BECK: A man who I thought I would never say -- well, I better -- I should probably define this. I was going to say a guy I never thought I would say is a friend of mine, Bill O'Reilly, is on the phone. But I don't know if I can really classify Bill as a friend because he's never going to have me over to the house. Never. Is he there? Is he on the phone? Bill?

BILL: Yeah, I hate you.

BECK: See, now, that's just a lie. You don't hate me. But you're never going to have me over.

BILL: Why not?

BECK: Come on, Bill? You really think there's a point in your life I've gone I just want to hang out with Glenn?

BILL: I don't know. I guess I could reach that point. I'm getting older.

(Laughter].

BECK: No. Like maybe I can ask Glenn to take care of me in my old age and feed me peas.

BILL: As your memory dims you're sitting there, watching the soaps in the afternoon, your standards drop a little bit.

BECK: The one thing, when we first had dinner, we went -- my wife sat next to you at, what was that horrible -- the Correspondents dinner in Washington. We sat there and I didn't really know you. And you talked about how you were a collector of things from the founders and autographs from the presidents, all the presidents. And you talked about having an original letter from George Washington.

BILL: Yes.

BECK: I guess -- I guess this is why you don't have me as a friend. Do you mind if we talk about this?

BILL: No, I've written in "Bold Freshness" that one of my hobbies is documenting American history. So when I talk about it I know what I'm talking about. I don't want to read Howard Zinn telling me what happened because it's just a bunch of bull. I'd much rather go to the people themselves. Now that I have some money and some resources, I'm able to do that. The Washington letter I have, very interesting letter. It's written to his top spy. Washington's at Valley Forge. And he's waiting -- this is in 1778, in the spring of 1778. And he writes to his spy, Major Clough who is in Philadelphia, keeping an eye on General Howe. And word gets back to Washington that Howe's about to pull his troops out of Philadelphia, because they need more strength up in the New York area. So I have a letter that Washington writes to Clough and it says: As soon as Howe pulls out, you are to come directly here to Valley Forge, tell me how many troops he left with and what direction they're going in. But you under no circumstances are to enter the city of Philadelphia with any forces. Because Clough had some forces outside in Jersey, South Jersey, ready to go in and occupy. But Washington didn't want that, because he feared that the colonists would start hanging Tories and people who had collaborated with Howe and he didn't want any of that. One of the things I admired most about Washington, consistently, he would order his generals never to take any reprisals against not only Tories, people that sided with the British, but the British themselves. I have a letter from Horatio Gates, the second in command under Washington telling, after the Battle of Bunker Hill, telling the commander there: Do not molest any of the captured marines. That's the quote. Do not molest any of the captured marines by order of His Excellency General Washington. You can imagine how angry people were in New England, the British in Boston brutalizing, by the way, Bostonians. He didn't want any of that. When you see that kind of stuff -- I have a bunch of Lincoln stuff that indicates his state of mind, you know --

BECK: While I take some of my extra money and I buy food, you're going to be eating old documents.

BILL: Yeah, but I want your audience to picture me and you on television. You need a lot more food than I do.

BECK: See, I mean I can get this from anybody.

PAT: Was that a fat joke?

BECK: I can get this from you Pat. I don't need to get this from Bill O'Reilly.

BILL: Trying to put this thing into some kind of perspective.

BECK: Let me ask you this, Bill, because you and I agree on an awful lot. And I think you're a very, very smart man. Mainly because you really know history. But you are just I mean in the dark doesn't -- you've been sucked into a black hole when it comes to Marxists in the White House and the economy.

BILL: Who broke the Posner story this week? Come on? Who broke the Posner story?

BECK: The State Department guy?

BILL: Yeah.

BECK: Okay. There's one.

BILL: Come on. Here's the difference between you and me. So your radio audience knows. You break the Van Jones story, right? Okay. But then you extrapolate that all the people working for the Obamas are like Van Jones or sympathizers.

BECK: Sympathizers. I don't extrapolate. I play their videos.

BILL: You're entitled to your belief. You may be absolutely right.

BECK: That's a huge step. A year ago you never would have said that.

BILL: That's not true. You might be right about it. Most of the Obama administration might sympathize with Van Jones. You're speculating about that you can't prove it.

BECK: Yes, I can I've got them on tape. I have them on tape. I have them on tape saying we know that the capitalist system is dead. We know that the free market is a joke and.

BILL: You don't have everyone on tape. You have a few cranks. Let me explain it to your audience. What you do is that you assess the Obama Administration based upon the evidence that comes across your desk.

BECK: Yes.

BILL: Which is what you should do. That's why you're successful in radio and TV. So you're assessing the Obama Administration. But that assessment, after you present some of the facts, is largely speculative because you take it four or five steps down the road. I don't do that because I can't do that. What I do is take case-by-case. So I find out about this nut Posner, all right, who says to the Chinese -- the Chinese didn't even want to talk about it, by the way. They were having burgers and fries, they were happy. But president, hey, before we get to the concentration camps that you have and putting bullets into people's heads before they get across your border, brutalizing Tibet, before we get to any of that how about our Arizona law? Aren't we discriminatory? That's what this nut Posner did. And he admits it. We brought it up early and often. They didn't bring it up. We did. So he's a kook, right? And this is an Assistant Secretary of State. Okay. Then I investigate Posner. What do I find out? He's as far left as you can get. A George Sorros puppet. Sued Donald Rumsfeld for torture. You can't even imagine how far left this guy is.

