1. The beast coming out of the waters: Identified as Rome. The Roman Catholic have the identity of the beast coming out of the waters. The head wounded but later recovered was when the King of Rome unseated the Pope for a short period of time but later the Pope took back the office. This beast was speaking blasphemous things like the Pope claiming to have the power to forgive sins and claiming to be God. This beast also persecuted the saints that refuse to abide by its pagan dictates. 

2. The beast coming out from the earth: Identified as America. It has two horns like a lamb and spoke like a dragon. Two horns like a lamb represent somewhat Christian values like the separation of the government and religion. Note that the beast doesn't own a crown which means it's not a Monarchy but a democracy. Then later this same beast will begin to speak like a dragon - it will make people worship the first beast whose wound was healed, it will persecute the Saints and also initiate the mark of the beast.