his is a RUSH transcript from "The O'Reilly Factor," November 18, 2011. This copy may not be in its final form and may be updated.
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BILL O'REILLY, HOST: Now for the top story tonight: Texas Governor Rick Perry, one of those calling for financial reform in Washington. His campaign is modeled on small government, lower taxes, which has worked in his state. That's not all. Governor Perry apparently feels President Obama has insulted the American people.
(BEGIN VIDEO CLIP)
PRESIDENT OBAMA: We have been a little bit lazy, I think, over the last couple of decades.
RICK PERRY, GOP PRESIDENTIAL CANDIDATE: Do you believe that? That's what our President thinks is wrong with America? That Americans are lazy? That's pathetic. It's time to clean house in Washington.
(END VIDEO CLIP)
O'REILLY: All right, here now is Governor Perry. So, is that a fair ad there you know?
PERRY: Yes, it's a fair ad absolutely. But this President has traveled around the country making excuses for America. Apologizing for America, saying that America is not an exemplary country and then he gets on TV and talks about that Americans are lazy, that they've lost their ambition, that they've lost their imagination.
O'REILLY: But then he really -- was he really talking about the folks? Let's run the ad and see what he had to say. Go.
(BEGIN VIDEO CLIP)
OBAMA: There are a lot of things that make foreign investors see the U.S. as a great opportunity; our stability, our openness, our innovative free market culture. But, you know, we have been a little bit lazy, I think over the last couple of decades. We've kind of taken for granted -- well people will want to come here and we aren't out there hungry selling America and trying to attract new businesses into America.
(END VIDEO CLIP)
O'REILLY: So he really wasn't talking about the folks. He was talking about trying to get investment to come to the U.S.A.
PERRY: He said we've been a little lazy is what he said.
O'REILLY: But we the government.
PERRY: Well, I don't know, I think he's talking about Americans.
O'REILLY: Do you really?
O'REILLY: Yes that's what you took away from that
PERRY: I think -- I think that's exactly what he is talking about. I think this is a man who really, if he believed that Americans were hardworking, that they were ready to ignite this economy, then we wouldn't have the tax policy. We wouldn't have the regulatory policies in place that are killing jobs in this country.
O'REILLY: Well, he comes at it from a social justice point of view.
But let me ask you this. Do you believe that Barack Obama, the person, not the president, the person because a lot of conservatives do believe this, doesn't like America?
PERRY: Listen, I'm not -- I think he -- I think he cares for his country.
O'REILLY: Do you?
PERRY: I just think his policies are socialist.
O'REILLY: All right. So you don't buy into the fact that he goes abroad and says things that to the -- to the other countries, and particularly the Muslim world that diminish America. You think he does love his country and he is trying to do his best.
PERRY: I think -- I think he cares for his country. Don't get me wrong about that.
PERRY: But I think he -- he truly misunderstands what this country was based upon, the values that America was based on, which is free enterprise and having the ability to risk your capital and have a chance to have a return on your investment. That's what he doesn't understand.
O'REILLY: Do you think he's a socialist? Do you think
O'REILLY: You do -- a hardcore socialist.
PERRY: Yes, sir I think Barack Obama is a socialist. I think he believes that -- when you -- when you talk about printing money and -- and spending government money, and trying to spread it out as that conversation that he had with "Joe the Plumber," you know, kind of redistribute the wealth.
O'REILLY: Yes, absolutely.
PERRY: The best I can tell that's socialism, Bill.
O'REILLY: But it crosses a line in the sense that he would say he's a progressive and that he wants social justice and what they call income equality. Socialism is basically seizing -- seizing private property, all right, the government seizes it. And then it does what it wants.
PERRY: Well what do you -- what do you think the death tax is? I mean, that's the
O'REILLY: I'm thinking private property governor. (INAUDIBLE) That's right, but you are dead. I mean, that's the rule you're dead.
PERRY: But -- but I mean, when the good Lord calls you home, the government ought not come to get your home.
O'REILLY: All right. Now, Obama would say, I think, I can't speak for him but I -- but I have interviewed him a couple times and spoken with him. He would say that -- that you don't care enough about the poor. That the education system in Texas, the healthcare system in Texas doesn't serve the underclass and the poor as well as his vision does with Obama care and the heavy redistribution of assets that he -- he really wants. And you would answer that, how?
PERRY: I would answer that that the people who are Occupying Wall Street or the individuals, that 14 plus million people out that are out of work, I think the vast majority of them don't want a government handout. They want the privilege of being able to take care of their family, to look them in the eye and say, listen, I've got a job and I want to be able to take care of you.
O'REILLY: Do you think those Occupy Wall Street don't want a job?
PERRY: I think there are some of them out there that may.
O'REILLY: Can you get them? Because I haven't seen them. They've been out there for two months, Governor. I mean, what are they on a furlough here? That's like Sweden I've got two months' vacation. I mean, who are these people.
PERRY: I think they are just -- they are people that are completely disgusted with government, government's relationship with Wall Street.
O'REILLY: I think
PERRY: Look -- people, the vast majority of the people that are out of work out there they don't want a government handout.
O'REILLY: But they are not out here with the Occupy Wall Street people. I mean the vast majority of people who are out of work are looking for work. They are not trying to you know shake down people walking by them.
Look, in the beginning I had some sympathy for the Occupy Wall Street movement because there is corruption on Wall Street. Do you believe that by the way? That -- is there corruption?
PERRY: Oh absolutely.
O'REILLY: You know and there's got to be some government oversight on this people.
PERRY: There has to be. And that's -- that's the real issue here. Dodd-Frank banking regulation was not the answer. The answer was to use the regulators that we have to go in and to root out the corruption and the individuals
O'REILLY: And they have clear rules.
PERRY: And clear rules are in place is when we fail.
O'REILLY: Right this is what we can and can't do.
PERRY: And we failed unlike Congress that doesn't have a rule for doing inside trading.
O'REILLY: Now, your campaign is interesting because -- and the whole Republican deal is as you are up, you're down, you're in, you're out, you're this, you are that. Your strategy going forward is to take votes from whom? You've got to take votes from some of these candidates. I don't think you're going to take them from Romney. He just stays steady. He is like rock steady at 22 percent. All right.
But you might be able to take from Gingrich or Cain who is now on the decline. Who do you want to take from?
PERRY: Look, we're going to try to collect votes from anyone out there that believes that the answer for America is to have a vision, a tax plan, 20 percent flat tax; 20 percent corporate tax. Break down Washington. I mean, it' not -- painting over Washington is not what the people want. They are ready for a real overhaul.
Taking a sledge hammer to it and this part-time Congress is one of the ways to do it. You give them half the pay. Keep them out of town half the time. America would be a lot better off.
O'REILLY: Governor thanks for coming in. Good luck
PERRY: It's good to be with you, Bill.