chinese so people that have our jobs will be able now to understand it. >> that is your last call. lights are blinking and we're closing down shop. thanks for joining us tonight. go to gretawire.com to the open thread because we want to you blog it. and on the record is taking a break because there is a special show planned just for you. time line of tero marks a 10th anniversary of september 11th told in realtime and there is no commercial interruption, 10:00 p.m. eastern tomorrow night this, is a show you want to see. o'reilly factor is next. good night from washington. tonight. here is mr. bill. >> "the o'reilly factor" factor is on. tonight -- >> we know there are things we can do right now that will help accelerate job creation. >> is anyone listening? president obama tries to convince the nation his economic policies will eventually work. but who is buying it and who isn't? we'll talk with lou dobbs, jay

carney. then stein and wayne rogers. >> your state executed 234 death row inmates. >> did nbc skew the debate to the left? some conservatives are saying yes. bernie goldberg will analyze. >> i hope all of my friends up here are going to repudiate every effort of the news media to get republicans to fight each other to protect barak obama. >> newt gingrich lashes out at the news media, accusing them of being in the tank for barak obama. caution, you are about to enter the no spin zone. "the factor" begins right now. hi, i'm bill o'reilly. thanks for watching us tonight. the american jobs act and the republican debate last night. those are the subjects of this evening's talking points memo. we'll get to president obama's speech in a moment.

first a couple of things about the gop debate last night. the most entertaining moment of the sparring was provided by newt gingrich. >> speaker gingrich, sounds like we've got a philosophical disagreement. in massachusetts, a mandate, almost no one, uninsured. in texas, a quarter uninsured. who has the better end of this argument? >> i'm frankly not interested in your effort to get republicans fighting each other. >> whoa, speaker rightly pointing out the moderator, brian williams and john harris, are very interested in having the republicans go after each other. makes for good tv and conservatives believe shows a liberal bias. on that subject, a twilight zone alert. the debate was carried on nbnbc. almost immediately after it ended, pundits began calling all the republican candidates morons. i'm sitting there watching this and i'm thinking, why did the gop and the reagan library agree to that environment? it was no interest in providing any balanced analysis. it was yeah, we covered the

republicans, but they're all idiots. now for president obama's latest attempt to save the american economy. a called the american jobs act and has good points. continuing the payroll tax cut, tax credits for small businesses that hire people, and targeted public works employment. that's all good. the president says he'll pay the half trillion dollars tab by closing corporate tax loopholes and hiking tacks on the rich, who he says must pay their fair share. since 42% of americans now don't pay any federal income tax at all, the fair share deal sounds a bit misleading, does it not? the speech was designed to put pressure on the republicans to pass a tax increase or face accusations they don't want to create jobs. a chess game. if the republicans vote for mr. obama's jobs act, they endorse it. if they vote against it, the president can say the gop doesn't care about jobs. what mr. obama really did tonight, really did is what he always does: calls for

increased taxation so the feds can fund economic programs that sadly have not worked in the past. but mr. obama has to know republicans won't vote for that. so the whole thing tonight was pretty much a charade, which is why the stock market tanked today. it is becoming quite clear the president and the democratic party are going to hold fast to their belief that the feds can get us out of the economic mess by spending money. but here is a no spin truth, if both parties really want to stimulate the economy, they'd reform the entire tax code. that's what america really needs. lower corporate taxes, plug up the loopholes, a small consumption tax, and a flat income tax on workers that phases out deductions in return for lower rates. if that would ever happen, the economy would rocket. that's a memo. now for the top story, let's bring in lou dobbs, who is right now doing his own program on the

