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This is a RUSH transcript from "The O'Reilly Factor," March 6, 2011. 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: We begin with President Obama changing course on some of his key positions, like trying terrorists in front of military tribunals, like the Bush tax code, like bombing Libya without getting congressional approval.

Joining us now from Los Angeles, the sage of Southern California, Dennis Miller. So, Miller, we ran them down the other night, and you saw it. And how did you process all this?

DENNIS MILLER, FOX NEWS CONTRIBUTOR: First off, I've got to say the kid in the Watters segment, Johnny tackle box for a face with the goatee and the wind chime hanging out of his ear, yes, he wasn't a Harvard student. He was a Harvard professor, OK?

Now, as far as Barack goes and the flip-flops, you know, he asked us to learn how to speak Spanish when he was candidate Obama. So I don't call them flip-flops anymore. I think of them as espadrilles

But, you know, why not do it, Billy? His devotees are so far in the bag, this guy could drop an atom bomb tomorrow, and they would say it was clean weaponry. The simple fact is he has no tether. I would do it, too, if I was him. Nobody is going to hold him accountable. Keeping Gitmo open, the Patriot Act, starting a third war, following Bush's footprints in Iraq and Afghanistan, or reinvigorating Afghanistan, following them in Iraq, increased drone use, and all of a sudden everybody is Curtis LeMay on the left. What fear does he have? Nobody is going to hold him accountable. Why not go for it? He's an id president now, basic instincts.

O'REILLY: OK. But do you think the endgame is what everybody else thinks, that he's doing this to try to get re-elected?

MILLER: Sure.

O'REILLY: To try to move into a position where he's more acceptable to independent voters and perhaps conservative Democrats who are, like, appalled by some of the Obamacare stuff? But it's so transparent. You know, I said the other night the big problem I have with Barack Obama isn't his ideology. He is a left-wing guy. There's no doubt about it. And anybody that doesn't know that is crazy or just stupid. But if he is re-elected, there are no constraints on him anymore. So I think he's just going to go way, way left. I could be wrong. But that would be my fear.

MILLER: Billy, here's my thought. If the House solidifies a little more, you get a 50 or 60 vote thing over there, a 60 vote majority. And the Senate flips over to something that is at least filibuster proof, and Paul Ryan gets in there and starts tightening the purse strings. If Barack Obama and the left now are going to be killing machines about our enemies, I don't even care if he gets a second term. That's fine with me. Gitmo is still open. Can waterboarding be far behind? He'll look you right in the eye and tell us we're going to waterboard because hydropower is renewable.

O'REILLY: OK.

MILLER: And they'd all jump on it.

O'REILLY: But that's -- I don't think he's going to stay there. I think that he's going to go back and with the Supreme Court, if there's another opening there. That's frightening. And then the spending to me is just crazy. Now, talking about crazy.

MILLER: Granted. Granted, we've got to prop up this John Paul Stevens guy. You've got to keep him alive or out of the game for four more years. But I'm less worried about Barack Obama getting a second term now. And, indeed, if he has to stay around and watch Obamacare swirl down the toilet, he might get a little sheepish about it somewhere. You see where he's already peeled back that thing where they have to file all that paperwork. The more he has to stick around and face what he has wrought, I think the more embarrassed he's going to be. He was playing this for history. But guess what? It might work out years from now if you look back on it. It's not going to work today. Everybody senses it. And when they give a thousand waivers out, I think he should have to stay around and sweat it when they get to 2,000, where people just start saying to him, "Hey, what's up, pal? You're the wunderkind. Why does everybody get to opt out of this who gives you money?" I think he'd start sweating it.

O'REILLY: I don't think the Supreme Court is going to uphold that anyway. I think they're going to throw it out.

MILLER: Good.

O'REILLY: All right. Now, on the crazy front, we have this pastor in Orlando, Florida, who burned the Koran. And everybody told him if you're going to do that people are going to die, and then people died. So what say you?

MILLER: Listen, Terry Jones is a moron. I'm surprised he can get a fire started. But how that leads to guys getting their heads cut off overseas is crap. I'm getting sick of treating Islam like Faberge eggs, where some moron down in the Everglades lights up a book and you decapitate some people overseas. And people say Terry Jones started it? Listen, they can start lighting Bibles up tomorrow. They could go "Fahrenheit 451" with "Atlas Shrugged," my favorite book, and I'd shake my head and go, "People are crazy." But this whole thing about I've got to get out and scimitar somebody's head from their body, that's crazy. Listen, Jones would be the utant (ph) of Al Qaeda. He's as stupid as they come. But should that lead to innocents getting beheaded?

O'REILLY: No.

MILLER: I think not.

O'REILLY: And once again, in the Muslim problem in the world, we don't see outcry from the moderate good Muslims against this. I didn't see any. Zero. Nothing.

MILLER: Yes. I'm not looking for it anymore, Billy. I think there would have been...

O'REILLY: Right. It just doesn't appear. All right. Nancy Pelosi against most of the budget cuts because she believes senior citizen will starve. Roll the tape on that.

(BEGIN VIDEO CLIP)

REP. NANCY PELOSI, D-CALIF., MINORITY LEADER: In one of the bills before us, six million seniors are deprived of meals. Homebound seniors are deprived of meals. People asked us to find our common ground, the middle ground. Is middle ground three million seniors not receiving meals? I don't think so.

(END VIDEO CLIP)

O'REILLY: OK. And you say, Miller?

MILLER: I say why doesn't she get out there with the jets she constantly uses on our dime and do a Meals on Wings thing. I think the middle ground is the huge, vast, open spaces, the Gadsden Purchase-like open territory that exists between Nancy Pelosi's ears. And you know something? Every time she pulls that crap out and starts beating you over the head with us killing old people, it doesn't play anymore. She sits there with her face pulled tighter than Buddy Rich's snare drum and talks about how people are starving. And all I say is every time you open your pie hole, honey, I feel intellectually famished. It doesn't work anymore. You're over. You're a minor footnote. Go rest somewhere on the vineyard and get out of my face.

O'REILLY: All right. So you're not buying that the six million seniors will die if there are budget cuts?

MILLER: Listen, she's a scarecrow. She scares people.

O'REILLY: All right, Miller. She doesn't scare you. She frightens me a little.

MILLER: She bores me. She bores me. I yawn at the messenger now. She's cried wolf too many times.

O'REILLY: All right. And the wolves will be starving, too, so everybody knows. If we cut the budget, the wolves will starve.

MILLER: Exactly.

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