This is a rush transcript from "The O'Reilly Factor," November 7, 2008. This copy may not be in its final form and may be updated.

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LAURA INGRAHAM, GUEST HOST: In the "Back of the Book" segment tonight: Some comedians are already worried about how to poke fun at the new president.

Click here to watch the segment.


BILL MAHER, HOST, "REAL TIME WITH BILL MAHER": He's not angry. He's not a phony. He's not fat. He's not cheating on his wife. Who needs a jerk like that around for the next four years? Come on.

CHRIS ROCK, COMEDIAN: People keep saying, "It's hard to make jokes about Barack because he's black" and all this crap. He's just cool. Like, there's no Will Smith jokes either. You know what I mean? It's like certain people are just hard to make fun of.


INGRAHAM: Is that really true? Let's take a look.


JON STEWART, HOST, "THE DAILY SHOW": You may have heard Barack Obama will be the first black president of the United States of America. Obama's also the first Democrat to receive more than 50 percent of the vote since Jimmy Carter. The first senator to be elected to the White House since John F. Kennedy, the first Muslim to be...

DAVID LETTERMAN, HOST, "LATE SHOW WITH DAVID LETTERMAN": The hookers in New York City are offering their Obama special: 50 dollars and you get change.

JAY LENO, HOST, "THE TONIGHT SHOW WITH JAY LENO": Of course, there was a huge celebration over at Barack Obama headquarters, otherwise known as MSNBC. But...

STEWART: Barack Obama delivered the latest greatest speech of his life, making sure to acknowledge those who had helped him along the way.

BARACK OBAMA: And I would not be standing here tonight without the unyielding support of my best friend...

STEWART: Ladies and gentlemen, William Ayers.


INGRAHAM: That's pretty funny. Joining us from New York is Toure, a host at BET and author of the book "Never Drank the Kool-Aid."

Now Toure, that was — that stuff was pretty funny. I mean, are we not allowed now to make fun of Barack Obama because of history being made on Tuesday? Can we just not say anything?

TOURE, AUTHOR, "NEVER DRANK THE KOOL-AID": No, no, no. Certainly not because he's black, we can't make fun of him. It's that we don't know him. I mean, that was the theses of the McCain campaign, we don't know this guy. And at a certain level it is true. We don't know who he is yet. We haven't seen...

INGRAHAM: That's why I was against him, but go ahead.

TOURE: But the thing is also that it's really hard, as I'm sure you know in your life, to make fun of really cool people, and as Rock said, Chris Rock, he is really cool. So I mean, how do we pierce the armor? I mean, remember the girls who were No. 1 in the line in high school? How do you make fun of them? They're really cool. What are you going to do?

INGRAHAM: Here's one way you make fun of them, is today when he was asked about whether he's talking to the former president at the press conference and he said, "Well, yes, I'm speaking to former presidents — ah that are living."

TOURE: And he did the Nancy Reagan thing. I'm not going to use the Ouija board. That was funny.

INGRAHAM: Attaway. Attaway, Barack, go after the woman who's, like, 90 years old and is the beloved former first lady. Come on.

TOURE: He's not going after her. It was a nice little...

INGRAHAM: But the point is when he's off teleprompter he sometimes can say things like 57 states and the Nancy Reagan seance. And the last time I checked, it was Hillary who had the seances for Eleanor Roosevelt, not Nancy Reagan.

But Bill Maher was onto something. He said, "Look, you know, I think we've got to get over the fact that he's the first black president, because he's the president and then he's out there."

TOURE: We've just got to figure out how to deal with this guy, how to caricature him. I mean, Clinton's failings, morally, were so obvious. Bush can barely speak English. So that was very easy. What do we do with Barack? We don't really know? I mean, even "Saturday Night Live" is struggling. The portrayal of him on "Saturday Night Live" is not good at all. It's not sharp; it's not funny. He's more angry than cool.

INGRAHAM: That's because that's not the best portrayal, but I mean, come on, somebody can also be trying to be cool, I mean, trying to be very deliberative. Change. Trying to be deliberative.

TOURE: I don't even know where you're going with that. I mean, the guy actually is cool. What are you going to do?

INGRAHAM: That's what the whole media has been telling the country now for several months.

TOURE: It's the truth. It's not some media spin, Laura. It's true. We've got to get to know the guy.

INGRAHAM: Cue the Lionel Richie music for Toure. Cue the Lionel Richie music.

TOURE: Well, Lionel Richie is not cool. I wouldn't expect you to know what is.

INGRAHAM: Toure, we're out of time, but come back on the radio and make your case. I appreciate it.

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