• With: Bill Kristol, Erin Billings, Charles Krauthammer

    BILLINGS: Two huge figures.

    WALLACE: Well, actually, I think they're batting .500. In any case, I know you thought, Bill, that the most underreported story was LeBron James. But other than that?

    KRISTOL: Other than that giant, LeBron James. Last night in Portland, Oregon, Vice President Joe Biden went to a fundraiser for freshman Democratic congressman named Kurt Schraeder who has been a bitter critic of the war of Afghanistan and voted to cut off funding to the troops.

    And Vice President Joe Biden serves under President Obama who committed troops to Afghanistan and made a big deal about winning the war there, said to Congressman Schraeder "I encourage you, old buddy, to speak out." It's really wonderful that the vice president encouraging undermining of the president's war policy.

    WALLACE: Subject two, the Obama administration went to court in Louisiana this week for the second time, now trying to reinstate the six- month moratorium on deepwater drilling which was thrown out by another court. They failed again, roundly and very swiftly rebuffed. Your thoughts?

    KRAUTHAMMER: It's being delayed -- the hearing will be delayed until the end of August. If you do the calculations, in the end, the moratorium will expire by the time the government has lost all of its appeal.

    So in other words the government will win because the moratorium will remain in place, and essentially no one will be drilling knowing that another hearing is coming up.

    WALLACE: Erin?

    BILLINGS: I agree. I think it's kind of a moot point. I don't think any of the companies are anxious to start doing any deepwater drilling in the Gulf given the circumstances, given what is going on. So I'm not sure if the moratorium really matters at this point.

    WALLACE: It is stunning that it's been defeated by two judges so quickly and so roundly and strongly, vociferously.

    KRISTOL: A lot of companies do want to keep drilling in the Gulf and a lot of workers want to work there, and we're losing jobs as a result of this. Obama administration general attitude towards contract and rules and regulations is there is an oil spill, we want to change everything, so we'll declare a moratorium.

    You really don't have the authority to do that unless there is a law that permits you to, and it turns out in this case a federal judge says there isn't.

    WALLACE: Finally --

    KRAUTHAMMER: Unless appeals are exhausted no one will drill.

    WALLACE: Finally, we can't ignore what was the biggest story this week and I made reference to it before, and that was the decision of LeBron James, where to play basketball and be paid tens of millions of dollars. It certainly was the biggest story in terms of public interest.

    Starting with you, Bill, what do you make with the spectacle and the fascination -- it was the biggest story and most watched television show last night on cable or broadcast, and what do you make of his choice?

    KRISTOL: It wasn't watched by me, so I'm out of touch once again with the American public. I root against the Miami Heat like I do against the Yankees and all these teams who try to buy up all the talent.

    WALLACE: That's it?

    KRISTOL: That's it.

    (LAUGHTER)

    WALLACE: What do you make of the fact we cared about it so much?

    KRISTOL: Basketball is a popular sport and one of the two greatest basketball players playing today. And there is suspense. And I guess people didn't have much else to do last night.

    WALLACE: Erin?

    BILLINGS: Sports is business but it's also emotional. You know, everybody likes to have someone to hate and everyone likes to have someone to love. Clearly people in Cleveland, they got someone to hate right now.

    KRAUTHAMMER: Look, LeBron is not the first man to abandon his high school sweetheart in favor of a comely model walking down South Beach. But he is the first to announce in a prime-time special on television.

    So my advice is to follow Paul Simon's advice in "50 Ways to Leave Your Lover": "Slip out the back, Jack; leave the key, Lee; don't be coy, Roy, get yourself free."

    He won't be hated if he does that.

    WALLACE: Well, incidentally, the owner of the Cleveland Cavaliers roasted him, roasted him.