This is a RUSH transcript from "The O'Reilly Factor," October 21, 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: Our pal, Dennis, is closely watching how Sarah Palin's book is being marketed. Oprah has the first interview. And Mr. Miller joins us now from Los Angeles.

So you're going to read this book, "Going Rogue"? You've been going rogue your whole life, haven't you?

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DENNIS MILLER, FOX NEWS CONTRIBUTOR: I don't think Sarah Palin is "Going Rogue" anymore. Listen, I like Oprah. She's one of my neighbors. She seems like a nice gal. But, you know, let's face facts. Palin always says, "I'm not going to play the game," and "Oprah Winfrey" show is the center of the game. It's tough to go rogue when you're at 0-0 on the number line, and she's right in the belly of the beast there.

O'REILLY: Yes, but that's — that's a smart move to go on that show. Oprah can get your book to No. 1 in a heartbeat. Oprah's not going to give her a hard time. She's going to be very nice to Sarah Palin. Palin's going to be...

MILLER: I think it's a smart move as far as selling books. I don't know if I'm going to think of her as a rogue anymore. I think if Oprah's show is sort of like a cathartic ATM. You step up, you countersign your tale of woe, you push it in, and it spits some greenbacks out. I understand the transaction. But I'm saying if you really are going to go rogue, if you're really going to push that, this is not rogue to me. This is some concession that she's whooped. I don't think she is going to run for the presidency.

O'REILLY: You know, it will be interesting about this book, whether she tells the truth or not, Sarah Palin, in the sense that she's got some really good stories. I mean, let's face it. Katie Couric, Charles Gibson, "Saturday Night Live," she was on there. What the real deal was with McCain. I mean, that book could just be fascinating if Sarah Palin lets it fly. What are the odds of that happening?

MILLER: It all comes down to whether she wants another book or the White House. If she wants the White House, she'll play it close to the vest. If she wants another book, she'll spill it all and become the next Jackie Suzanne.

O'REILLY: OK, balloon boy. Now, we've been covering this story because of the massive betrayal. You know, you're looking at this thing. Millions of Americans were hoping there was no boy there, and it turned out to be true. But, you know, in the reportage, the boy could have been killed and people were emotionally invested and sitting and watching it. And then there's a massive fraud. So how did you — how did you process that?

MILLER: Well, listen, Dante, the great author, had the theory of symbolic retribution. Your afterlife is predicated on what you did in this real life. If there's any truth to that, and I always think of it as some sort of retributive karma, I think this guy will go to the 10th concentric circle of hell, where there is as usual but there's never, ever a TV camera there, because this is a bad, bad parent. This is a saucer trash parent. And you know something? In the real world, somebody would just whoop him, and you know, come around and just sock him in the nose.

O'REILLY: Yes, somebody tried. There was a little brawl outside his house. Yes, I agree with you, you know, and I don't think Americans could be wrong on this, but there are a lot of parents who manipulate their children, who, you know, for reasons, many, many reasons, they live through their children's sporting activities. They tell — they're mad at their spouse. They're trying to manipulate the child to do this and that about the spouse. You know, the kid deserves a childhood. And to put a kid in a massive con like this, because as the kid said on CNN, hey, you know, the whole con was laid out for the kid, and he just forgot the script and then told the truth. And it just blew it up.

MILLER: Listen, this guy is a massive, massive loser. And the woman looks a little bullied to me. And the kids look a little freaked out. And if there was any — if there was any karma in the universe, they would give everybody in his neighborhood a show except him, so he'd have to live right in the middle of it and be the only one not included. But he's a loser.

O'REILLY: I know. How stupid can you be to think you could pull off a fraud like this and then get a reality show? Look, the Octomom pulled it off. But again, what — what is her show? It means nothing, and now there's 14 babies that are at risk.

MILLER: The only reason the Octomom — the only reason the Octomom got her own show is she could deliver an audience of 14 people.

O'REILLY: That's right. But this guy, how he thought he could get away with this, it's just staggering. OK, now...

MILLER: (UNINTELLIGIBLE) than that balloon. That's how. His head is more empty than that Mylar balloon.

O'REILLY: I know. What an idiot.

Now, on your radio program, you've had a lot of calls on the Fox News-White House brouhaha. So what's the consensus?

MILLER: I don't know about them, but I have a feeling there's a sign on Barack Obama's desk that says: "The buck starts here." And I love the fact that every week he trundles out Axelrod and Emanuel, like Tweedle Dum and Tweedle Rahm. And they go out there and they — they tweak the nerds, I guess, in the — he's like the jock who hangs the rest of us up in our locker with a nuclear wedgie. What next? Are they going to issue a position paper on who's hotter, Betty or Veronica? They're acting like little kids. They've decided to surge against Fox but not in Afghanistan.

And at some point, when people say doesn't this remind you of the Kennedy presidency? I say, you got the decade right. You got the wrong president. This is Nixonian. I look at Axelrod and I look at Rahm Emanuel, and Rahm Emanuel might as well be wearing a brush cut like H.R. Halderman. And Axelrod should just save the stash and he would look like Ehrlichman, because that's what they remind me of. They're — Barack Obama has rabbit ears. It's like in baseball. You remember that guy. You could get under his skin from the dugout. You could flip him out a little. He hears too much. He's got rabbit ears.

O'REILLY: OK, so what you're saying is that if the pitcher is on the mound and you're going, "Hey, yes, Obama," and then the pitcher is looking at you and breaking concentration and he throws the ball and he gets hit over the fence, that's Barack Obama. Any kind of criticism, he reacts personally to it.

MILLER: It's more than that. You have to step up to the dugout and, to please him, you have to say, "Each of your pitches is the greatest pitch I've ever seen in my life." Or he gets rattled.

O'REILLY: So Miller...

MILLER: He's got rabbit ears.

O'REILLY: I want you and I to go have lunch with Barack Obama. Do you think we can do that? Would you do that, if I can set it up?

MILLER: I'm not interested.

O'REILLY: Come on.

MILLER: You go.

O'REILLY: I want you there.

MILLER: It doesn't interest me. I don't like intractable people. I like people you can talk to.

O'REILLY: I want you to tell them about Dante. You can tell him about Dante.

MILLER: Well, he could stand to study a little Dante, because symbolic retribution...

O'REILLY: And I want to do that, Miller.

MILLER: It makes more sense. It makes more sense than Obamacare.

O'REILLY: I'm going to get you — you and me, we're going to go to lunch with him.

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