Updated

This is a RUSH transcript from "The O'Reilly Factor," May 17, 2012. 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!

BILL O'REILLY, HOST: And in the "Impact Segment" tonight, our pal Glenn Beck doing well down in Dallas, Texas and his new campaign is to bring clarity, clarity, ladies and gentlemen, to overregulation by the government.

Beck joins us now from big D.

Wait, Beck --

GLENN BECK: I mean, Bill.

O'REILLY: What -- what do you want now? What do you want? Do I have to go to Israel? Do I have to go to Washington? What do I have to do now?

BECK: You can come -- you can come here on July -- on June 13th.

O'REILLY: To Texas?

BECK: To Texas.

O'REILLY: Ok.

BECK: And you can -- you can -- we're going to have a nice little bake sale. We're also -- we're also having lemonade. But it's not only here -- we'll find a location and you bring in -- we're having a national lemonade sale and bake sale and hug-a-thon as well.

O'REILLY: A hug-a-thon?

BECK: Because -- yes. Because what -- what they are doing now -- they are telling our children that they can't hug in school. They are telling our children that you can't have a bake sale. They are telling our children that you can't have a lemonade stand without a permit.

What is happening to us, Bill? This is insane.

O'REILLY: All right, let me -- let me give you a little background. In Massachusetts they've tried to outlaw bake sales because they don't think that the ingredients in the little cookies and brownies are good.

BECK: But they are also telling us in New York City and several other cities and states they are now telling us that you can't bring food down to a homeless shelter. We don't know what the salt content is.

O'REILLY: Yes we don't know what the food is and -- and the lemonade stand you just can't set it up like we used to do when we were kids. All right, you've got to get the town to sign off on it.

BECK: No, you don't. This is the --

O'REILLY: And then the hugging thing is just basically they don't want anybody hurting, I don't know. I don't know --

BECK: Bill, this -- this goes back to what you and Laura were just talking about a second ago. This is -- this is the government trying to teach our children the first time you think hey, maybe I could work for my money. You do a lemonade stand.

O'REILLY: Right.

BECK: Ask Ruth Bader Ginsburg first thing she did at seven she opened up a lemonade stand. She didn't go to the city and get a permit. Most people don't even sell any lemonade except for your parents or the neighbors across the street. For the love of Pete they are trying to tell our children you can't do it unless you come to us first. Stop it. Stop it.

O'REILLY: All right, so you think that this is a -- a conceived plan by the nanny staters to discourage entrepreneurism by younger Americans -- that's what you see.

BECK: What do you see?

O'REILLY: I -- I see just stupidity across -- I don't think they are smart enough to have a campaign like this. I just think, I just think look it's --

(CROSSTALK)

BECK: Why are we -- why are we --

(CROSSTALK)

O'REILLY: -- it's -- it all goes back to political correctness, all right. So they don't want the kids to eat muffins and candy so they ban them. So they don't want the kids to sell lemonade or go out there because maybe the lemonade will spill on them or something like that. So you've got to have an inspector come down.

BECK: That's the definition of a nanny state. They don't want --

(CROSSTALK)

O'REILLY: They want the nanny state. I agree with you there. They want the nanny state. But it's not like this big conspiracy. They are just -- it's just a bunch of morons who are in charge. That's all.

BECK: Bill, are you accusing me of finding a conspiracy in a yummy glass of lemonade? Impossible.

O'REILLY: You could -- you could find a conspiracy in a pair of socks, Beck. You know that.

(CROSSTALK)

BECK: Only because they're all talking to each other and some of them disappear suddenly.

O'REILLY: I would love to see on June 13th, is it, 13th?

BECK: June 13th.

O'REILLY: Ok I would love to see two million -- two million lemonade stands by kids. I would love to see that, all right.

BECK: Here is the deal. I want you just to go -- I want you to go to your garage and you go get a card table out, not your garage, you probably don't have a card table. You probably might have a casino there. But you go to your garage and you get a card table up and you set it up for your kids and you teach them how to be an entrepreneur.

O'REILLY: Yes.

BECK: And then on that week of July 13th or June 13th. We're going to do it here in Dallas at Babe's Chicken Dinner Place. It's the best chicken ever --

O'REILLY: Babe's Chicken Place.

BECK: Oh it's really -- it's delicious. Anyway we're going to do it there.

O'REILLY: Yes.

BECK: And it might be because I like the chicken.

O'REILLY: Yes maybe.

BECK: But we ask you to do it all over the country and teach your children. And if you see somebody with a lemonade stand.

O'REILLY: Stop. Stop and buy.

BECK: Yes, I don't care if you drink it just stop and buy it. Of course some restrictions do apply get your legal permits.

O'REILLY: Ok so this is now, you know every time I talk to you, every summer you've got something else. All right, you had that big Washington thing that worked out very well for you. Then last summer I think you went over to Israel, right? You did something for them.

BECK: Yes, yes.

O'REILLY: And now it's lemonade across the country at Babe's Chicken Place?

BECK: No, no, no. No, no, no. No, that's just one of the things we're doing. The big event is on July 28th we've rented Dallas Cowboys Stadium. And I'm asking people to come. In fact, we took the American Airlines arena and Dallas Cowboys Stadium the week of July 28th here in -- in Dallas for something massive that you're going to love, Bill.

O'REILLY: So you haven't announced it yet.

BECK: Yes we have announced it but thank you for watching or listening.

O'REILLY: Beck I'm working for a living here. I got to make money so that Joe Biden will --

BECK: So am I, I want to -- I watch my show every day, I'm working.

O'REILLY: Ok but see, I'm working all day. You know that. Now what are you going to do at the Cowboys Stadium? Are you going to dress up like Tony Romo? What are you going to do?

BECK: Oh that is -- that's called no, no, no. That's called -- that's called restoring love. It's going to be a massive --

O'REILLY: Restoring love -- does that have anything to do with the hugging?

BECK: It's going to be a -- there are sort of -- kind of. It's -- it's -- it's three days. First day is the first Global Tea Party kickoff. We're bringing people in. There is about a thousand people coming from Europe that are Tea Party activists over in Europe and all around the world.

O'REILLY: All right.

BECK: That's going to be at American Airlines Arena. Then the next day is a giant service project. We already have 40,000 people signed up just to do a service project here. We're going to be working on food, et cetera, et cetera. And then the next day at Dallas Cowboys Stadium is -- is something that you're just going to have to wait and see.

(CROSSTALK)

O'REILLY: Ok. But the overarch is restoring love.

BECK: Yes.

O'REILLY: Everybody who shows up gets Babe Chicken and free lemonade, right?

BECK: No that's not what happens there Bill.

O'REILLY: I'm getting confused you've got a lot of stuff going on.

BECK: Here is what -- of course we're busy. Some of us work for a living.

O'REILLY: I know.

BECK: Yes, some of us -- some of us didn't grow up with a silver spoon in their mouth. I'm with the Vice President quite frankly when it comes to people like you.

O'REILLY: Yes my silver spoon wasn't in my mouth, Beck, if you know what I'm talking about.

BECK: Not really.

O'REILLY: All right, Glenn Beck, everybody, but I like the June 13th everybody got a lemonade stand all over the place.

BECK: Yes do it.

O'REILLY: I'm down with it.

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.