that's how fox reports on this friday, august 5th, 2011. i'm harris faulkner in tonight for shepard smith. the weekend is just getting started. shep is back on monday. see you same time tomorrow for fox report weekend. the factor now. >> juan: "the o'reilly factor" is on. tonight. the stock market has been taking a beating. 14 million americans out of work. president obama is playing the blame game on the economy. >> we have weathered the air arab oil and gas prices. japanese earthquake. economic uncertainty in europe. >> juan: should he be taking responsibility. >> you are blaming these things all around the world and not taking responsibility for the jobs crisis. >> the media has got to begin to not give equal time to an absolutely absurd notion. >> juan: fair and balanced under fire. senator john kerry wants the media to stop covering the tea

party. can you say censorship? >> i am running for president of the united states. >> roseanne, just what the world has been waiting for. can't wait to hear her economic policy. >> i was raised a socialist. >> juan: caution, you are about to enter the no spin zone. the factor begins right now. captions by closed captioning services >> hi, i'm juan williams in tonight for bill o'reilly. thanks for watching. our top story the obama economy is having a very rough ride. the debt deal was supposed to prevent economic chaos. but that sure hasn't been the case. but it was an awful, awful week for the dow down almost 700 points. not much good news on the jobless front either. the latest unemployment report shows only a modest improvement with the jobless rate down ever

so slightly to 9.1%. and that means about 14 million americans are out of work. here is how president obama characterized the situation. >> while this marks the 17th month in a row, of job growth in the private sector, nearly 2.5 million new private sector jobs in all, we have to create more jobs than that each month to make um for the more than 8 million jobs that the recession claimed. >> juan: joining us now from washington dr. peter moressi economist. and gary b. smith. let me start with you. if i'm sitting at home tonight watching the factor, and i'm thinking what is going on here, do i have reason to be scared for my investments and my 401(k) for my retirement, for my children's educational investments? should i be worried? >> well, okay, you know, you

really kind of asked two questions there. i think, juan, yes, what is going on here i think from an economic perspective, and peter and i can get into that i will just answer the stock market perspective. i actually think now is a great time to buy companies are still making money and at this point they are still priced cheaply. i have been buying from about wednesday on when we had the big news. not all at once as stocks come down about 10% or so, i have been getting into some of my favorites like a cosco, like mcdonald's, something like that. that i know is going to be around for a long time. people are fearful. i understand that stocks don't go in one direction like it's not straight up like they did just a few weeks ago. they don't go straight down now. i sense, you never know, that this week was more fear than anything else, fear normally means a good time to buy, not sell. >> juan: peter moressi, i'm

asking gary, should i be worried? gary is giving me investment advice. say i'm at home i trust other people, the economic experts like gary to do my investing and i'm thinking to myself though this is not good, this is, you know, last week we were told if you get a debt ceiling deal, it's going to stabilize everything. it will reassure investors. investor confidence will return. and this week has just been terrible. dr. morecci, should i be scared. >> you certainly should be worried there is a big difference between wall street and main street. on wall street, there is a potential for american companies to prosper and prosper big time from the growth in asia. the s&p 500, 80% of the publicly traded companies buy value in america earn more than 50% of their profits abroad. transthat to be china and the rest of asia. as a cons sequence the u.s. economy growing at 1%, 2%, 3% a year can spin off some profits but they earn big profits in asia. what that means is we could live in a world for the next couple

of years where unemployment continues to rise and the stock market recovers and does very nicely. i agree this is a good buy time in the stock market. a lot of stuff is under valued. but what we had this week was panic over the lack of leadership on jobs creation and washington. today's numbers were not very good at all. it's just that the last couple of months were lower than a snake's belly. so now we are up on its back. >> juan: right, but the fact is we did have good news unemployment rate down 9.1%. what i'm thinking here is, gary, you are terwilliger me don't get scared, don't get involved in this panic talk. but i'm thinking to myself, wait a minute, look at the jobs numbers, still not great. look at what's going on over in europe, and look at the possibility, which is something that's being floated around. i'm not trying to contribute to any panic, gentlemen. but people are talking about whether the standard and poor's group is going to actually downgrade us this weekend.

