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This is a rush transcript from "The O'Reilly Factor," February 20, 2008. 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: talk radio buzzing about Michelle Obama's comments that for the first time in her life she's proud of her country.

With us now here in L.A., talk radio host Dennis Miller. He also has a new TV program, a quiz show called "Amnesia," which begins Friday night on NBC.

And I heard you got that because you couldn't remember anybody's name or what the show was even about.

DENNIS MILLER, FOX NEWS CONTRIBUTOR: Bill, as far as showbiz goes, I'm like Jackson Pollock: I just throw it against the wall, baby.

O'REILLY: Whatever happens. Right.

MILLER: And by the way, the only reason the Maloof brothers would fire those cheerleaders is because they weren't asked to be in the picture.

O'REILLY: Are you saying that they're not real interested in their image across the country?

MILLER: They're good guys. They're just wild men.

O'REILLY: OK. Michelle Obama, on radio I can't get away from it. The phones are jammed. Everybody has got an opinion. What do you think?

MILLER: I don't have any ax to grind with the woman. What kind of, you know, weird circumstance, you wake up one morning, you're 45, and your old man is, like, messianic almost.

O'REILLY: It's a little weird.

MILLER: So it's a little weird. And I know most people are standing up there just talking until they can think of something to say. But if I happen to notice you say the words never — this is the first time in my adult life I've been proud of my country, don't accuse me of misunderstanding it. It is what it is. It's like the number seven. How do you misunderstand it?

Now, she came back today and said, "I understand. I was kind of yapping." I would caution her, though, not to take it so transcendentally. The old man is on a hot streak here.

O'REILLY: Here's the interesting part. There was a big controversy about words mean something, right?

MILLER: Yes.

O'REILLY: Words mean something. Well, Barack Obama, these are words that people want an explanation for. I didn't think Michelle Obama's explanation today was very good, did you? One line? Like "I'm proud of my," you know?

MILLER: There's no real way out of it. I assume she's proud of her country. I just think sometimes when you try to look very meaningful, this is the sort of thing you fall into.

O'REILLY: She said it twice. Somebody wrote it for her. I guess she didn't edit. She wasn't thinking.

But there is a suspicion among some Americans that the left — of course, Michelle Obama and her husband would be in that category — doesn't like America. They want a totally new America. They want to tear down all the traditions that we have. I write about that in "Culture Warrior." And that just reinforces it, does it not?

MILLER: Listen, I think they both love their country. They're trying to get a big job. They want the big jet. All he has to do is come out and say "hope," "change," name the city he is in. "Hope," "change," name the city he's in.

She should just stand there and sort of smile and go, "I love my old man. He'll make a great president." When she starts talking like she's Gandhi or something, it's going to get weird.

O'REILLY: Right. Now, Hillary Clinton, do you think she has any chance to come back?

MILLER: Yes, I do.

O'REILLY: Really?

MILLER: Yes. Now here's the play.

O'REILLY: OK.

MILLER: Follow me, because it's Boris Spassky. It's a couple moves down the board in Reykjavik. She doesn't have a time on this pass. I don't think he's going to win this pass. She cannot afford to lose those big three states. It will ruin her forever.

O'REILLY: Right.

MILLER: She should drop out and volunteer to be his vice president this time through. He won't win. We'll go back to her in four years. If she wants the presidency, that's the one place she's got.

O'REILLY: OK. Now is this part of your new show "Amnesia," that you just said that? That's not going to happen, Miller.

MILLER: I understand.

O'REILLY: OK. Not going to happen.

MILLER: I understand.

O'REILLY: Let's go back to the real world, the world of "The Factor."

MILLER: I just said that's the only play she has.

O'REILLY: That's it. She's not going to do it though.

MILLER: Bill, everybody around Bill is dying for his sins. Gore had to die for his sins. She has to die for his sins. Because he just skated. He whistled down the road. "I wish I were a baby bumblebee."

O'REILLY: Everybody is OK with her paying the price.