"fox business" network. so we have a simulcast going on, lou. >> absolutely. >> how excited are you? >> i am so excited because i get to listen to your talking points while at the same time leading off our show here. the president's address tonight, i thought it was interesting in your talking points, talking about what would ignite this economy. i think in large measure you're exactly right. if we could lower taxes, eliminate the deductions and that trade-off that you articulated is precisely on point, that is trade in those deductions, get rid of the loopholes for everyone and bring down taxes, i disagree with you on the consumption tax. i'm not a fan. >> okay. but look, all of this stuff is open to discussion. the reason i want the consumption tax is because i pointed out that almost half, half american workers don't pay any federal income tax. with a consumption tax, everybody would chip in. that seems to be kind of fair, pay your fair share, but i would target that toward medicare and

very small targeted no nonsense consumption tax. now. >> you realize you've already given more details on what you would do than the president did in a 34-minute address. >> see, this was a speech to rally the folks. this was a newt rockne speech, i'm still in charge, even though you don't like me anymore, i'm still here. i still care. >> it was a great speech. put me in, coach. he was terrific. it was his best speech, i think, of his presidency. >> see, i'm a little more cynical than you are. i didn't like the speech because i recognized that the speech is putting politics ahead of the working person. >> absolutely. >> because he's putting the republicans in a corner, as i said. if they don't vote for what he wants, which is increasing taxation, lou. that's what it's all about. he's going in another door to do the same thing the republicans in the house rejected time and time again. the same thing. that's why i didn't like it.

look, i liked the veteran hiring. i like the targeted stuff. but we don't have any money to pay for it. but in two weeks, lou, he's going to tell us how he's going to do it. why didn't he just wait in two weeks and put it all together? >> it's interesting. i have never, ever heard of a president putting forward an address to the nation in two installments. this is peculiar at best, perhaps it is being original and innovative (he's been in office now more than 2 1/2 years and he's got this job back and i like, as i said, portions of it. i'm glad that speaker boehner is considering it. i hope that they all sit down. but if he doesn't know how to pay for it, it's certainly not going to get passed. he goes pass it now, pass it now and i'll tell you in two weeks how i'm going to pay for it. what? >> it's been the first time we've been told anything when it comes to the economy. openness and transparency has

not extended to economic policy, it has not extended to this super committee charged with reducing the deficits and debt by -- >> but no, now it's 2 1/2. now he's got more because he's got -- they're going to fund the jobs deal. see, the super committee -- you get the expressions on these people's faces? i'm going to do what? >> i thought it was tough enough with 1 1/2 trillion? >> because this is a half trillion bucks. when they say, ladies and gentlemen, as lou dobbs know, when they say it's a half trillion bucks, you know it's a trillion bucks. >> you have to double that. >> you have to. lou is now right on the fox business channel. this is a simulcast. first time we've ever done this. lot of fun and we really appreciate it. >> great to be with you. >> next, white house spokesman jay carney enters the no spin zone. that should be interesting, looking forward to it. later, bernie goldberg on whether debate moderators last

night were leaning to the left. we're coming right back as the factor continues all across the usa and all around the world. ♪ ♪ [ male announcer ] unlike some car companies, nissan is running at 100%, which means the most innovative cars are also the most available cars. nissan. innovation for today. innovation for all. ♪

>> bill: our lead story, the president's speech tonight and the proposed american jobs act. joining us from the white house, press secretary jay carney. nice to see you. thanks for coming in tonight. >> bill, it is great to be here. thanks for having me. >> bill: all right.

i hope you feel the same way in seven minutes. you know -- >> i'm sure i will. >> bill: you know i'm a simple man. you better than anyone. here is what i don't understand about what the president did tonight. republicans are never going to vote to increase taxes on the affluent. they have too much invested in telling you guys they want a smaller government. they're not going to do it. why continue to bang the drum? why continue to build the american jobs act around higher taxes that the republicans aren't going to vote for? >> well, as you know, bill, the president worked very hard with the speaker of the house, john boehner, in what he hoped and what we believe the speaker hoped would be a grand bargain to deal with our deficit and debt in a significant way. three to $4 trillion over the summer. that did not come to pass. but as the speaker himself said, he put revenues on the table and we believe that if we're going to address our serious economic problems, we need to do it in a balanced way and that if democrats and the republicans are each willing to put their