that's more potential bad news that would create additional chaos for the market. now, am i out of my mind? am i like chicken little running around here, gary? or are you more comfortable? >> i think i'm a little bit more comfortable, juan. let's go through some of the things that you said. about the downgrade, i don't think the s&p is going to downgrade this week. moody's has already come out and they have affirmed or said they are not going to downgrade. i don't think s&p wants to be out there all alone, at least, you know, throughout the weekend. that's number one. you and peter, correctly identified the difference between the stock market and the economy. from the economy standpoint, i am a little bit worried and i think your worries are well-placed. you know, for one, i worry when president obama comes on and he talks about all this job growth. he never talks about the job losses. that's like going back to counting jobs that we saved. there has been no net job growth. there has been job losses. unemployment rate was lower when he came into office than it is

now. and here is, i think, the big problem and i think you kind of alluded to it. you are talking about the lack of jobs action. i don't want the government to do anything job -- to create jobs. the government can't create jobs. all they can do is -- in order to stimulate the economy is get out of the way. just like, i hate to go back, you weren't alive, i wasn't alive. i don't think peter was. back to the time of calvin coolidge who was one of the greatest job creators in the economy stem later in the world. what did he do? he shrank government. he shrank tax rates so the government could get out of the way and you could let the free market grow. we're in a situation, i perceive right now, that it's almost exactly the opposite. and the current administration is stifling all the creative spirits out there peter, you also think there is not going to be any kind of bond rating downgrade by s&p, by moody's? >> i think there will be a

downgrade but it will be after the election and it will be irrelevant. japan, canada and australia were downgraded. each for different reasons did not suffer higher interest rates. right now the u.s. dollar is still the best place to go, the best safe haven. people say if the europe stabilizes, people will stop putting their money into euros. you don't put your money into the currency. you put it into bonds. you know when is the most euro denominated bonds in europe? it's not germany and france, it's italy. you can imagine the world rushing to italian debt? forget it. that's not going to happen. >> juan: one last thing, i have got about 15 seconds. real quick, italy seems to be triggering the chaos on wall street. are you worried about italy going into default? peter? >> oh, i am. because if italy goes into fault or gets in trouble, it's too big for the other countries to save. >> juan: gary, how likely is that? >> i would say it's probably 60%, 70% likely. there will be attempts at

bailouts but i think peter is on to a good point. that would really hurt a lot more than greece. >> juan: gentlemen, thanks for that update. come up on the factor, some bad news for the tea party. we will show you some brand new poll numbers. have liberals run out of ideas to fix the american economy. we will examine their latest proposals, all moments away. [ male announcer ] imagine all of your missed opportunities in one place. ♪ the race of your life you never ran. the trip around the world you never took. the best-selling novel you never wrote. but there's one opportunity that's too good to miss. the lexus golden opportunity sales event,

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>> juan: in the impact segment tonight, have liberals run out of credible solutions to fix this economy. here is what columnist cynthia tucker recommends. >> what we need to do at the moment is invest more. give people bigger unemployment benefits so they have money to spend and that creates demand. >> juan: will that work? with us now erica payne, the author of the practical progressive and joining us from washington, steve moore, senior economics writer for the "wall street journal." now, steve, i know that our principles, you are opposed to what cynthia tucker just proposed. you think extending these unemployment benefited a infinitum is bad, bad, bad. let me ask you something, if you pull away extended unemployment benefits from people who are out of work. doesn't that hurt the economy because then they don't have money to spend and that hurts the shop owners, that hurts, you know, people who are providing their gas and utilities because they can't pay their bills and then the economy stalls even worse. >> you don't create jobs and

employment by paying people to stay unemployed. that's essentially what the unemployment insurance program does. look, i don't have a problem with providing someone with three or six months of unemployment benefits if they fall hard on their luck and lose their jobs. as you know, juan, we are now paying people almost two years of benefits and the statistics in evidence is very clear on this. the longer you provide people unemployment benefits, the longer they stay unemployed and the less they look for a new job. they starlight looking for a new job when they lose their unemployment benefits. now, here is the point. that's the case that i made two or three years ago. unemployment insurance was a big part of the president's original 830 billion-dollar stimulus. and it did not work. and i think the answer to your question whether liberals have run out of ideas? yes they have run out of ideas. i heard president obama's press conference today what he said more unemployment insurance. more infrastructure spending. another payroll tax cut. juan, we just did that and it didn't work. the only thing that's left us

