• This is a rush transcript from "The Journal Editorial Report," August 23, 2008. This copy may not be in its final form and may be updated.

    PAUL GIGOT, HOST: Welcome to "The Journal Editorial Report."

    I'm Paul Gigot.

    Well, it's official. After weeks of heated speculation, Democratic presidential candidate Barack Obama announced Joe Biden as his running mate today, saying he found in the Delaware senator the rare mix he was looking for in a vice president.

    (BEGIN VIDEO CLIP)

    SEN. BARACK OBAMA, D-ILL., PRESIDENTIAL CANDIDATE: He's an expert on foreign policy, whose heart and values are firmly rooted in the middle class. He's stared down dictators and spoken out for American cops and firefighters. He is uniquely suited to be my partner as we work to put our country back on track.

    (END VIDEO CLIP)

    GIGOT: Joining the panel this week, Wall Street Journal Editorial Board member Jason Riley; OpinionJournal.com columnist John Fund; deputy taste editor Naomi Schaefer Riley; and Washington columnist Kim Strassel.

    John, 36 years in the Senate, Joe Biden, chairman of the Judiciary Committee in the past, now Foreign Relations Committee chairman.

    What does he bring to the ticket? Because I don't think it's change.

    JOHN FUND, OPINIONJOURNAL.COM: No, but he reassures a lot of voters in a time of international crisis that Barack Obama will have an adviser he can count on. He also brings a practiced attack dog to the ticket.

    GIGOT: He's good at it.

    FUND: Just ask Robert Bork, just ask Sam Alito, and Sam Alito's wife, too. Then he also brings to the ticket Catholic social values. And you'll see him doing a lot of that, appealing, frankly, to the base of the Democratic Party.

    GIGOT: Yes.

    Jason, I think he just filled a gaping hole on his resume, and I think he deserves some credit for addressing that.

    JASON RILEY, WALL STREET JOURNAL EDITORIAL BOARD MEMBER: It's a very shrewd pick, I think. I think Obama wanted to pick someone who reinforced his message of change, but the polls kept telling him he needed to pick someone with experience. So he did.

    The irony here though is that Obama spent the last couple years telling people, you know, experience isn't everything, it's all about judgment. Then he goes and taps the guy who is known for his experience and voted for the war.

    GIGOT: Is this the Dick Cheney pick for Barack Obama, George W. Bush from 2000, that person who's going to reassure the electorate with a presidential candidate who's a rookie?

    NAOMI SCHAEFER RILEY, WALL STREET JOURNAL DEPUTY TASTE EDITOR: Yes, I think he absolutely is. I mean, I think Joe Biden sort of says stability to people.

    I mean, you know, maybe you don't — a lot of people don't like the fact that he's been in the Senate more than 30 years, but, you know, you can't blame the man. I mean, he's decided what he wants to do. And I think John is right about the Catholic theme, too. I think you're going to hear a lot about how he attends church every week, about how he's been a very faithful religious person his whole life.