sacred cows, take on their sacred cows a little bit and compromise, we can get big things done. as for the american jobs act, yes, the president believes we need to take action now because we have an economic situation that requires action. >> bill: of course. we all want and there was very good things there. but i'm telling you, the republican in the house are not going to vote for an escalation of the tax rate for the affluent and businesses. they're not going to do it. why didn't the president wait for two weeks and give us the speech and then how he's going to pay for it, rather than saying, here is the speech. pass it now and in two weeks i'll tell you how we're going to pay for it? it doesn't make a lot of sense. >> the president actually will submit a bill early next week, the american jobs act, which will specify how he proposes paying for the american jobs act. a week from monday, he will put forward his broad comprehensive proposal for significant deficit reduction and debt control

beyond the $1.5 trillion mandated by the congress. >> bill: so we get a two fer -- >> you will get specifics -- >> bill: why didn't i get it tonight? now i have to watch him again. i want to all tonight. we're submitting -- >> it's not a speech. we're submit ago bill, i won't make you watch him give a speech again. >> bill: i get paid for doing this. i feel sorry for the folks. all they want to do is watch "dancing with the stars" and now they got to come back to see how he'll pay for it. would you deliver the president a message for me personally? you got to stop with warren buffet. you got to stop with warren. warren is 88 years old or something. he says his secretary pays more tax. it's not true. he's talking about -- >> the secretary pays -- >> bill: no. you know it's true, jay. don't try to fool me. don't try to fool me. >> i'm not. >> bill: he's talking about capital gains, warren buffet. the secretary pays federal income tax. it's two different taxes. but warren and the president are trying to fool us. stop it.

not good. we all got it. >> effective tax rate, as you know, is significantly lower than the top marginal rate -- >> bill: because he's paying cap gains, not income tax! >> what the president is saying is that over the last ten years, as you know well, bill. there are folks in your audience you speak to every night, as you said, millions of people, who understand that the middle class in this country over the last decade flat lined. that was before the recession. >> bill: jay, i know you know what i'm talking about. warren buffet pays taxes on capital gains. not income tax! so the president told the nation tonight he wants to raise capital gains tax in the middle of a terrible economy! that's insane! you can't do that. >> the president has simply said, as he said for a long time now, that he believes that in the time when we need to get our economy going and create jobs, that everybody needs to -- >> bill: he can't raise taxes. nothing is -- nobody is going to

vote for that. the president did say something i really support. roll the tape. >> i want to see more products sold around the world, said with the three proud words, made in america. that's what we need to get done. >> bill: made in america. right on! made in america. correct? >> hallelujah. >> bill: who was sitting with the first lady tonight? do you know? >> there were a variety of folks. >> bill: jeffrey immelt. you know him, right? big tall guy? >> sure. >> bill: guess who moved his airline division to china and his med tech division from wisconsin to china? that's jeffrey immelt! made in america, jay? you, jay, you should walk and throw him out of that box. >> he's a lot bigger than i am, bill. you're big enough, maybe you could have done it. >> bill: i would have done it if you let me. >> the president is not saying that every american company should not have any business overseas. the president is saying that we as a country and as a government

should be creating incentives for american businesses to hire -- >> bill: i'm right with you, jay. >> hire american workers and build products in america. >> bill: i'm right with you. >> and his program is designed to help do that. >> bill: i'm with you, jay. and so is 95% of my audience. but you know who is not with you? jeffrey immelt. and he's sitting with the first lady, jay. doesn't look good. it doesn't look good. >> mr. immelt has done a lot of good work on the jobs council with others, other ceos who are working hard to propose ideas to help get this economy going. >> bill: all right. next time when you have that guest list, check it with me and i'll -- i'm giving you a hard time. but we have to do this. tapper gave you a hard time the other day. taking tapper -- jake tapper, that abc pinhead. he was giving you the hardest time about jimmy hoffa saying he wants the tea party to be exterminated by the "sopranos"

or something like that. something. he asked you point-blank, why the president didn't repudiate hoffa's overheated rhetoric and you kind of blew it off. >> look, bill, i think that the american people are tired -- the story here isn't about what people who aren't elected sent to washington said. it's not about somebody's association through six degrees and their party and what they said -- >> bill: you should have said, look -- >> they're not the side shows. the president feels, as he said tonight, that we need to put party ahead of country. we need to listen to the american people. we need to do the things that we can agree on in a bipartisan way. i think you probably saw speaker boehner put out -- >> bill: he wants to work -- >> that's great. i think eric cantor did, too. >> bill: so does my audience. we want to have the economy turn around. final question, we got this terror alert deal.