with is $4.5 trillion of debt. >> juan: erica, without a doubt, if you are asking the american public steve is right. spending not popular. i want to ask you about stimulus spending because i know you are a big fan of additional spending at this point. but, steve makes a point wait a second nkt should would he be giving people not to work? that's a tough sell to the personal people at this point. oh, yeah, give people to know who don't have a job and keep giving it to them so they don't work. that's the wrong incentive, isn't it. >> i think if people are not working because they are hanging out living on the dole i think he makes a great point. structural unemployment problem as a society we need to have compassion as a people and understand the mistakes that we have made. we actually have a close unemployment rate closer to about 18% so. when you are looking. >> juan: 18% if you include people who have given up for work. >> looking at 18% unemployment,

i have hard time seeing that, you know, if all of those people joined the job market, i don't see who is signing them up. there aren't the jobs right now for them to get. so, taking off their last -- keep in mind, unemployment isn't living high on the hog. jawnelon no, no. >> you are giving them a small amount of money to get them from today to tomorrow and i really fail to see that that is an incentive not for them to work. >> juan: but you understand what steve was saying, that the politics of it just stink. people are going to say at some point you are providing a disincentive for these people to go out and find work. you are saying well, but there are not that many jobs. well, maybe they have to take a job that doesn't pay what they had in the past. it's better than simply encouraging people to not even take a lower paying job. >> i think when you are looking at 18% structural unemployment rate which is actually what we have right now, you know the 9.1% is understating it. you know, this is not a situation when people are taking money in and happily not working. there are not jobs for the people who want to work. and so we have a problem with

that. we don't have a problem with unmotivated americans. frankly, i think it's very insulting for anyone to look an unemployed america's eyes right now and say oh, you are just lazy and you don't want to work. i challenge them to do that. that's actually preposterous. >> juan: nobody is insulting anybody. steve, isn't it the case that there are jobs that people aren't taking because they say i'm waiting for something that pays me what i was making before or pays me better? >> well, there is no question. i think we agree. this is a miserable jobs market. nothing this president has done to try to create employment has worked. we totally agree that his program for creating jobs has been a miserable failure. that's why you are right. we have 18% unemployed. if you find people, count people who can't find a full-time job or people who have given up. look, here's the problem. what sense does it make to pay people who are unemployed and then to tax people who have a job. in my opinion, when the president goes out there and says we are going to have higher

taxes on the rich. higher taxes on employers, so we are putting higher taxes on the people who create the jobs and then we are giving money to people who don't have jobs. i think that's totally mixed up, turning economics on its head. what we ought to do. >> juan: hold on. >> provide incentives. >> this is one of your favorite talking points. i'm just going to directly challenge you on this. the idea that you all equate a small number of millionaires on whom you refuse to pay their taxes when they are paying lower taxes than they have paid in 60 years, and you are turning to that and saying they're job creators. i talk to those millionaires every day. i am the coordinator of a campaign called patriotic millionaires against tax cuts for millionaires. they employ gardeners and chauffeurs, that's absolutely right. you know what creates jobs is businesses and you know what creates businesses is demand. and so for you to say that these people are job creators is actually factually inaccurate.

>> juan: give steve a chance. >> hold on. let me ask you one question if i can. you say you represent these millionaires who want to pay more taxes? how many of them actually do? i wrote a column on, this juan. all these liberal millionaires say we want to pay more taxes. if you look at the record on this of them do. >> i don't know what you are talking about. all the millionaires that i work with do pay their taxes so the millionaires you work with might not pay their taxes. >> no paying more taxes. how many are paying more taxes. >> what these patriotic millionaires have said is that they want the tax rates to refer to what they were under clinton when we had a decent amount of economics. >> why don't they pay more in taxes. >> if they do it alone it will not work. >> they are hypocrites. they don't want to pay more taxes. they want somebody else to pay more taxes. $600 billion. >> they want somebody else to pay more taxes. >> juan: you can tell this is a hot one and going to go on. we will come back to this topic on the factor. directly ahead, senator john

kerry tells the media to censor the tea party. what? and, later, the white house press corps is hammering the obama administration on the jobs question. we will examine how the president is handling the heat. upcoming. ♪ [ male announcer ] this is our beach. ♪ this is our pool. ♪ our fireworks. ♪ and our slip and slide. you have your idea of summer fun, and we have ours. now during the summer event get an exceptionally engineered mercedes-benz for an exceptional price. but hurry, this offer ends august 31st.

