This is a rush transcript from "On the Record," August 14, 2012. This copy may not be in its final form and may be updated.
GRETA VAN SUSTEREN, FOX NEWS HOST: Tonight, the VP showdown is sizzling, Republican VP candidate Paul Ryan bursting onto the national political stage, grabbing the spotlight! But then today, Vice President Joe Biden is the one grabbing the spotlight. Did you hear what he said? Well, listen to this.
(BEGIN VIDEO CLIP)
JOSEPH BIDEN, VICE PRESIDENT OF THE UNITED STATES: Romney wants to let -- he said in the first hundred days, he's going to let the big banks once again write their own rules. Unchain Wall Street!
UNIDENTIFIED MALE: Boo!
BIDEN: They're going to put y'all back in chains!
(END VIDEO CLIP)
VAN SUSTEREN: Former vice presidential candidate and Alaska governor Sarah Palin joins us. And there were some groans when Vice President Biden said "back in chains." Your thoughts, Governor Palin.
SARAH PALIN, FOX NEWS CONTRIBUTOR/FORMER ALASKA GOVERNOR: There weren't enough groans and boos when he said such a disgusting comment, really, especially to a demographic there that is -- includes about 48 percent of the community being black Americans.
Greta, if that's not the nail in the coffin, really, the strategists there in the Obama campaign have got to look at a diplomatic way of replacing Joe Biden on the ticket with Hillary. And I don't want to throw out that suggestion and have them actually accept the suggestion because then an Obama-Hillary Clinton ticket would have a darn good chance of winning.
But really, Joe Biden really drags down that ticket.
VAN SUSTEREN: All right, well, what was sort of interesting to me, hailing from this state of Wisconsin, is I keep seeing the "Forward" behind Vice President Biden and that is their campaign slogan, which coincidentally is the motto of the state of Wisconsin going back, if I can remember right from grade school, back into the 1800s.
But anyway, let me go next to -- Governor Romney today came out with a speech, and probably -- according to Carl Cameron, my colleague, this is a much more aggressive speech from Governor Romney than we've been seeing, saying things like about President Obama that he's intellectually exhausted, out of ideas, out of energy, and so his campaign has resorted to diversions and distractions, to demagoguing and defaming others. This is an old game of politics. What's different this year is that the president is taking things to a new low.
You've had a chance to look at the governor's speech. What do you think?
PALIN: I read the transcript, and yes, Greta, I think that Governor Romney now, having spent years, literally, running for president, has really grasped the notion now that this is not a dress rehearsal. This is it. So he has to use these powerful and truthful and accurate words to describe what President Obama is running on and what he is doing to America.
Romney's coming out swinging. This is what we need. I think that Paul Ryan has helped energize Governor Romney. And this is all good for America because we will hear more accurately the state of the union and the state of this campaign.
VAN SUSTEREN: You know, it's -- both sides think the other side is dirtier than himself or herself and this campaign. But it's interesting that no sooner did the -- Governor Romney give that speech than Ben LaBolt, who is the press secretary for the President Obama campaign -- he came out and said, Governor Romney's comments tonight seem unhinged and particularly strange coming at a time when he's pouring tens of millions of dollars into negative ads that are demonstrably false.
It's sort of the "unhinged" and the "particularly strange." I mean, the insults are flying back and forth.
PALIN: Yes, and Joe Biden isn't unhinged today in the words that the said? No, again, Governor Romney is on the right track there and kind of taking some gloves off and saying, Enough is enough of the failed policies of Obama as reflected even by the failed messaging through their campaign. It is a negative, dirty campaign coming from the Obama administration.
There are only two people in this country who have ever had to run against Barack Obama and his machine, and that's John McCain and myself when we ran in '08. I know what this is about. I know how dirty they can get. They continue to be dirty.
And Governor Romney has every right in the world -- in fact, he has a responsibility to take those gloves off, let Americans know what this campaign is all about, his side and Obama's side, and let the voters decide if we want to empower individuals and allow America to grow and into a more prosperous and secure and voluntarily generous nation, or if we want to grow government under Obama -- such a clear, clear choice that we have.
