<Date: July 16, 2012>

<Time: 20:00>

<Tran: 071601cb.256>

<Type: Show>

<Head: Talking Points Memo and Top Story>

<Sect: New; Domestic>

<Byline: Bill O'Reilly, Brit Hume>

<Guest: Willy Brown>

<Spec: Politics>



BARACK OBAMA, PRESIDENT OF THE UNITED STATES: We think G.E. has something to teach businesses all across America.


O'REILLY: A "Factor Investigation" how can the Obama campaign criticize Mitt Romney for outsourcing jobs when G.E. is making a fortune doing that. We'll provide some stunning information.


JESSE WATTERS, FOX NEWS PRODUCER: When Romney was governor, what was he like?

UNIDENTIFIED MALE: What did he do for us? As Governor?

UNIDENTIFIED MALE: He did a great job managing the economy within the state.


WILLIAMS: How well did Mitt Romney run the Commonwealth of Massachusetts? Jesse Watters traveled to Boston to find out.


WATTERS: Was it Romney a popular Governor?


O'REILLY: And British authorities pull the plug on McCartney and Springsteen.


PEOPLE: Twist and shout. Twist and shout.


O'REILLY: We'll show you what happened and it might rock your world.


PEOPLE: [booing]


O'REILLY: 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. Sending jobs overseas: The truth about the Obama/Romney controversy. That is the subject of this evening's "Talking Points" memo.

Listen to this. President Obama is making a big deal out of Mitt Romney's Bain Capital tenure, you know that. The Obama campaign accusing Romney of being a big outsource guy. Encouraging the company Bain invested in to send jobs abroad. Romney denies that but the attacks just keep on coming.


RAHM EMANUEL (D), MAYOR OF CHICAGO: Stop whining, if you want to claim Bain Capital is your calling card to the White House. Then defend what happened to Bain Capital and what happened to those jobs that went overseas, those jobs that were actually cut and eliminated the companies that went into bankruptcy.


O'REILLY: According to analysis by Bain Capital under Romney did invest in companies that did outsource. But that's not unusual. So did the Obama administration and Rahm Emanuel was right there. And that's the rub. How can President Obama attack Romney for outsourcing when he did the exact same thing? The Obama administration has continued to make billions of taxpayer dollars available to the General Electric Corporation, mostly through loans but there were some grants for green energy projects.

G.E. employs about 300,000 people. Fewer than half, 131,000 are working in the USA. Let me repeat. Less than half of G.E.'s workforce are employed in America. G.E. has 277 plants in 43 countries and keeps overseas profits overseas. Thereby avoiding U.S. income tax. In fact, General Electric paid zero federal income tax in 2010 according to the "New York Times."

Nevertheless, President Obama is a huge fan of G.E. and its CEO Jeffrey Immelt.


OBAMA: I am so proud and pleased that Jeff has agreed to chair this panel. My council on jobs and competitiveness because we think G.E. has something to teach businesses all across America.


O'REILLY: Well, "Talking Points" would like to know exactly what G.E. could teach corporations across America? How to create jobs overseas? How to avoid U.S. corporate income taxes? How to borrow billions from the taxpayers? What lessons are we talking about, Mr. President?

So how can the Obama team be outraged over Mitt Romney's outsource exposure when it champions General Electric, an outsourcing kingdom? A simple question because I am a simple man. Here is the end game. Outsourcing a fact of life in capitalism. I don't like it but it's legal and companies profit from it the Obama administration has embraced corporations that practice outsourcing big time and so did Mitt Romney.

So I would call it a tie with the Obama campaign having some deep explaining to do. And that's the memo.

Now reaction for the "Top Story" tonight reaction. Joining us from Washington Fox News Chief political analyst Brit Hume. So once again, "Talking Points" has ripped the lid off this phony bogus B.S. or am I wrong?

BRIT HUME, FOX NEWS CHIEF POLITICAL ANALYST: Well, one begins to sense at this stage, Bill, that perhaps the public thinks its phony baloney, too. Because you know this has been going on for some weeks now and the Obama campaign has spent a lot of money hurling these charges on -- related to Bain Capital and Mitt Romney and it doesn't seem to have moved the needle of public opinion very much. And my sense is that the Romney people are looking at this and making calculations about how much to spend in retort to this and how much to respond to all of this and they are taking the view that they are better off keeping their powder dry and holding their fire and holding their money until later. That at least seems to be what's happening.