in the factor follow-up tonight. bad news for the tea party. 40% of respondents have an unfavorable opinion ever the tea party. only 20% have a favorable opinion. and massachusetts senator john kerry, he doesn't like the fact that the media covers the tea party at all. >> i have to tell you, i say this to you politely the media in america has a bigger responsibility than it's exercising today. the medias has to begin to not

give equal time or equal balance to an absolutely absurd notion just because somebody asserts it or simply because somebody says something which everybody knows is not factual. >> juan: joining us now to analyze leslie marshall, a liberal radio talk show host and fox news contributor she is in los angeles and mark meckler, the co-founder of tea party patriots, is he in sacramento. let me begin with you and ask what's the senator doing telling me they shouldn't get information about the tea party. tea party something that i think is really in the american spirit, smaller government, less taxes, cutting spending. what's he talking about? >> well, i don't like censorship, juan. i'm a talk show host for crying out loud. i believe the people have the power of censorship. they can turn the dial on their radio or change the channel on television. don't do that now, however. >> juan: good point. >> yeah, the senator snows that we have equal time for politicians left and right. there is a clause for that.

and if a tea party member, a tea party, remember, is the tea party movement. they are not a tea party. they are republicans. if a republican is on a radio show, television show interviewed by a newspaper. a democrat gets that equal time or at least they should. that's how it is supposed to go. the senator knows that and the american people should be given both sides of every issue so they can make their own decision. isn't that one of the reasons you guys let me on here, right? seriously, you need the balance across radio and television so that americans can hear all the information and decide what they want to believe. that will lead to how they choose to vote. >> juan: that's why i'm saying i'm glad to hear you are saying you think the senator is little bit off here. >> off completely. >> juan: government has no role in telling a tv station what they should be covering or how to cover it. >> absolutely. >> juan: the part that was really difficult, i think, for the tea party is not senator kerry. i don't think that's going anywhere. but the numbers. especially in the aftermath of the whole debated about raising the debt ceiling.

clearly the american people came away with a more negative opinion of the tea party. that's what that "new york times" poll shows. what's your take on this? >> actually, juan, if you look at the numbers, behind the numbers, they are phenomenal. if you look at the overall numbers, 59% of people are supportive of the tea party. they are not sure, or they say they don't have enough information. we have been vilified by the left. we have been called racist. we been called tea baggers and nazis, most recently called fares. a 9% of the public have a positive or say they don't have enough information. i don't think you can name another group in the history of the country that's been vilified the way we have and comes away with such extraordinary numbers. jawnelon mark, you are in the nops. put this to you directly. the numbers are 40%, mark, say they have unfavorable opinion. that's pretty high. it's compared to, you know, go back to 2010. it was only 18% who said they had an unfavorable opinion. what we are talking about is just about a doubling in terms

of people who say, you know what? i'm not sure about this tea party anymore. they pushed us to the edge of financial calamity, and it looked like they were doing it simply to make a political point. so, mark, those guys are in trouble. i'm just telling you straight. >> you are just wrong, juan is the bottom line. pew came out with a poll and said people most active and influenced the debate most tea party. 20% of tea partiers in support of cutting spending contacted their congressman while only 5% opposed. basically what you are looking at is who is the powerful political force? it t. is clearly the tea party at this time. and if you go back to the numbers from the election, coming out of the polling booth, voters, those are the people that matter most, juan, not opinion people but voters, 41% of them have said they supported tea party values. this is about shifting the balance of power in america. and we are clearly winning that debate. >> juan: leslie, i think mark is right. tea party was the dynamo in terms of this recent debate. he and i are differing about, you know, exactly i think the

