"The far left media is going crazy because Colorado University professor Ward Churchill is behind held accountable for comparing Americans killed on 9/11 to the Nazi killer Adolf Eichmann. Washington Post columnist Richard Cohen actually described Factor viewers as "deranged." Can you believe the arrogance and nerve of this man? In his eyes, anyone watching this program right now is unbalanced. But this isn't about Ward Churchill or freedom of speech--this is about a power shift in the media. Cohen's a phony who couldn't care less about Churchill. But he does care about his declining position and the fact that Fox News can now influence what happens in this country. Cohen hates the fact that his progressive cabal no longer sets the media agenda, and can no longer ram their views down the throats of Americans without challenge. We invited Richard Cohen to come on The Factor, but guess what? He chickened out."

Transcript: FoxNews.com

Guest: Norman Siegel, former ACLU official

The American Civil Liberties Union is demanding all government documents and photographs concerning the interrogation of suspected terrorists. The Factor suggested the ACLU's true goal is to embarrass the Bush administration. But Norman Siegel, former director of the New York ACLU responded, "It's about freedom of information and the rule of law. The presumption is that we the people have the right to know what the government is doing in our name." Shannon Goessling of the Southeastern Legal Foundation had a different take. "This is all about politics," she claimed. "The ACLU and the liberal organizations are attacking President Bush at every turn. They attack his cabinet appointments, his judicial nominations, and now this, which is a national security risk. If one person dies because of this, the blood is going to be on the hands of the ACLU."

Guest: Fox News analyst Dick Morris

President Bush's State of the Union address set the stage for a political war over the President's plan to partially privatize Social Security. Fox News analyst Dick Morris predicted the battle will be no contest. "This fight will be won by the Muhammad Ali of American politics, George Bush. He's structuring a program based on choice and alternatives, letting people make their own decisions." The Factor argued that changing Social Security will be far more difficult than Morris suggested. "There's going to be a vicious war because the Democrats feel they can win this."

Guest: Shawn Tully, Fortune Magazine

President Bush's plan would give younger workers the option of diverting a portion of their retirement funds into private accounts. Fortune Magazine's Shawn Tully told The Factor England's experiment with partial privatization was a debacle, but that doesn't mean it wouldn't work in America. "The British government ended up in a scandal and had to repay billions of dollars. It was a terribly misconceived plan, and it's hard to imagine anything here will be that poorly planned." Tully said economic projections and America's aging population fully support President Bush's contention that Social Security is approaching a crisis.

Guest: Fox News correspondent Carol McKinley

UPDATE! Colorado University's Board of Regents is weighing the fate of Ward Churchill, the professor who praised the 9/11 terrorists and scorned their victims. "The board is under a lot of pressure," Fox News correspondent Carol McKinley reported from Colorado, "because this has erupted into a national firestorm that has put Colorado University on its heels. The state legislature has voted to denounce Ward Churchill, but the board can't do anything until Churchill presents his case." The Factor reiterated its position that Ward Churchill should not be fired, which The Factor feels would turn him a political martyr.

Guest: Elliot Cohen, Johns Hopkins University

The Iraq election was an unqualified success, but the Bush administration still faces serious difficulties in that country. Elliot Cohen of John Hopkins University wrote that today's problems are a direct result of poor planning. "The expectations were," Cohen said, "that when we overthrew the regime, we'd have a functioning secular society. There were no plans for dealing with the kind of mess Iraq had become." Nevertheless, Cohen predicted America's action in Iraq can still have a good ending. "I am cautiously optimistic. The election was an extraordinary event, and we've corrected a lot of the mistakes. But the lesson is that we shouldn't deceive ourselves with happy talk."

Guest: Charles Gasparino, Newsweek Magazine

Newsweek's Charles Gasparino has written a book dealing with the greedier side of Wall Street. He explained how the New York Stock Exchange justified paying $225 million to its former boss Dick Grasso. "He was very good at his job," Gasparino said. "There was a period of time when people thought the New York Stock Exchange was going to go out of business, and Dick Grasso saved the exchange." Gasparino said the Grasso episode is more evidence that Wall Street is unaccountable and not a place for small investors. "It's completely rigged. I don't believe individuals should be buying stock because Wall Street is so conflicted. When they tell you to buy a stock the chances are they have some secret relationship with that company. And we lose money."