BECK: Yes, I can. Probably a Van Jones sympathizer.

BILL: Right. Right. So what is this guy Posner doing negotiating with the Chinese? Why don't we get Raul Castro?

BECK: Here's the difference. Here's the difference between you and me. You'll take that evidence and then you just say it's that guy and that guy and that guy and that guy.

BILL: I go further than that. But I asked the question, "What's he doing there?"

BECK: That's all I asked.

BILL: No, no, you go "They're all communists."

BECK: No, I never do that they're not all communists.

BILL: I'm glad to hear that. Because I was worried. I was starting to believe you. I thought they might all be communists.

BECK: They might be. You might be right on that one, Bill. You might be right on that.

PAT: A year ago you wouldn't have said that, would you, Glenn.

BECK: No, a year ago I wouldn't have said that.

PAT: Bill's really brought you around. They all might be communists.

BILL: The difference is my analysis is micro and yours is macro.

BECK: Yes. I agree with that.

BILL: That's what we do. Now, is Hillary Clinton a communist? I don't know. I want to know and I'll find out tomorrow.

BECK: I never said she is. She is a --

BILL: Why would she hire this crank?

BECK: Because I don't think that they're really the ones that are putting it all -- and I know --

BILL: Hillary Clinton had to okay this hire.

BECK: She's in the Center for American progress. They're Sorros people.

BILL: Why would Hillary Clinton okay a spy?

BECK: Because she's a Sorros people.

BILL: Hillary Clinton is responsible for who's working for her.

BECK: Absolutely.

BILL: And tomorrow we've got the State Department spokesman, P.J. Crowley, on "The Factor" and I'm going to grill him and I'm going to say: Why is this guy in there? What is he doing there? But I'm not going to say to P.J. Crowley, "Hey, you Marxist." I'm not going to do that.

BECK: I never say that. Because they would never come on my show. But I would never say, "Hey, you Marxist."

BILL: But I'm not going to even get into the macro.

BECK: That's the difference. Here's the difference. And there's nothing wrong with what you do or nothing wrong with what I do. What I do is my job, as I see it, is to put the puzzle pieces together. Say you've got this guy, this guy, this guy.

BILL: I have never objected to that, Beck. I mock you, but I never object. But my job is a much more targeted thing.

BECK: Now, hang on, let me ask you this: You also have said that I was crazy, and I've noticed a huge change in you when I said this a year ago. This is before we really knew each other, and you did think I was crazy, now you just think I'm well-medicated: The economy. You are now -- you've got a much different view on the economy, because now, as you say, the stats are in. I was looking at the pieces. You're looking at the stats. And the states are coming in and you're seeing it. The Dow is down 271 points today already.

BILL: Right.

BECK: What do you think is coming, Bill?

BILL: I don't know. I mean, I can't, with any certainty, advise anyone economically. I can tell you what I'm doing, and that is I'm buying beat-up stocks right now. Not a lot. Not a lot. But certain stocks that I believe certain companies that are well-run and have a future in the marketplace, I'm buying them now. Because they're getting -- everybody's getting the hell kicked out of them. So I'm not an Armageddon guy.

BECK: I know. I am. I'm looking for the mountains to split.

BILL: I feel that Europe is a huge problem. But I also believe that the market's going to factor in starting soon, that November is going to be a very, very bad month for democrats and President Obama. If it is, if November 10 turns out to be Armageddon for the democrats, then the market will factor in Obama's defeat in 12.

BECK: We have to break. Do you think it's possible that the Euro goes away? Collapses?

BILL: No, Germany will prop those people up. Just like we're propping up some of our --

BECK: Who will prop up Germany?

BILL: We will.

BECK: Who will prop us up?

BILL: China.

PAT: Then who props up China? This ends somewhere.

BECK: Bill, we're going to be out on the Bold Fresh Tour, I'm telling you you will love the Bold Fresh Tour because Bill and I we do disagree with each other, but it's the kind of disagreement you should have. It's a respectful disagreement. And he's wildly intelligent and my intelligence goes without saying.

BILL: Father's day, great gifts. Westbury, Long Island, almost sold out already. St. Louis, Columbus, 18th of June, you better get your tickets. No whining if you don't because they're going fast.

BECK: July 31st, Westbury, New York. St. Louis on June 19th, Columbus, Ohio on June 18th. Tickets are on sale now. Boldfreshtour.com. Find out the details for Father's Day.

BILL: Happy Father's Day. It's not Father's Day yet, but I will wish you one. See you then.

PAT: You got him to admit it's a domino effect, and we're going to think --

BECK: I think that Bill is -- he's not a head-in-the-sand guy. I thought he was. But he's not a head-in-the-sand guy. He's just a measured, very measured.

PAT: He's a we'll deal with it, when we have the evidence, when I see Germany fall and then us fall, and China falls.

BECK: Look at how far he's moved.