can you give us any more specifics on that, jay? >> well, i can tell you, bill, as i'm sure your viewers know, that since the raid in abad bad in pakistan, that brought justice to osama bin laden, we have known from information gathered that al-qaeda, not surprisingly, has been focused on an, in a general way, significant dates, and the ten-year anniversary of 9-11 is certainly one of them. for the past four months, homeland security advisors to the president, john brennan, has been running a process to make sure we're preparing appropriately for this anniversary, taking all necessary precautions, just two days ago the president chaired a meeting of his homeland security team to look at the preparations, to make sure we were doing everything that was necessary to be hyper vigilant in this situation. and you can be sure that in relation to the -- >> bill: we have nothing to be worried about at this point. you got it under control. >> we have to be vigilant all the time. that's what we're doing. >> bill: jay, you're always welcome on the program. thanks for taking the heat tonight. we appreciate it. directly ahead.

>> it's been a pleasure. >> bill: who won the debate last night in california? we'll ask carl cameron and james rosen what the word is in political circles. bernie goldberg on whether the moderators were baiting the republican candidates as newt gingrich charged. we'll be right back. [ whispering ] ok, here's your room key,

the crib is already there. great. thank you so much. [ male announcer ] we provide great service,

so you can stay you. holiday inn express. stay you. [ tv announcer ] today's trivia question -- what's the hardest play in baseball? the unassisted triple play. the unassisted triple play. [ male announcer ] stay smart and book smart. book early and save up to 20% at any holiday inn express. stay you.

>> bill: who won the republican debate last night? we don't have any new polling available, so this is a subjective analysis. joining us from dc, james rosen, and from los angeles, chief political correspondent, carl cameron, who was at the debate. so cam ran, winners or losers, is there any consensus forming? >> probably consensus on some of the losers, or folks who didn't do what needed to be done.

michelle bachman did not have a example breakout moment to shift the momentum back in her favor. john huntsman, who has been mired in the low single digits took shots at romney and perry, but it didn't resonate and unlikely it did him much good. about who won between rick perry and mitt romney is split. perry, when has not had a lot of experience debating, he hasn't debated in some of his gubernatorial elections, proved that he can handle himself, that he can talk policy and be aggressive, that he won't take any guff from his rivals and he stuck pretty much to every position that he's ever taken. the full spectrum conservative type stuff. even though he took a lot of heat. mitt romney had to do something to sort of try to stop rick perry's lead. he's trailing by big double digits in a number of places. and he took it to perry on jobs, on health care, on social security reform, on a host of issues. so romney was the pursuer. perry parried most of it. bachman and huntsman not so much.

for people like herman cain and rick santorum and newt gingrich, newt gingrich had a great moment beating up on the media, but the truth is, beating up on the media isn't who he's really running against. he's running against fellow republicans. when he complains about the media setting up a fight, that's what the debate is about. >> bill: rosen, how do you see it? do you see anybody scoring big points? >> i think mitt romney demonstrated something that was in doubt until last night, which is that he can effectively go on the attack and he handled his attacks on perry in a classy way, saying texas is a state with oil and gas in the ground, with a republican lecture. governor perry doesn't believe he created those things. that's a gentleman leeway to handle those attacks. perry stumbled on policy, particularly when discussing social security. he may have presented his views in a ineffective or frightening way and on climate change, i think his answer bordered on the incoherent at times. i think rick santorum, about

