Crimea votes to leave Ukraine

This is a RUSH transcript from "The O'Reilly Factor," March 17, 2014. 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!

O'REILLY: And in the "Impact Segment" tonight as predicted the folks in the Crimea have voted to leave Ukraine and join Russia. Everybody knew that would happen once Russian troops occupied the peninsula.

Here is how President Obama reacted this morning.


BARACK OBAMA, PRESIDENT OF THE UNITED STATES: We are imposing sanctions on specific individuals responsible for undermining the sovereignty, territorial integrity and government of Ukraine. We're making it clear that there are consequences for their actions.


O'REILLY: Ok, joining us from Washington Fox News strategic analyst Lieutenant Colonel Ralph Peters. So I got the list of the guys. I can't pronounce most of their names Vladislav Surkov, Sergei Glazyev, Leonid Slutsky, I mean ok fine. Any of these guys have any money in American banks that's frozen. They can't come here. So what? I mean why does Putin care? He doesn't care. Anybody losing any money, Putin will just make it up to him, right?

LT. COL. PETERS, FOX NEWS STRATEGIC ANALYST: Well yes I mean it's only a couple of dozen Russians and rogue Ukrainians that they can't vacation in Vegas this year not going to get Putin out of Crimea. Bill we're just -- it's appalling to me that these tepid measures introduced by the President today with more to follow admittedly from the European Union they're so timid that they only encourage Vladimir Putin.

O'REILLY: Well isn't there something to be said though for gathering a consensus and that takes a long time to deal with these pinheads over in Europe you have to kind of gather them altogether and explain it 87 times and then have lunch and coffee and cigarettes and it takes a while to get all these people mobilized but so once you do so I'm assuming that this is what Kerry and Obama are trying to do then it's more powerful. As you say ok, then we're going to slap all banking is off limits to the Russians. We're going to ruin the currency, the ruble is what I suggest they do so maybe that's what they are doing behind the scenes is trying to get them all together and then drop the hammer on Putin.

PETERS: But Bill consensus is a great idea. Sometimes you have to lead. And this is one of those times. And I tell you there are three things that President Obama can do and should do. One, stop pretending that negotiations will solve all the world's problems, I mean Vladimir Putin is playing "Game Thrones" and we are playing "Downton Abbey".

The second thing Obama needs to renounce and abrogate the Strategic Arms Reduction Treaty that he gave to Vladimir Putin, it was a gift to Russia, that would get Putin's attention. Because Putin's military is really hollow and they have real financial problems.

The third thing and we could do this, unilaterally if we had to. I want Europe on board but they are timid and they are afraid of using money broad, deep sanctions that really bite. Because Putin's long term -- I stress, long term Achilles heel is that he does not understand economics.

O'REILLY: No they can hurt the economy and the currency. Sure. But you've got to convince him as I said and it's not easy to do that. Now if the United States says we're going to put missiles back into Poland and other countries on the eastern borders of Russia, what Putin will do is take over the eastern part of Ukraine. What are you going to do? That's why he has got the troops there.

So I don't believe that Putin is going to invade. I think Putin would only do that if we do something like put the missiles back. Did you factor in that equation? So, it's all -- it's all unintended consequences.

So if Obama says we are putting the missiles back, bang, Eastern Ukraine is gone. And you know that they are not going to use military action against Putin. That's not going to happen. So Putin is just doing and saying anything you do to us we are going to take more territory and more territory and more territory. So they are afraid.

PETERS: Well, they are very afraid. But fear is not a wise strategy. It's not an effective strategy. And Bill, I think you are wrong about something. It's not that Putin is going to move into Eastern Ukraine or other parts of Ukraine if we do x, y, or z. He is going to go for Eastern Ukraine and southeastern Ukraine anyway. The question is how --


O'REILLY: How do you know that, though, Colonel? How do you know that? Because this ambassador in London said flat out they weren't going to do it. And I look at it as if I am Putin I'm putting my guys or saying if you do anything to us then we will move. But right now we'll keep them there. That's what I think is in play here.

O'REILLY: Bill, you are wrong.

O'REILLY: Ok I mean I have been wrong a lot. But you've got to back -- you've got to tell me how you are so thoroughly convinced.

PETERS: Because in the end I know the Russians and I understand Putin unlike most of the people in this administration. He -- first of all he believes that Ukraine is an integral part of Russia. Two he wants eastern Ukraine so he has a firm land bridge to Crimea. Three, he wants vengeance on Ukraine. He is as vindictive as he as ruthless and brilliant. And so the only question to is how will he do it? Will we use a military force or we'll do it sooner rather than later? Or we just use subversion and wait for provocations? I can't tell you how and when he is going to do it.

But Bill, I can tell you with 100 percent certainty. Bet my life with ghost of Jimmy the Greek. Putin is not satisfied. He will take at least eastern and southeastern Ukraine when he is ready.

O'REILLY: All right Colonel very provocative, thank you.

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.