MILLER: Obama represents to the Dems who all made the deal with the devil that sort of face-plunged into the ice cubes, hot shower, scrub their hands with the Joan Crawford thing to get all the skeevy off them that they had to put up with during all those Clinton years. This guy is a fresh start. But he's not going to win. She ought to jump into that VP slot.

O'REILLY: She's not going to do it.

MILLER: I know she won't do it.

O'REILLY: OK. But...

MILLER: I'm trying to do a TV show here.

O'REILLY: I got it, I got it. But say that she just continues to campaign for 12 more days. And then Tuesday comes along, Texas, Ohio. She loses big in both states?

MILLER: I think she's going to lose Texas. I don't know about Ohio, although you would think that with a place that lost jobs they would blame her old man to some extent, because these things always happen 10 years posthaste. You know, he had some part in that. But I don't know what the — I saw the electorate standing behind her. She might win in Ohio. But she's got to sweep the board right now, and I just don't see that happening.

O'REILLY: All right. Now McCain vs. Obama. McCain is campaigning against Obama now. He's not even worried.

MILLER: His speech last night was a stem winder. It was great.

O'REILLY: Do you see it as a tight race? Or does somebody have a built-in advantage?

MILLER: Well, two things. I know Huckabee has got to get out, because I just heard McCain say it's time to start waterboarding. And I know that's not John's way. So he's going to — Huck will be out soon. I think it will make McCain vs. Barack Obama. And I think John wins, I think, pretty easily, because that thing he said last night.

When you stand up in front of the American people and say you know what troubled times we live in, you know the nut cases out there — this guy wants to invade one of our allies. He's said it on record. They'll say he didn't mean that either, like the other thing.

But once you say things, they come out of your piehole, they do go on the public record. And he also wants to sit down and talk to Ahmadinejad. You've got to make your mind up. Do you think we can talk to these nut cases, or do I have to end them?

O'REILLY: OK, so you think it's a national security play between McCain, the experienced old guy?

MILLER: What else can it be? We have to set up a perimeter to protect us.

O'REILLY: I think the economy is going to be an issue, and I think health care is going to be an issue.

MILLER: Well, the economy will go up if they blow up another building.

O'REILLY: Well, if there's another terror attack, everything changes. And a lot of bad people go out of business.

All right. I'm walking around Los Angeles, and nobody cares about the Academy Awards. Jon Stewart is hosting, doesn't care. All right? He might not even show up. You may be called at the last minute to do the program.

I believe — my theory is that nobody cares about Hollywood anymore. It's irrelevant. People have walked away. They're so far disassociated from the regular folks. It's over out here.

MILLER: Well, I'll tell you the rumor I heard at lunch today. If Clooney wins for "Michael Clayton," much like Brando sent the Indian chick, he's sending you to pick up the award.

O'REILLY: He asked me to pick up the award for him. And I said, "George, you know, I can't. I just — I can't. Love you, babe."

MILLER: If you walked into the Oscars, it would get the biggest rating. That, I would tune in.

O'REILLY: I said, "Love you, babe, but there are just some things I can't do."

You know, "Michael Clayton" is another in a long line of Clooney "America's bad" movies. But he makes the same movie. America's bad. And I'm just going to show you in a different way how it's bad.

Wouldn't you like to see him make a remake of "It's a Wonderful Life"? He could play James Stewart's part, couldn't he? Couldn't he do something nice?

MILLER: I think Clooney has got good chops. But let's face facts. Some guys are smart enough to know that stardom is a freakish anomaly of the cosmetic. George is one of those guys. He's a good actor. He's a great director, I think. But he also realizes it's the mug. So that eats on you on some level.

O'REILLY: Didn't he live with a pig?

MILLER: Yes, but if I told you his pig story, it's the funniest story. But Clooney is a great guy. It's just I think somewhere he wants to matter more than stars do so he does this stuff.

O'REILLY: I got it. I can't...

MILLER: Not everybody can be Tom Hanks or Spencer Tracy.

O'REILLY: I can't accept the award for him.

Dennis Miller, everybody. Say hello to Mr. Chow for me.

MILLER: All right. Good to see you.

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