Oh, you will never let me...

O'REILLY: Never, Miller. You will never live that down.

OK. Roman Polanski. Hollywood guy, people now, "Leave him alone, not a bad guy. What are you doing?" And you say what?

MILLER: Well, I need a second on this one. First off, I was glad they arrested him. As some works of art are unforgettable, some crimes are unforgettable. "Rosemary's Baby," 1967, still think it's a great film. This, 1977, still a horrific crime. So I was glad when they arrested him.

But my next thought was how do you punish him at this point? And I looked at the beleaguered state of California's finances, and I had heard — maybe I'm wrong on this — a legal pundit says all he faces is an additional 40 days. I remember thinking maybe some sort of civil settlement here from a rich guy who's afraid to go to jail. Get a couple million dollars and pour it into the Child Protection Agency.

And then this afternoon, one of my radio listeners, a Mary Kay, sent me a really wise e-mail. She said before you make that call for a fiscal settlement, reread the girl's testimony. And I would tell anybody — I did this afternoon around an hour ago. When you re-read it, you know, even if it's the last few bucks California has in the cash drawer…

O'REILLY: You've got to punish him.

MILLER: You've got to spend it on getting this guy thirty or 40 days out of it. It's brutal, Bill.

O'REILLY: You're right. It's trouble. Look...

MILLER: It is brutal...

O'REILLY: Just for the arrogance of jumping the bail, living large over in Europe, thumbing his nose at the system, you give him five years. He comes back. He spends five years down there in, you know, Pelican Bay or one of those places, and that's it. And then you go on. But why do you think these Hollywood pinheads, mostly directors, why do you think they want him to skate? I'm not getting it.

MILLER: Listen, I actually had lunch with Polanski once in Paris, and he was a charmer, man. I didn't know he was going to be there. Some American tourist sat down with me. Polanski comes. He knows the guy. I spend a couple hours. Funny, charming. Maybe that's part of it. But listen, the thing is here, that these people have not read this testimony. The moment they read it they will say yes, that is the ricketiest bandwagon in the world you want to jump on.

Listen, I am loathe to be the first guy on the dance floor at a wedding reception, much less be the guy who's going to apply nuance to a child rape. And if they just read the testimony, it is so skeevy and so wrong that you know he has to pay. Listen, it's like the greatest barrister of all said, Billy, the estimable Baretta: "If you can't do the time, don't do the crime." He's got to do the time.

O'REILLY: I agree. I don't — I'm just stunned that people think this is not a serious situation when it absolutely is.

OK. Sarah Palin, an amazing woman. And we have Letterman picking on her again later on in the broadcast. But her book, which is going to be out November 17, "Going Rogue," is now No. 2 on Amazon and No. 1 on BarnesandNoble.com, you know, because of pre-orders. I really think this woman, Sarah Palin, is underestimated by the American media. What do you think?

MILLER: Well, we've talked about this before. I'm a Palin fan, because she irritates just the right people for me.

O'REILLY: Right.

MILLER: I mean, she drives the right people crazy. And I love the fact she's gotten $7 million upfront. You know what? In the world we live, every freak and truth contortionist on the midway is making a buck. Why shouldn't a decent dame like Sarah Palin get $7 million? Is she a genius? No. Are the people who say she is stupid everyday geniuses? No. You know what my definition of genius is? When you get $7 million bucks up front for a book. That's my definition of genius. If I was Palin, I've got a good marketing thing for her, since she's so into self-reliance. Sarah, don't have a Chapter 11 in the book. Just do away with it. It will send a subtle note to the people.

O'REILLY: Are you going to buy that book?

MILLER: Yes, I would buy that book. Like I said...

O'REILLY: Why would you buy it? What would you hope to learn? I don't know. I haven't seen the book. I don't know how candid Sarah Palin is going to be. I would love to know what the dynamic between her and John McCain was. I don't know whether she's going to spell that out. But I'd really like to know the true story there on, you know, because we know there was tension between the senator and the governor. We know that things in the end really were going south bad. I know it, because I actually talked to Gov. Palin about it. And if she's honest and spells it out, it's going to be a huge best-seller. But it will be interesting to see if she does or if she basically talks about her upbringing and, you know, most of these political bios are like that. They don't really get into what really happened.

MILLER: As much as I'd like to hear about her being a commercial fisherwoman and all that, she should use this book for one thing. She should come out somewhere in the book talk about the Katie Couric thing and say, "I blew it," and say, "I panicked. I flipped out. If you think that's enough of a reason to weed me out in a run for the presidency for of all time, so be with it. But I want you to tell me [SIC], I'm not hiding about it. It hit the fan for me quickly. All of a sudden I was the center of the media universe. She asked me a question, I gakked it. Enough said. You make up your mind from here on in." If she does that, I think she can get back in the game.

O'REILLY: OK. Now how much did your old program, "Saturday Night Live," how much influence did Tina Fey's impersonation of Sarah Palin have in demeaning her, diminishing her?

MILLER: Listen, I think — what did this election come out 52-46, roughly? I'd say it's 54-44 percent without Palin. I don't think Palin was a drag on that ticket. I think McCain galloping in like the cavalry and then voting for the damn thing was a stupefyingly inept political gesture.

O'REILLY: The stimulus thing.

MILLER: Yes. That's what blew it. She was along for the ride. I think she helped them out a little. Left to her own devices, I'll tell you what. She might not want to do Katie Couric again. But do you want to debate her? I mean, really with — in front of an even-handed crowd? Do I think she's going to outsmart you? No. But do I think that, in some way, she has an appeal with people that practiced politicians might never have? Yes, I do. She's a tricky one for people.

O'REILLY: All right. Dennis Miller, everybody. Thanks very much, Dennis.

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