whom a cynical person has been saying he's been running for vice president, perhaps advanced his fortunes in the debate. >> bill: but you both agree that it's now a two-man debate, race, i should say. >> in essence. >> there was one moment last night in the debate you did not see. it's interesting 'cause it's telling. there is a real blood fight going on between ron paul, the congressman from texas, and rick perry, the governor of texas. at one point during an ad break, perry walked away from his podium, went to ron paul, shook hands, grasped ron paul's wrist with another, and really got in his face. we may never know what was said, but paul has been saying that rick perry isn't a true conservative, pointing out he was a democrat. rick perry gave him an earful. >> bill: i don't know why because with all due respect to the congressman, he's not really a factor. and we had this last night on our program. he's entertaining.

he has some good ideas, but he has no shot. >> go ahead, carl. >> can i address the earlier question you raised about why the gop and the reagan library hosted this event? i think it has to do with a behind the scenes fact is that a key executive politico is a key executive at the reagan library. and one interesting point raised by congressman mccotter, who is running and who has been excluded from these debates and not a factor in them, he said can you ever imagine the clinton library permitting fox news to moderate a democratic debate on those grounds? >> bill: i think it shows magnimity on the part of the republican party to do this, but it's like the old scorpion joke with the frog carrying across that thing. 20 seconds after the debate was over, there they are, they're all morons! there weren't even leaving the podium yet. >> i'm not sure who really expected -- >> bill: that was the msnbc

people. as soon as they brought out al sharpton for objective analysis, you know -- we went to get popcorn. >> the death penalty and the reaction from the crowd versus what the moderators thought was very telling. >> bill: right. it was a a conservative crowd in the reagan library. but, of course, msnbc is the liberal network. gentlemen, always a pleasure. plenty more ahead as the factor moves along ben stein and wayne rogers will be here. and bernie goldberg on whether nbc handled the debate in a fair and balanced way. we hope you stay tuned for those reports. ( grunting )

>> bill: personal story segment. press secretary jay carney, i think the president's speech tonight was more political than economic. he wants to put republicans in a corner over creating jobs and raising taxes to pay for those jobs. kirsten powers and andrea, both ladies are fox news

contributors. was i too tough on jay? >> you're asking me that? i thought you were perfect. >> bill: i didn't rough him up. >> he did look a little rattled at the end. >> bill: but at the end, i gave him the softball question about the security thing, just so he -- >> that was nice. but you definitely put him on the spot, but good. no one ever puts this administration on the spot and asks the tough questions. >> bill: tapper did ask him about hoffa. >> one then. >> bill: the white house press corp. is timid, but i don't think they're in the tank. how did you see it, kirsten? was i too tough on carney? >> i think it's probably what he should have expected if he watches your show at all. i think you may be roughed him up a little more than you needed to. but overall, it was fine. he certainly should have known he was going to get the jeffrey immelt question from you and seemed a little surprised by that. >> bill: i don't know if he even knew immelt was in the box. but isn't it a little weird?

you're a liberal democrat and there is the president, we all agree that we'd like to have as many jobs in america and then there is jeffrey immelt, his big pal, job creation czar, whatever title he has, he's sitting there next to michelle obama and he's -- he can't send jobs to china fast enough, and i didn't bring this up, but he's sitting $5 trillion on overseas money he's not paying taxes on. and there is the president pounding all of this and look who is up there, the poster boy for everything he's saying shouldn't be done. >> i think you actually found one area where you and i might agree on something. and i think there are other people who probably feel the same way about that. but the president chose him for whatever reason to be on -- the president of his council on jobs and competitiveness. of course, he's going to be there of. >> bill: but this goes to the sincerity factor. that's it to me. if i'm a president and i really believe these things, i don't have a guy shipping jobs to china sitting in a box next to

