Below is a partial transcript of the full hour that Glenn spent on radio with author David Freddoso. Insiders can listen to the full interview here.


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GLENN: From Radio City in Midtown Manhattan. Hello, you sick twisted freak. Glad you’re here. David Freddoso is the author of a wildly controversial book about Barack Obama because he tries to lay out the truth behind Barack Obama. The reason why I’ve had David on the program before is because Barack Obama’s people in Chicago have tried to shut down any appearance he’s had on WGN radio with threats and pickets and everything else and you know what, this is America. I have told you before, I will tell you, I will never say the things I do not believe. I’m trying to remember that book. Anyway, there are some things that I will not say. Even if I believe them, I will just not say them because they are just not worth saying. But I will never lie to you. You might look during this period and see on this program that there are some people that have been suspiciously missing from this program that have run the gamut on all kinds of shows. It is because I don’t think that that person has done their homework enough for an hour to be able for me to feel comfortable that, yes, this is accurate. David Freddoso is a guy who has done his homework on Barack Obama and I believe he doesn’t have an axe to grind on this. He is looking for the truth and he would report the truth as he found it, not try to spin the facts. And that’s why we’ve had him on now for an hour and now a second hour, and I wanted to talk to him right away.

David, can we start with the economy with Barack Obama and the difference of what Barack Obama sees in the economy. How is he different than the politics of old as he calls them, the politics of failed policy?

FREDDOSO: Well, I would say and thanks for having me again, Glenn.

GLENN: Sure.

FREDDOSO: I would say that he, on economics he has rose from a typical populist anti free trade sort of position in a higher tax position that pretty much ignores the incentives involved in government tax policy. As you know, when you raise marginal tax rates, you are basically making it more difficult for small businesses. You are creating extra expenses for them and that means that wages tend to go up more slowly and perhaps even people get laid off if you have a major shift upward in the upper marginal rates. Because the people who hire other people are the ones making the large income. That is part of Obama’s tax policy is to raise the top marginal rates.

GLENN: Okay, now wait a minute. Hang on just a second.


GLENN: A lot of people don’t understand, and I know you just explained. A lot of people don’t understand that this is bad. Have you and I know this is past when your book came out but can you document here at all on how Barack Obama has changed his position?


GLENN: on that top marginal rate.

FREDDOSO: Well, you know, he even he went on Stephanopoulos just a couple of weekends ago and when asked about if we go into a recession, would you raise taxes and his answer was, well, maybe not if we go into a recession. So he’s already implying here that he understands raising taxes hurts people but he is willing to do it anyway as long as we’re not in a recession already.

GLENN: And he’s doing it for a reason of what he calls basic fairness.


GLENN: Do you remember when he was go ahead.

FREDDOSO: Of course, you are referring to when he was asked by Charlie Gibson, I believe, about the capital gains tax, and he wants to raise the capital gains tax. He said he wants it to go up to maybe 28%. Right now it’s 15%. When you raise the capital gains tax, historically revenues go down because people engage in fewer transactions when the marginal when the capital gains rate is high. So in fact, every time that rate has been cut, the government revenues have increased and so Charlie Gibson asked him, well, if raising this tax doesn’t actually raise more money for the government, why are you going to do it. And Obama’s answer was fairness. So now we have a government I mean, and this is you could say this is a great indicator of socialism. You have the government trying to make the economy more fair by hurting some people and not helping the others. It’s a kind of laughable situation you could say.