And I can -- and my guess is that my surmise is that they're looking at the same polls the rest of us are looking at and saying jeez, this doesn't seem to be working very well.

O'REILLY: You know but it's not my job to defend Mitt Romney. And I don't -- I feel uneasy about doing it and it's not my job to defend President Obama. All right, that's not what we do here. But this -- I -- I -- I was -- I listened to this as you did for weeks. Before I said this is insane.

But I wonder why the Romney people didn't do what I just did. Say are you kidding me? Look at General Electric?


HUME: Well --

WILLIAMS: Look at this.

HUME: Well Bill, he did have a response about outsourcing not to specific related to G.E. but in relation to some of the other -- other grants and so forth that have gone to companies that employ overseas and so on. So he did have a rebuttal to that at one point he called, you know in one sound bite I heard him call the president the outsourcer and chief who -- because I guess that's what one of the ads or something had called him. So he did respond in kind to some extent.

But he seems to be content to try to deflect these criticisms and to keep the focus on, you know, on the economy and on jobs and so on.

WILLIAMS: I don't know if that's wise though because in the court of public opinion. Romney now is the predatory capitalist. Even today, just today, President Obama said. This -- go.


OBAMA: Governor Romney's experience has been investing in what were called pioneers of the business of outsourcing. Now he wants to give more tax breaks to companies that are shipping jobs overseas.


WILLIAMS: But so do you? So does -- so does President Obama. I'm saying am in the twilight zone here? Because President Obama embraced G.E. to an extent very rarely seen in America. He -- he appointed Immelt to his -- run his council on getting more jobs in America even as Immelt is sending jobs overseas. So it seems to me to be hypocritical but it's really, really -- what's -- what's the word hubris? Hubris?

HUME: Well, and hubris means a certain kind of arrogance about things and belief in your own infallibility.


HUME: But what I -- what strikes me about this is. This raises a couple of interesting questions. I know there is a lot of conservatives and who are supporting Romney. Although with misgivings who would like to see him strike back on this kind of thing much harder than he has and it raises -- this raises an interesting question just sort of a political strategy. Of whether you risk by holding back, being indelibly marked or defined by your opponent. In this case Romney being defined by Obama in a way that autumn when you finally you know get out your artillery and begin -- and begin firing -- firing away whether it can be too late. I don't think that's happening. The polling doesn't suggest that that's happening.

But if it is, this will -- this will go down in the books as a very bad mistake.

O'REILLY: Yes it's bad. I'm going to ask Karl Rove about it, I'm going to ask Rove about it tomorrow. He's going to be on the program.

Now the fax returns now surface again. They want Romney's tax returns back until 1922, I guess. Is this a big deal? Should I be concerned about this?

HUME: Well, you know it's hard to say. I don't see any evidence that this is making much of a difference. But you know anytime it's disclosure versus nondisclosure you always -- you always wonder whether it isn't better just to put it out there. And if it -- you know if it turns out that if people get to hear once again that Mitt Romney is just very, very rich man and he certainly is that who has or had possibly although I think it's had some offshore bank accounts, I guess the Obama team would have some sport with that for a couple of days and the media in its cooperative way would play along. But I'm not sure how much that's going to matters. I mean, people are going to know come fall Mitt Romney is a rich guy and he made a lot of money in the private sector. And if you don't trust the private sector and you don't trust rich guys you're not going to vote for him anyway. So I'm not sure what he's got to lose here.

O'REILLY: No unless you said put -- put them all out now. And get this --

HUME: Well, I -- that's kind of what I think.

O'REILLY: Yes, unless you know something -- maybe he rode off the dog on the top of the car as the write off.

HUME: Yes that might be profitable.

O'REILLY: Brit Hume, everybody.

Next on the run down, the controversy over Mitt Romney's visit to the NAACP continues. We will have the latest.

And later, tough topic for the black community in America. The collapse of the African-American family Bernie Goldberg has thoughts some on that upcoming.


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