WILLIAMS: So and it is the driving narrative right now of this campaign. So in that sense it puts Romney on the defensive. At least that even if you say you think it's a distraction from the big ticket item the economy, there is no question. This has put Mitt Romney on the defensive. I see Republicans who are now saying why isn't Romney doing a better job of fighting back?

SALTSMAN: Well, I think we're going to see Romney start pushing back on this. Look, I think Mitt Romney is a pretty impressive guy. But there is no way he could have left Boston to run the Salt Lake City and run the Olympics and run Bain Capital. Look it's pretty normal for a CEO or a stockholder to leave a business and go do something else and then receive income from that business several years out, passive income.

That doesn't mean he was running it, it doesn't mean he was calling the shots. He was just receiving passive income from investments he had done many years before. It's pretty normal business, actually.

And I think Romney people have got to come back and push back him on this hard and get control of this narrative.

WILLIAMS: Gentlemen let's take a quick listen to what President Obama says was the biggest mistake of his first term.

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: The mistake of my first term, a couple of years was thinking that this job was just about getting the policy right and that's important. But you know, the nature of this office is also to tell a story to the American people that gives them a sense of unity and purpose and optimism and especially during tough times.

(END VIDEO CLIP)

WILLIAMS: Bernard is that right, the only mistake he made is how to tell the story? Come on that's unbelievable.

WHITMAN: What he said was -- what he said was the biggest mistake he made. And frankly he got it right on policy and here is why -- and here is why I think he's right that he hasn't properly communicate to the American people.

The truth is and the facts are we've had 28 straight months of job growth, 4.4 million jobs including 500,000 manufacturing jobs.

WILLIAMS: Yes but we also have 8.2 percent unemployment.

WHITMAN: Understood.

WILLIAMS: And we have an economy that's very slow to recovering. He was saying that the biggest mistake he made was story telling?

WHITMAN: But -- but what, no but the American people do not understand all the benefits that this President has brought. For example, I don't think most people know that he is responsible for Americans saving $5.5 billion a year in credit card fees. He is responsible for seniors. Hold on -- save $3.5 billion. It's true you don't want to hear the truth.

(CROSSTALK)

WILLIAMS: No, I heard it, I've heard. Chip, Chip, do you think story- telling is the big problem of the first four years of Barack Obama?

SALTSMAN: Well, he certainly has told some big stories over the last four years, there's no question. I think he has made a lot more mistakes than that.

WILLIAMS: All right, gentlemen thank you both very much.

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