my wife. it's not happening. all right. now, the other thing that tees me off is buffet. buffet, this is such a con. it's all about cap gains. not income tax. cap gains is 15%. that's what mr. buffet pays. his secretary pays income tax. probably to the tune of about 30%. 'cause she probably makes 100 grand, being his secretary. he's whining, i pay more taxes than she does. well, you pinhead, because you're doing it in a different way, comparing the so-called apples to oranges. >> yes, it was a very, very, very bad comparison and he's done it over and over. >> bill: over and over again! >> i don't know why he chose that and i don't know why he had immelt in the audience. this was a purely political speech. republicans are not going to support this plan for two main reasons. one, because it is political. and they're not going to do that to the base. they're not going to support more spending and, two, it won't

work! maybe on the payroll tax cut, maybe that's the only area. >> bill: i hope they compromise on it. >> that's not big enough to do the job. >> bill: no, but there are republicans that won't support anything obama does and that's not good. >> but he blew this mandate on dime store candy. he should have gone big, like huntsman did. >> bill: one more question real quick, kirsten, now, if you are going to propose to raise the capital gains tax in a recessionary environment, you're crazy. and that's, i think, what president obama was saying. >> i don't think -- no -- >> bill: why did he bring buffet up, 'cause that's what he's talking about. >> i don't think that's the point he's making with buffet. i think the point he's making is that there is major income inequality in this country and a growing distance between the rich and poor and the rich aren't carrying their fair share. he just uses that as an example.

sure, they have -- his effective tax rate is dense -- >> bill: then he shouldn't use buffet as an example and carney could not answer that question. he could not answer it. my take away tonight is this: you got to be very careful. the speech sounded good. we're looking around and we're seeing stuff not adding up behind the scenes. ladies, thanks very much. when we come right back, bernie goldberg on whether the nbc debate moderators were actually baiting the rincon tenders. ♪ ♪ [ male announcer ] unlike some car companies, nissan is running at 100%, which means the most innovative cars are also the most available cars. nissan. innovation for today. innovation for all.

♪

>> bill: thanks for staying with us. i'm bill o'reilly. the purveyor of we are in order-- bernardgoldberg pain com. were the moderators fair and balanced. mr. goldberg joins us from north carolina. let's begin with brian williams

and the death penalty question. >> okay. >> your state executed 234 death row inmates, more than any other governor in modern times. have you struggled to sleep at night with the idea that any one of those might have been innocent? >> no, sir, i've never struggled with that at all. >> bill: okay. so a lot of conservative pundits on talk radio today talking about it. that shows williams' left wing bias and you say? >> well, i say that was an interesting way to ask a question. i want to repeat it so we can set up what's to come. let's imagine: do you struggle to sleep at night with the idea that one of those might have been innocent? brian williams would say, i'm sure, that that was a fair question, asked professionally and all that. so let's turn the tables and see how fair it was. let's say a conservative journalist was questioning a

panel of liberal democrats running for president of the united states and the conservative journalist said, all of you at one time or another have voted for abortion rights legislation. do you struggle to sleep at night knowing that abortion, which you voted for, ends the process that otherwise would result in a human being, a baby? now, that question is clearly loaded and any conservative journalist that would ask such a question would rightly, rightly get whacked by anybody who is fair minded. well, brian williams did ask that question about a different controversial subject. personally, i don't care if he's against the death penalty. in his private life. but not as a moderator of a presidential debate. >> bill: okay. so do you think that this showed williams' left wing bias or was it just he didn't think it

through? >> i don't know. i don't know. that's a good question. >> bill: i don't know either. >> but i will say as an overall matter, i know a lot of conservatives will not agree with this, but overall, i think the questions were tough, but legitimate. partisans never like tough questions when they're asked -- >> bill: i get hammered all the time when i ask someone like ron paul, okay. >> you i think they were basically legitimate. >> bill: newt gingrich basically laid them out saying, look, what you're trying to do is trying to create division among us and that's wrong. did the speaker have a point? >> well, i must say, and i admit my weakness here, i had a lot of fun when newt gingrich said that. i thought it was a great laugh. he had a point to this extent, to this extent, john harris of politico was looking for a food