"new york times" poll is of all voters, registered voters. he is talking about people who participated in the 2010 race when obviously there was a big turnout of protea party supporters. leslie, do you see this as a problem, this precipitous drop as i have described and mark says i'm wrong, just to be fair to mark, that i'm wrong in saying it's 40% more than double the 18% that were disproving of the tea party back in 2010? what do you say about this? >> well, mark, you remind me of my mom who is watching this and i call her pole anna. >> thank you. >> you have to look at the numbers. this is not just this poll. the polls have been showing clearly the american people have been supporting the tea party, less and less. that started since march of this year. what i have heard here in the united states on my show, what i have even heard abroad is that the tea party is viewed as risking the sovereignty of america to make a political point. the tea party is viewed as holding americans, through

congress, specifically the house, hostage to make a political point. the debt ceiling, under ronald reagan, under george w. bush, and should have been under barack obama, a clean up or down vote. that is clear. the majority of americans wanted that it's also clear in six polls the latest 66%. reuters 66% of the american people wanted a combination. tax increases along with huge cuts. so i think the tea party is clearly showing these polls are clearly showing that the american people are tired of the fragmentation of that party and their message. >> juan: let's give mark the last word here. i feel like we are ganging up on you. what she is saying is it looks like the tide is running against the tea party. do you see that? >> well, first, thanks to leslie for comparing me to her mom. i'm sure she is a nice lady. and she and her mom can continue to fantasize about anything that they want. the tea party is a dominant player in the debate. going into 2012 i will predict

much more amazing results. you will see a lot more seats turned. that's the result of tea party influence. keep wishing, leslie. >> juan: thank you both very much. very informative. plenty more ahead as the factor moves along this evening. bill o'reilly talks to a ucla professor who studied bias in the media and his results might surprise you. plus, hollywood actor ed asner admits to bill o'reilly that he is a socialist. that makes for some must see tv. we hope you stay tuned for those reports. thanks to the venture card from capital one, we get double miles on every purchase, so me and my lads earned arip to san francisco twice as fast we get double miles every time we use our card... i'll take these two... ...no matter what we're buying. ...and all of those. and since double miles add up fast, we can bring the whole gang! it's hard to beat double miles! whoa dude. [ male announcer ]et the venture card from capital one and earn double miles on every purchase, every day.

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>> bill: in the factor investigation segment tonight, it's well known to the factor audience that liberal bias runs wild in the mainstream media but you don't hear a university professor admit it very often. bill o'reilly spoke this week with ucla political science professor dr. tim gross close, author of the new back "left turn, how liberal media bias distorts the american mind." >> bill: so, doctor, how do you explain to your predominantly liberal students that the media in your opinion is actively liberal? how do you explain that to them? main way get the data. i gather lots and lots of data. 20,000 observations of media content quantifying this in the data and then you do the statistical analysis.

i show, yeah, here is the slant. here is what it is. one other thing that i do, sometimes helps because -- i say, you know, look, there is polls of reporters. washington correspondents how voted for last election, they will tell you 93% to 7%. 93% democrat. i ask my students how could it not be that liberal slant. >> bill: the reporters will say yeah i may be liberal in my private life but i don't let that bleed over. >> that's a fair point. i'm sympathetic to journalists who say that that's the point of my book is that i analyze the content of the media i look at actually what they say. i'm looking up transcripts, newspapers, and translate that into daylight that, and this data shows that, yes, they are indeed liberals. >> bill: how does that effect the general population who may not watch television news, just floating around. how does the liberal media effect them?

>> all of them like a academic experiment. when you change the content of media in a certain area. for instance, one experiment gave -- called up northern virginia residents in washington, d.c., just before calling them, they would flip a coin, if it's heads they would give them a subscription to "washington times," if it's tails give them a subscription to the "the washington post." after two months they called them up and asked who they voted for. turns out the "the washington post" subscribers indeed voted more liberally 3.8 percentage points higher than the "times" subscrindzers. this change in the content of the media really did effect how people vote. >> bill: that was not a voluntary thing. you just randomly sent them the newspapers. they didn't -- >> that's right. >> bill: that's fascinating. >> it was determined by a coin flip who would get which newspaper. >> bill: so, basically, what the experiment did was it sent a certain amount of people,

conservative newspaper and a certain amount of people a liberal newspaper. not knowing what their proclivities were, what their opinions were. >> exactly. >> bill: the ones who read the conservatives tended to be more conservative, the ones who read the liberal tended to be more liberal. >> that's right. >> bill: had you me in the book and dennis miller and ben stein under the banner of p.q., political quotient. what is that? >> right, right. it's a device that i have constructed just to measure political views knew new member knew member rickly. 50 is perfectly centrist. that's the p.q. of the average voter. and as you said this was more kind of casual observation. but i said my observation, it looks like, bill o'reilly, denel miss miller, ben stein looked like a 25, which, if i'm right. puts you midpoint between perfectly centrist which by the

