Glenn Beck on Midterm Elections

This is a RUSH transcript from "The O'Reilly Factor," October 29, 2010. 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: In the "At Your Beck and Call" segment tonight: Glenn Beck has a brand-new book, doing very well, called "Broke," which he is certainly not, largely because of his political analysis which millions follow. Now, Beck is currently locked in on next Tuesday's vote, and I talked with him about it last night.

(BEGIN VIDEOTAPE)

O'REILLY: And here's Beck taking notes. Look at him. He's writing stuff down.

GLENN BECK, FOX NEWS ANCHOR: I'm here -- I'm with him.

O'REILLY: Yes.

BECK: You don't know the pressure of coming into a room with this giant.

O'REILLY: I know.

BECK: He is giant. That's the thing I want to point out to everybody. He's enormous.

O'REILLY: Now listen, this isn't like 5 o'clock. This is 8 primetime, and you've got to be on your game here. You're not a...

BECK: You should really move on to the next segment then.

O'REILLY: Yes. I -- I'm not a pessimist. I'm going to elevate you.

BECK: Are you really? All right.

O'REILLY: Now, I know you're not an overtly political guy.

BECK: Yes.

O'REILLY: You're not.

BECK: No.

O'REILLY: You don't really care about party politics?

BECK: No. I mean...

O'REILLY: You think they're all pinheads to some degree?

BECK: Can we, you know, how much time does this country waste on worrying about Washington? How much time?

O'REILLY: Yes, but Washington impacts all our lives.

BECK: That is the point now, isn't it?

O'REILLY: Yes, right.

BECK: Maybe we should reduce their impact on everybody.

O'REILLY: I'm with you on that. You've got a book called "Broke." I have a book called "Pinheads and Patriots." Both books say that the giant apparatus in Washington isn't looking out for the folks.

BECK: No, not at all.

O'REILLY: OK. So now we have a vote on Tuesday, and all indications are there's going to be a big sea change in the political philosophy, that Democrats are going to lose in many places; Republicans are going to be in. Does that give you hope?

BECK: You know, it verifies what I believe about the American people, that the American people -- you know, Thomas Jefferson said trust the American people. They'll get it wrong, but they'll correct it. The American people have woken up, and they -- they don't like the direction we are going in. So that gives me hope.

Jon Stewart last night was with the president, and the president talked about how, in health care, there was structure that was built. I mean, you remember, Bill, you watched -- of course, you watch with the sound down. I mean, for what, a year and a half, I said nothing can pass, because they have structure in these bills. They're building something. They have structure. He said those words last night.

O'REILLY: Right.

BECK: So what's coming? What is coming is, I think, a massive game to blame everything on the Republicans because...

O'REILLY: But that's not going to work. Look, the president and the Democratic Party tried to blame Bush for the economy two years later. Did it work?

BECK: No. But here's what's going to happen. I think we're -- we're about to go into some real bad times economically. I think we're headed...

O'REILLY: Worse than now?

BECK: Yes, I do. And one of the things is -- I don't know if people understand this yet because I don't hear a lot of people say this. To fix our problems, we have to let the system come down. We have to purge ourself of the bad debt. We have to take our lumps. You have to pay the piper at some point. We haven't done that. So as we go down, if you're talking about austerity programs, it will dislodge a lot of -- there's going to be a lot of movement in our society.

O'REILLY: Well, whenever there is a disaster, then you rebuild from the disaster. I'm not as pessimistic as Beck on the economy. I think there's a lot of cash on the sidelines. I think that there's been a lot of rebuilding in areas that we need. So, when the election on election night, you'll be home with your big bowl of popcorn.

BECK: No, I'll be working.

O'REILLY: Are you going to work here? They're going to let you on the air?

BECK: No, they're not going to let me on the air. They're smarter than that.

O'REILLY: Right.

BECK: No, no, no, no.

O'REILLY: At 2 a.m.?

BECK: I'll be at GlennBeck.com.

O'REILLY: Oh, the dotcom thing. So will you be giving commentary on what's happening or what will you be doing?

BECK: Commentary that probably wouldn't happen on the network. You know what I mean? They really don't want me.

O'REILLY: Woodrow Wilson will be involved in the election, and the ghost of Teddy Roosevelt will appear. William Taft might make an appearance.

BECK: No, no, not Taft. Andrew Jackson will probably be involved.

O'REILLY: With the central bank, OK. Now...

BECK: May I say something?

O'REILLY: Sure.

BECK: I was driving in the car last night, and I think I was listening to your show. And somebody mentioned Nikki Haley, and I thought is that thing still going on?

O'REILLY: The governor of South Carolina, who's running for South Carolina's governor. Right. She's going to win.

BECK: OK. And I thought to myself how long do these elections last now? Who in their right mind can spend two years? And when you get there aren't you -- aren't you, A, just so battle weary and, B, aren't you beholden to almost everyone?

O'REILLY: That's an excellent point. But you know what's going to happen on January '11. The presidential race starts.

BECK: I know.

O'REILLY: So we've got two months, and the vote. But once there, you're going to see them all running around doing this, that and the other thing. Gives us something to talk about. Now, how is the book doing, "Broke?"

BECK: Just came out. No. 1 on Amazon.com.

O'REILLY: No. 1 on Amazon?

BECK: Yes. How's yours?

O'REILLY: Mine is a big hit. And we appreciate everybody who has -- but you, you see, Beck, you go, like, to 18,000 signings, right? You sign everywhere.

BECK: I'm everywhere. I have to actually -- I just can't put my name on it and everybody go, "Oh, Bill O'Reilly. I like him." I still have to work for a living.

O'REILLY: I know.

BECK: I have to go out and go, "No, really, it's good."

O'REILLY: I saw Beck on the exit ramp on the Long Island Expressway with a sign: "I will sign." One of these. "Honk if you want my book signed."

BECK: "Will work for food." That's me. It's a bad economy.

O'REILLY: Now we have -- we're going to do a show together on Saturday.

BECK: Yes.

O'REILLY: Mohegan Sun.

BECK: Here's the thing. I haven't decided on my costume yet for our appearance together, you know? I was thinking about going as Nancy Pelosi, but I think that...

O'REILLY: I have one for you.

BECK: Who?

O'REILLY: Joy Behar. There you go.

BECK: She is pretty frightening.

O'REILLY: I'll give you $5,000 if you show up at the show as Joy Behar.

BECK: Five thousand dollars?

O'REILLY: That's what I'll give you. Glenn Beck, everybody. He's thinking about it. He'll sign books anywhere, anytime. Just e-mail him.

(END VIDEOTAPE)

Content and Programming Copyright 2010 Fox News Network, Inc. Copyright 2010 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 Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.