fight. i think he was. journalists like food fights -- >> bill: it's entertaining. absolutely. >> it's entertaining, exactly. and it's entertaining and especially when they're questioning people with whom they basically disagree. having said that, i will briefly repeat what i just said, but overall, i think the questions were both tough and legitimate. >> bill: okay. the venue. the republican party went into obviously msnbc, which despises, loathes the republican party and did the debate over there and then 20 seconds after the debate was over, as i pointed out, the commentators came on and called all the republican candidates morons. is there a lesson to be learned here? >> bill, you said in your talking points that it wasn't balanced. i could not disagree more. you have never been more wrong in your life. and here is why. you're laughing. that panel consisted of five

analysts that ranged from the far left to the far, far, far, far left, and you have the nerve to say there was no balance on that panel? how can you say that? >> bill: i want to point out to the audience. when we do a debate at fox news, we put our hard news guys on first. >> that's right. >> bill: the camerons, the bears. then we bring in pinheads like bernie and me. >> but even the opinion people on this network are from the right and from the left. so here is my serious point about what they did after the debate. no news organization, no news organization can be taken seriously if they have five analysts on, all from the same point of view, all partisans, that is not what a news organization does and if it chooses to do it, then they're not a real news organization.

>> bill: they were generous to play ball with them, i guess. thanks, we appreciate it. in a moment, wayne rogers spends time. two economic guys on whether president obama has lost control of the economy. and then say it ain't so, gumby apparently robbing a 7-11. oh, no! moments away. [ whispering ] ok, here's your room key, the crib is already there. great. thank you so much. [ male announcer ] we provide great service, so you can stay you. holiday inn express. stay you. [ tv announcer ] today's trivia question -- what's the hardest play in baseball? the unassisted triple play. the unassisted triple play.

[ male announcer ] stay smart and book smart. book early and save up to 20% at any holiday inn express. stay you.

>> bill: tonight, it all comes down to your wallet. injure your job security. how did president obama do tonight in his latest attempt to solve the economic dilemma? joining us, wayne rogers, author of a book. and ben stein, economist and

pundit. mr. stein, i know you like to tax the rich mantra and we have plenty of that tonight. but do you really think president obama has control of the economy? >> no, i don't think he has control of the economy. before we get into that, may i respectfully say, warren buffet is a friend of mine. he's the greatest chef executive of america. he delivers phenomenal dividends. he's not 88 years old. it's totally irrelevant if he were. he gets paid a piddling $100,000 a year, less than many teachers get paid. and i do not know why you keep attacking him. >> bill: i'll tell you why, because cap gains taxes. >> cap gains tax is tax. you know that very, very well. >> bill: they don't differentiate. they're not differentiating. you know a con when you see it and the 88 thing was exaggerated >> why make fun of him because of age? >> bill: you know what i do

here. that's what i do. it was not done maliciously. but the bigger point is, and i'm a bit surprised at you -- >> i'm a bit surprised at you. >> bill: you have to be honest about what you're talking about. raising capital gains tax -- >> it's still tax. >> bill: it doesn't matter. raising capital gains in a recessionary environment is insane. >> you don't know that. show me the data that proves that. they raised capital gains taxes from 1941 to 1945 and we had phenomenal amounts of capital gains. >> bill: i believe we're in world war ii then. yes, we were. hold it, hold it. mr. rogers, am i being unfair to warren buffet when i call him out and president obama for not explaining that they're comparing cap gain tax to federal income tax? is that unfair of me to do? >> no, not at all. you should factually call out

anybody who misstates -- gives the wrong impression. if that was the purpose of it, it should be called out, of course. >> bill: all right. so you're saying and mr. stein is wrong here? >> no one has denied it's a capital gains -- >> bill: let me ask you this, mr. rogers, is it insane to raise capital gains when you have a recessionary environment? >> not necessarily. it depends on what you're doing with the rest of -- you can't just say one thing is right and something else is wrong and therefore, we can't do this or that. >> bill: mr. rogers -- skid marks excuse me, bowls and simpson spent a lot of time studying all this. they put out a report. it wasn't just -- it's a big fat report. read it. that's the answer. >> bill: it didn't say raise cap gains. you're the president of the united states, mr. rogers. you're trying to get us out of a stubborn economy. you're going to sit there and tell me you're going to raise the capital gains tax?