way would be something like an arlen specter when he was a republican. arlen specter and michele bachmann. >> basically saying that the factor and me we tend to be a little bit more conservative traditional. but we are not in the ideological territory that, a nancy pelosi or michele bachmann would be in. >> right. right. the other media would be in one of the other camps. >> right. exactly your political quotient, your slant actually is not as far right on that because you have liberal guests on sometimes. >> all the time. i'm an independent. i have always described myself as an independent looking for. you are in ucla bags of thought. this is oral roberts university out there. you are presenting a point of view that pretty much goes up against the liberal doctrine viewpoint.

they don't want you to be telling the world hey, the u.s. media not really fair and balanced. they are toting way to the left. they don't want that. have you gotten any fallout? >> well, some. not as much from my colleagues. i have to say some people have said you are brave to do this. i have to admit i'm only a little bit brave. i had tenure when i did this. >> bill: that always helps. can i get tenure on tv? is that possible? tenure means you can't get fired how big a pinhead you are. you are in there and they have got pay you. you waited until you got tenured to do that study. that's pretty smart there, professor. >> thank you. >> bill: did your students give you any jazz on it. >> not as much. believe it or not, i don't teach the media that much. i teach congress more. congress class actually i don't even talk my b. my views. the student can't even tell the views. it's more about the rules and procedures of congress. >> bill: after this interview they are going to know. >> they will know. >> bill: the book is "left turn, how liberal media bias distorts the american mind." and, doctor, we really

appreciate you taking the time tonight. >> thanks, bill. >> juan: when we come right back, president obama is blaming others for the horrible american economy. does this help or hurt his image as an american leader? moments away. missed opportunitis in one place. the winning horse you could have picked. ♪ that "old flame" you should have called. ♪ that leap of faith you never took. but there's one opportunity that's too good to miss. the lexus golden opportunity sales event, with exceptional values on the lexus is. but only until september 6th. see your lexus dealer.

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>> juan: thanks for staying with us. i'm juan williams in for bill

o'reilly. in the unresolved problem segment tonight, as we have been discussing the american economy is hurting big-time. here is more from president obama today on the dire situation. >> there is no doubt this has been a tumultuous year. we have weathered the arab springs' effect on oil and gas prices. the japanese earthquake and tsunami's effect on supply chains. the extraordinary economic uncertainty in europe. and recently markets around the globe have taken a bumpy ride. >> juan: but the media is becoming more skeptical of the obama administration's blame game. here is chief white house correspondent ed henry questioning jay carney yesterday on the very same thing. >> when you are talking about jobs, undoubtedly tsunami, other disruptions have hurt the economy but every president, every party has these things. president bush had hurricane katrina.

affected domestic oil production. these things happen. do you worry that the message to the american people is that you are blaming all these things happening and not taking responsibility for the jobs crisis. >> no, i don't worry about that we are not blaming anything, simply pointing out that there have been factors that have effected growth globally and affected job creation at home. >> juan: the aforementioned ed henry joins you now from the north lawn of the white house. ed, thanks for coming in. i'm wondering, ed, as you are talking about administration officials whether you get a sense of any personal responsibility on the part of the obama administration's officials about the current economic chaos. >> sure. i think in fairness, that when you talk to individuals in this administration, they certainly realize that they essentially own this economy now. but their public posture nevertheless in the first couple of years was, in part, i stress in part, not completely, to blame the bush administration and let's face it, they were

handed an awful economy by the republican administration. that is a fact. but, i think maybe some people in the country get tired after a while of the blame game if you will. and now we're starting to hear well, look, we were starting to build a recovery here and then the tsunami hit. and the air of spring. that's all true those are facts. some point as we get closer and closer to the president's re-election. people in the country are probably going to be wondering what's your role in this not just these outside factors. >> juan: ed, that brings me to something we were talking about earlier in the show with economists, the stimulus. clearly right now politically speaking, the stimulus is a stinker. nobody thinks it's a good idea anymore. does the administration want a bigger, newer, stimulus package? you know, cast it in terms of infrastructure improvement? is that what you are hearing as the best idea that the obama folks have? >> they definitely want to do

