This is a rush transcript from "On the Record," February 22, 2012. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: How did the candidates do? Governor Romney endorser Donald Trump joins us by phone. Good evening, Donald.

DONALD TRUMP, TRUMP ORGANIZATION (Via Telephone): Good evening.

VAN SUSTEREN: All right, I know you like Governor Romney, since you've endorsed him. So let me go to the other three first. Let me go first to Senator Rick Santorum. Did he say anything tonight that changed your view about him, whether or not he would be capable or a good president of the United States?

TRUMP: Well, I think he missed a great opportunity. He was sort of ready to go and he never got it off. And I have to say I really believe -- not because I endorsed him, but I really believe that Mitt Romney had a very, very good night. He was decisive. He was quick. He was sharp. He knew what he was talking about. And I really think he had a great night.

VAN SUSTEREN: Do you think we are at that point, though, in the debates that everyone has chosen his horse, basically, that there's almost nothing that any of the candidates can do to change anything, other than, of course, if there's a huge gaffe, that that might sink someone's ship?

TRUMP: Well, only the big gaffe. And of course, the big gaffe, as you've seen throughout the various debates, can be possible, but only the big gaffe. I mean, we've heard it all. They -- obviously, what they've said, they've said, and they're going to say it a hundred times again. And you wonder how many more times can we listen to this.

But nobody did poorly tonight, but I thought Mitt Romney did great. I thought Newt was very good. And you know, frankly, I really think that Rick missed a great opportunity. People were waiting to see something, and I don't believe they saw it.

VAN SUSTEREN: What were the -- what do you think people are waiting for? What is it that you didn't see?

TRUMP: Well, you didn't see the decisiveness. You didn't see the leadership. You didn't see somebody really getting to Romney, and you know, hurting Romney and hurting what Romney was saying. So I think that, you know, it was a great opportunity that he had. And he certainly didn't do poorly, but he didn't knock it out of the park, and I think he had to. I really think that Mitt actually did, in fact, knock it out of the park.

VAN SUSTEREN: All right, in terms of being decisive, I mean, he was decisive about his view, whether you agree with it or not, on issues like fractured family, Iran, Syria. I mean, he was quite decisive. Is it that you think that he just didn't land a blow on Governor Romney? Is that it?

TRUMP: Not a blow. I mean, there wasn't a blow. It looked like there were some moments where he was about to, and it just never happened. So I would say he certainly did not land a blow.

VAN SUSTEREN: All right, you said that Speaker Gingrich did well. What was it about him that you thought did particularly well? And actually, did your opinion change of him at all in terms of his ability to be a qualified president of United States?

TRUMP: Well, I like him, to start off with. I've always liked him. He's a really good guy and a smart guy and he's a big thinker. And I thought he came across very well tonight.

VAN SUSTEREN: But why?

TRUMP: Well, I thought his thoughts were big. I think he thinks big. I also think he's a natural debater, always has been. He's been really good. I mean, he had the two debates which, frankly, were not like him, which were the ones that were very decisively won by Mitt Romney.

But generally speaking, I think he's a very, very good debater. But I think his thoughts were large and they were good. and I really -- for instance, his thoughts on immigration I think were interesting, good and well delivered.

VAN SUSTEREN: Do you think most people watch these debates looking to see who, quote, "won," in terms of almost like a sporting event, or do you think people are looking for particular ideas or positions at this point?

TRUMP: Well, I think a lot of people are watching to see if there's a train wreck, if you want to know the truth, like an auto race. They say that's not why they go, but that probably is down deep why they go. And there was no train wreck tonight. There wasn't a problem. But I think some did better than others, but I think Mitt Romney really did the best.

VAN SUSTEREN: Do you agree with me on this, that the three -- like, Romney, Santorum and Gingrich are more alike to each other and that Representative Ron Paul is different from them?

TRUMP: Well, Ron Paul's view on Iran having a nuclear weapon I think you -- he lost me completely there, and I think he lost a lot of other people. In fact, you even hear the boos from the audience as he's saying it. Nobody can live with that. And it's just too much. It's too dangerous.

And you know, if we allow that to happen, it's going to be a very rough time when we have to negotiate with them in four years from now, believe me. So something has to be done. And his views on Iran, really, I think a lot of people get lost when he starts talking about Iran. I think it really, really hurts him and his credibility.

VAN SUSTEREN: No one wants to talk about war. We're a little bit war-wearing...

TRUMP: Right.

VAN SUSTEREN: ... having spent years in Afghanistan...

TRUMP: I agree.

VAN SUSTEREN: ... and Iraq. However, I -- you know, it's, like, no - - the three -- - the three men on the stage, with the exception of Congressman Ron Paul, did not think talking was the solution and they did not think that sanctions were working.

So do you think that those three will be taking a military action if they are president of United States against Iran?

TRUMP: Well, certainly, it would sound that way. And I'm not sure that that has to be done immediately because sanctions do have at least an impact, maybe not as major an impact as you'd like.

And you know, it's sort of interesting. If we had the right negotiator right now in office, which we don't, you don't have to go to war. We have all the cards. We have every single card there is, and the right person would get them to the table and get every single thing you'd want without the war.

And look, there's nobody more conservative and there's nobody more, let's say, militaristic than Donald Trump. I can tell you that right now. But you know, you can use that military -- they are in big trouble. You know, Saddam Hussein totally outplayed his hand. He overplayed his hand. Gadhafi overplayed his hand.

They see that in Iran, and you know what? It's going to happen to them unless they come to the table. And if you had the right leader, they would -- you would have them at the table right now without having to waste lives and billions and billions of dollars.

VAN SUSTEREN: All right, so assume that we did have them at the table. What in the world do you think it is that we could offer them to persuade them, to convince them, to scare them or whatever it is, for Iran to step down on a nuclear weapon development?

TRUMP: Survival. It's survival. That's what we offer them. It's pure and simple. A horrible thing to say, it's survival. They won't survive.

I mean, they are in deep trouble if they carry it -- and you know, I've said before I think Obama will go to war with Iran because I think he views it as good politically. And that's pretty sad and it's a pretty sad thing to have to say, but I think he will absolutely go to war with Iran. I think he views that as a positive from a political standpoint. And I think he's just waiting for the right moment.

And I think Iran better be damn careful because they're overplaying their hand, just like Gadhafi and just like Saddam Hussein.

VAN SUSTEREN: You know, Ronald Reagan won the cold war by, you know, basically scaring -- you know, scaring them and...

TRUMP: By toughness, right.

VAN SUSTEREN: Why don't we -- why don't we -- why don't we win that?