VAN SUSTEREN: But it's -- it's -- you know, we're still at the point, though, where we're not really getting any message out of either one. We have the President Obama's campaign insulting the governor, saying that he seems unhinged. We've got Governor Romney referring to President Obama as having -- as a moral failure. And depending on which side you're on -- I mean, we are locked in an incredible battle of who -- you know, it's almost like a contest who can be dirtier, who can be nastier in some instances.
PALIN: And yet we're not, Greta -- and yet -- and yet we're not absent from an accurate message about how to get the economy back on the right track coming from the Romney campaign. But because the media so willingly protects Barack Obama and his failed policies, it's tough through the filter of the mainstream media to hear that message.
That's why voters need to do their own homework. They can't listen to that 90 percent of the liberal media and expect to hear what the truth is coming out from the White House's messaging and the Obama campaign's messaging about the true state of the union.
But we're not without the solutions and the proposals. Paul Ryan has actually proposed a budget, a pathway to prosperity that anybody can read if voters do their own homework and not rely on their liberal media.
Now, thus far, Barack Obama, because of the lapdogs in the media protecting him and being such experts at distracting the American voter with irrelevant issues that continue to bombard voters -- because of what the media has done to protect Barack Obama thus far, Obama has had to pay no price for his failed policies.
I think that's going to change in these next 80-some days as more and more Americans are deciding, yes, we won't rely on media, we're going to do our own homework and we're going to hear these solutions from Ryan's budget proposals and from Romney's proposals.
VAN SUSTEREN: Well, I do think that the -- that the -- if I were to look at sort of who's been dirtier, I mean, I do find that Senator Harry Reid -- or his sort of anonymous source on the returns, saying he didn't prepare and accusing Governor Romney of killing some woman -- I do find that, you know, just beyond the pale in terms of -- you know, they do win the contest, at least...
PALIN: Name one -- name one prominent Republican who even comes close to what like the Alan Graysons, the Harry Reids, the Joe Bidens come up with and spew to the American public. I can't think of one prominent Republican who talks the way that they talk and certainly wouldn't get away with the way that they talk.
VAN SUSTEREN: All right, well, it's going to be -- it's certainly going to be a lot worse. And let me tell you, we have a campaign flash because this is primary day today, much of the country, and late primary election results coming in from across America.
Two big races getting downright nasty. First in Florida, Representative Connie Mack IV easily winning the Republican Senate primary. He will now face Democratic senator Bill Nelson in November.
And tonight, just seconds after that race was called, the Democratic senatorial campaign committee attacking Representative Mack, saying, "Connie Mack IV cashed in on his family's good name to win a House seat and now he's cashed in for a nomination for a Senate seat. Over the next several weeks, voters will finally have the opportunity to meet the real Connie Mack IV, including a shady past complete with road rage incidents, drunken bar fights and an arrest record."
And now to Connecticut, former wrestling executive Linda McMahon winning that Senate GOP primary. She will face Democratic representative Chris Murphy in November, the DSCC immediately releasing this statement about McMahon -- this was within seconds of that race being called. "Linda McMahon is a greedy CEO who made millions marketing sex and violence to little kids all at the expense of the health and safety of her own employees."
Let's go back to Alaska -- former Alaska governor Sarah Palin. Where -- in the old days, they used to at least congratulate you, let you at least take a bow for a second before they hit you. This was seconds, and one's called greedy and one says road rage and arrests and -- what do you think about all this?
PALIN: Well, the Democrats have in their back pocket all these negative distractions, these distracting messages to spew and try to ram down the voters' throats here, and they'll do that throughout all these primaries as we head into the general.
And they do that because they do want to distract away from the failed policies that the Democrats embrace, where they do want to grow government because they truly believe that government is the solution, is the answer, when you know, most common sense fiscal conservatives, people who work very hard and don't want to be dependent on government, understand that government is the problem.
VAN SUSTEREN: The Republican convention's coming up. We posted on Gretawire the statement that you issued, but I wondered, any sort of second thoughts on whether you'd like to be part of the convention?
PALIN: I am so anxious to hear new voices, to see these new faces. What I said in '08 still stands true today, as I predicted what would happen when Barack Obama had opportunity to fulfill his promise to fundamentally transform America. And we see exactly what is happening. Those statements still stand true, those predictions coming to fruition. So my statement is the same as it was back in '08.