some infrastructure projects. love to see some of the trade deals pending on the hill to go through. they think that might create jobs. they would love a big payroll tax cut extension because that's expiring soon. problem is there is it no money in the federal kitty. i think that's the bottom line coming out of this debt deal that is really worrisome for this administration. on one hand they have to deal with the debt crisis. no doubt about it. there is a lot of pressure on them over that. but, on the other side of the ledger, they want to do something that juice this economy because everything they have tried has largely i don't want to say it hasn't worked at all. there have been some glimmers of hope for the administration. even this jobs report today suggests some things are working. but, big picture, they haven't been able to goose this thing as much as they wanted. and the fact of the matter is there is just no more money for another big stimulus. they had their bite of the apple at the beginning with the large nearly 1 trillion-dollar stimulus it probably prevented a lot of layoffs. it probably helped on the margins. but the problem is the expectations game. they sold it as something that was going to largely be a

panacea and it hasn't panned out that way. >> juan: what about the corporations? what about winning the confidence of newark's corporations to try to say the obama administration is not hostile to big business? it's not hostile in terms of added regulations. that's not the problem. right now you have many americans who say oh, you know what? i don't think the president is doing enough. that's why you were beating up jay carney the other day. what's he doing? where is the president on this? >> well, i mean, i think, you know, there is frustration here at the white house, frankly. that they feel like they have reached out to business time and time again. certainly they had their disputes on issues like health care reform and government regulations and whatnot. but, on other issues like infrastructure, that's something the u.s. chamber of commerce, republican business friendly organization supports as well. they feel like they haven't gotten the traction, the support to get groups like that behind them on capitol hill to push some of these things. and so they say, look, we are trying to work with business. but every time we too something they might like, like push these trade deals, they are not

getting any traction from speaker boehner in the republican-led house to actually move forward on these kinds of things. so, that's the other big problem for this president. it's unlikely that the republican-led house as well as the senate that nominally is led by the democrats and harry reid but, as you know, mitch mcconnell has great power with the filibuster and other weapons to slow the president's agenda. too hard to pass these things. >> juan: very quickly though, what about lowering the corporate tax rates, personal tax rate? why aren't we talking about lowering the tax rates at this point, doing something in exchange like getting rid of the deductions, closing loopholes but lowering tax rates? wouldn't that help to stimulate the economy? >> it could. and, you know, to hear jay carney tell it. he spoke a lot about that this week, that's why the president was sitting down with speaker john boehner. the republican leader, to try to have that grand bargain of much more deficit reduction. about $4 trillion. >> juan: very quickly ed, isn't that possible if that's the one area where you can get republicans and democrats to

make a deal right now? >> i think that it's something that will be discussed in that special committee that is going to be created for congress as the follow-up to this debt deal. but you have got a lot of republican leaders saying take taxes off the table all together. if that's the case, hard to get a deal. >> juan: all right, ed, thanks for giving us the inside story. you know, did you know that hollywood legend ed asner an admitted socialist is a big fan of bill o'reilly? we will show you what he said next. ♪ let me make you smile ♪ let me do a few tricks ♪ some old and then some new tricks ♪ ♪ i'm very verstile ♪ so let me entertain you ♪ and we'll have a real good time ♪ [ male announcer ] the new hp touchpad. get it now for $100 off, starting at $399.99. ♪ what's vanishing deducti all about ?

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>> juan: in the back of the book segment tonight, ed asner, you know him best as a tough but lovable lowe grant in the mary tyler moore program. recently he starred in the hbo film too big to fail. is he also a socialist with strong political opinion. bill o'reilly spoke with him a short time ago.

>> bill: you play warren buffet in this movie. >> i am warren buffet. >> bill: you know buffet. >> you know my misgivings, hank, of a my investment bank. as soon as they started trading for themselves, the risk managers lost control. >> i think he is fantastic. >> you like him even though he a capitalist and makes boo could you money. >> all should be like warren buffet. he should be taxed more. >> bill: he says he should be taxed more. old warren could give that money to the government straight out, you know, just write the check. >> why don't we tax him more. >> bill: because we want to stimulate the economy. we are hoping old warren spends more money. get on to the movie too big to fail. >> what can i do about for you today. >> >> why did it cause the economy almost to collapse? was the main ingredient? >> we have seen nothing but removing regulations and removing regulations from these guys with greed riding the pony,