are you? >> if i'm the president of the united states, i'm going to have a hell of a good time, is what i'm going to do because i'm going to change a lot of things you may not like. >> bill: are you going to raise it or not? so you're dodging my question. i don't think you would raise it, mr. stein. >> i would raise capital gains taxes on people with very high incomes, you bet. i have no problem doing it at all. look, do you think this country is short of capital? the world is a wash in capital. capital sloshing all around the world. there is no shortage of capital. there is a shortage of ways to employ the capital. >> bill: i'm not going to buy any stocks if i have to pay more than 15%. i'm not buying them. i got money to invest. i'm not doing it. the risk reward isn't worth it. i'll put it in uni bonds. go ahead, mr. rogers. >> there are plenty of people who will. >> i was gog say, raising taxes on the rich, you have to define rich. the top 10% of the people pay over 50% of the tax of the

united states. 3% of the people in the united states today pay as much as the other 97%. >> bill: we know that, but we're still not paying our fair share. it's not enough. >> let me finish. so you're going to say raise these taxes because it's unfair or it's fair. who is making the decision as to what is fair? >> bill: barak obama is making the decision. >> who makes that decision? >> bill: barak obama. he's the president. that's what he wants. it's not going to -- >> he's not a dictator. >> bill: that's why we have houses of congress. look, i like the jobs act tonight. i think some of it was very good. but once you throw in raising the tax rates, republicans aren't going to go for it. you know that. gentlemen, always interested, good pairing with you two guys. i appreciate you both hating me. thanks very much. pinheads and patriots on deck. gunby robbing a 7-1. civilization coming to an end. p and p is next.

now, when you want powerful wifi, you've got it. with aerizon mobile hotspot, you can connect up to 5 wifi devices to the internet with lightning-fast verizon 4g lte speed. a gaming device. mp3 pler. connect any 5 for wifi on the go. get the 4g lte mobile hotst now for only $49.99. verizon is the place with the largest selection of 4g lte devices. on america's fastest, most advanced 4g network.

>> bill: pinheads and patriots starring gumby, the criminal if a moment. but first it looks like i lucked out week. my book pinheads and patriots which deals heavily with president obama's economic philosophy, now out in paperback. we hope you check it out. we have new stuff it in, including my interview with the president on super bowl sunday. almost last call for a free factor pen. sign up on billoreilly.com you get the big discounts and select the pen you want. the promotion will end soon.

now the mail: >> bill: allow me to correct the record. i didn't call dr. paul a loon. i asked if he might be one. just asking. >> bill: i picked that up too. bill the number is more than four billion, and i'm not kidding. >> bill: unfortunately, he

takes your dues and does what he wants with them. >> bill: absolutely, sergeant! i'm looking at nashville. hopefully we can make it happen. connecticut is next in october. folks coming from all over the country because there will be a book signing for killing lincoln with miller and me. we are going to do it all the same day. so please check it out. >> bill: absolutely. happy birthday to grandma. also happy birthday today to spend . finally i tv side. gumby, a loveable character as we know. in san diego the gumster may have tan a detour. >> after midnight month day, a

person dressed as gumby another man walked into the 7-eleven. the clerk thought it was a prank. apparently, gumby wasn't laughing. >> gumby told him you don't believe this is a robbery, i'll get my gun. he took his gumby paw and put it into his gumby pocket and could not get the weapon. >> the only thing that fell out was 26 cents worth of change which fell on the floor. pan income , both got away in a white or -- panicked, both got away in a white or silver van. >> bill: if you see gumby, please call the fbi. pinheads, impersonating gumby is a felony. when we catch you, you are going to be prosecuted that is it for us check out the fox news website. if you came in late posted there. spout off about