• This is a rush transcript from "The Journal Editorial Report," November 21, 2009. This copy may not be in its final form and may be updated.

    STUART VARNEY, FOX GUEST HOST: This week on the "Journal Editorial Report," Sarah Palin's re-launch. The former Alaska Governor reemerges on the national stage to mixed reviews. We'll have ours.

    And a double-dip recession? President Obama says it's a risk with rising debt. So why is there talk of another multi-billion dollar stimulus?

    And Copenhagen's collapse, Kyoto 2 goes bust. As world powers admit that no treaty will come from next week's climate change conference. Has the global warming movement peaked?

    Hello everyone, welcome to the "Journal Editorial Report." I'm Stuart Varney, in this week for Paul Gigot.

    First up, the re-launch of Sarah Palin. The former Alaskan governor and vice presidential candidate launched a nationwide book tour this week. Fans hope it's the stop of the 2012 presidential contest. But whether or not she runs, Palin's populous appeal gives her enormous influence within the Republican Party.

    Though she says the White House is not on her radar screen right now, she told to FOX's Bill O'Reilly, she thinks she has what it takes.

    (BEGIN VIDEO CLIP)

    BILL O'REILLY, HOST, "THE O'REILLY FACTOR": Do you believe that you are capable, could do the job of the president of the United States?

    SARAH PALIN, (R), FORMER ALASKA GOVERNOR & VICE PRESIDENTIAL CANDIDATE: I believe that I am, but that's not to say that I'm putting myself out there to campaign or anything else.

    O'REILLY: No, it's not to say that. But you believe that you're smart enough, incisive enough, intellectual enough to handle the most powerful job in the world? Do you believe that?

    PALIN: I believe that I am, because I have common sense. And I have, I believe, the values that are reflective of so many other American values.

    (END VIDEO CLIP)

    VARNEY: Joining the panel this week, "Wall Street Journal" editorial board member, Jason Riley; assistant editorial page editor, James Freeman; and Washington columnist, Kim Strassel.

    Jason, to you first.

    Do you think that Sarah Palin now looks presidential?

    (LAUGHTER)

    JASON RILEY, EDITORIAL BOARD MEMBER: Well, I'm less concerned about her qualifications per se for being president, and more interested in the question of whether she's the right person to beat Barack Obama in 2012. If, as we're told by the pollsters, Republicans need to win back these Independent voters, that they lost to Obama last year, is she the right person to do that? And we don't have a huge sample here to go by, but we do have the elections earlier this month. We had two Republican gubernatorial candidates, one in New Jersey and one in Virginia, who both won. Both of them asked Sarah Palin not to campaign for them.

    VARNEY: You go to answer your own question. Is she the right person to beat Barack Obama in 2012?

    RILEY: I'm doubtful.