it created the bubble and the bubble finally burst. >> bill: the government regulation i think it has to be watched fairly closely. remember, our pal barney frank, don't get much more liberal than him, he was watching freddie and fannie and they collapse right under his nose. he didn't know anything about it. that doesn't give me confidence the government can regulate any financial institution. you saw barney and i yelling at each other. >> no, i haven't seen it. >> bill: you haven't seen it? i'm going to send that to your house. >> would you? i need some racey film. i haven't had good movies in a long time. >> bill: cable news that's about as racey as you you get. you a long time socialist. >> not a long time. i think i'm a present time. >> bill: do you believe that president obama is a socialist. >> no, god no. >> are you happy with him. >> not that much. >> bill: what do you think he is doing wrong? >> i don't think -- i tend to read paul krugman a lot. >> bill: that's a problem right there. >> i knew you would be pleased.

>> bill: he would be. >> yeah, yeah. and according to the dictates of -- he should have done so much more in terms of the bank loans and in terms of the revitalization. the money, it should have been a bigger kick start. >> bill: he wasn't aggressive enough in managing the economy to you? >> that's right. >> bill: do you think is he a phony. >> i don't know yet. >> bill: how did you react when bin laden went down? >> i think too many people regarded as a panacea. he wasn't even wanted by the fbi for 9/11. >> bill: a bunch of other crimes. they were among them. >> the point is everybody thinks that oh, well, 9/11 is now erased, we have got bin laden. >> bill: no. i don't think everybody feels that. >> i do. >> bill: do you? i think there is a lot more danger out. >> there i think a lot of people do. >> bill: liberal guys like you and barack obama has been aggressive, you know, the drones going in there blowing these guys to hell. >> that's too aggressive for my money. >> bill: even though you get a chief dom, a bad guy doing a lot

of damage. >> i don't want us there. i don't think we need afghanistan. i would like us to get out of there. nobody has ever won in afghanistan. we can dance and crow at the russians getting their as whipped there. but we are getting the same thing in our own way. >> bill: you want out of there and you think we are making a mistake. one of the things i like about you is you are not a mean guy. you and i are one of the most politically apart as ever but we can have a few laughs. you are lowe grant for me. i'm like working for you in the newsroom. >> i'm fired. did i look like donald trump? >> you're fired. >> bill: when you were doing the moore show, did you discuss politics with the crew? was there a lot of back and forth? you know mary tyler moore is a big factor fan she watches every night. >> no hedging. how do i look? >> why hedge? how do i look? [ laughter ] >> mary has become much more conservative of late. i was the most outspoken liberal. >> bill: do you know rush limbaugh calls my ted baxter. i consider that a compliment.

>> doing as i have play it down to the wire. >> he was a brilliant actor. >> funniest manual i ever knew. >> climb nine floors up the fire escape. >> 10 really i lost count and over shot. >> bill: we appreciate you coming in here. honest guy and patriot. we thank you. >> i enjoy you. >> you got spunk. [ laughter ] >> well,. >> i hate spunk. >> pinheads and patriots up next, rose san bar says she is running for president and apparently it's not another bad joke from the hollywood comedian. we will roll the tape. check out the bass pro shops fall hunting classic this weekend, with huge savings on great gear.

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>> juan: finally, pinheads and patriots. hollywood comedienne and actress roseanne barr is author of a new book. evidently being an author isn't enough. now she is setting her sights on the white house. >> my announcement is that i am running for president of the united states. >> wow. [ applause ] >> are you seriously going to run? >> i'm totally serious. because i want to be part of the debates. i want to represent the taxpayers. i'm choosing the taxpayers as my vice president. >> what party? are you a democrat, republican? >> no i'm not for either party because they both suck and they are both a bunch of

criminals. [ applause ] >> but you have to have a party. >> i made up my own party, america's green tea party. >> would you cut taxes? >> no taxes. >> juan: she certainly meets the constitutional requirement of being 35-years-old. we'll let you died whether her aspirations are pinheaded or patriotic that is it for us tonight. remember to check out billoreilly.com. we have a big sale going on. if you become a premium member, you get a navy seal shirt, free. all the money bill gets from the website goes to his charity. also, don't forget to pick up a copy of my book, muzzled, already a "new york times" best seller. you will love it. thank you all for watching. i'm juan williams in for bill o'reilly. please remember, the spin stops right here, because you know what? we're looking out for you.