This is a rush transcript from "The Five," November 7, 2012. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: I can't say I was surprised by last night. If there's one thing you count on, it's the feel-good aspect of voting for Obama. That's why he gets a lot of votes. It's like joining a gym, even though you never go, the act itself satisfies, especially if you belong to the Julia army.

Also, it doesn't hurt that many Americans hate Republicans or their media-generated stereotypes. Their distaste for the stingy old white men is as strong as their love for President O.

How does that love persist when the country is a mess? Well, it helps to have friends in low places. The gap when our unlikable reality and our likable president is persevered by a media providing cover for his missteps.

This is why more people know Beyonce than Benghazi. So, it's no surprise he won. As Republican gaffes were amplified, Obama's were ignored. Can they continue to be by even Obama?

I don't see how. Obama has got big, big problems ahead and he's the same place he was before, though he's smaller, dented and warn. The things the media ignored will now make our lives unlivable. Shrinking incomes, rising debt, gas prices, looming battles with emboldened enemies and assorted scandals. Somehow shooting hoops with Scottie Pippen may not be much help.

So, America gave "Captain Cool" another chance to finish the job. So, America owns it. Let's hope that by the time he is finished there's still something left.

KIMBERLY GUILFOYLE, CO-HOST: Tell us how you really feel! Take that.

BOB BECKEL, CO-HOST: That's uplifting message right there.

GUTFELD: No! It's a sober reality.

BECKEL: I don't think it is a sober -- look, the majority of people thought the country was starting to come back and there's a lot of indication the economy is coming back, number one.

Number two, when you say we were doom here for four years, it takes away any possibility. If that's the attitude that Republicans or the conservatives have, we're not going to get anywhere.

GUTFELD: I'm actually very positive about the next four years because I think a Republican loss is a conservative's gain. It reenergizes people. They got to learn from the Democrats. They got to learn how to run a ground game.

BECKEL: Well, that's true. But, look, we had an election. You lost, OK?

GUTFELD: Yes, I know that.

BECKEL: Now, the question is, is there a chance now that in the face of this -- there'll be another election, there'll be a mid-term --

GUTFELD: Yes.

BECKEL: There'll be some corrections along the way. But we simply can't stand pat here and keep arguing with one another about you won't do this, we won't do this, you won't do this. I mean, at some point, somebody has got to govern here.

DANA PERINO, CO-HOST: Can I say something?

GUTFELD: Yes, but govern is gridlock to me. We disagree.

PERINO: That's how our system is set up, for it to not work well.

GUTFELD: Yes.

PERINO: And it ended up working well.

Can I just say something that will back up your point?

GUTFELD: No.

PERINO: Which is the mood of the country, 52 percent of the people thought the country was on the wrong track and a majority of people said that unemployment and rising prices were the most important issues. However, they liked Obama much more than Romney and they thought Obama was in touch with them.

GUTFELD: Yes.

PERINO: So when you talk about feelings versus your brain, that's actually I think that the exit polls back up what you're saying in your monologue.

BECKEL: Let's keep in mind, that right direction, wrong track thing is way, way down from where it was three or four months ago.

PERINO: Yes.

BECKEL: You know, when it was up in 70s.

GUILFOYLE: Bob, but nevertheless, he's going to have to do something. I mean, I really hope he didn't just have Clinton campaign for him -- Clinton and Christie. He needs to actually listen to the American people and do something and come to the center. I'm not taking that back at all.

BECKEL: I think, look, he won here and it's not just him that has to do something. Republicans have to do something as well. This is not a one-way street.

GUILFOYLE: I'm not saying it is. But I think in the past, he has been reluctant to do so. So, I'm hoping that it didn't fall on deaf ears, that he saw what happened with this election. He may have won, because he got Electoral College vote, but when you have half of the country extremely dissatisfied with you, to that extent that the election was that close going up in to it, into election night, that should tell him something.

I hope it's humbling and he listens.

ERIC BOLLING, CO-HOST: Let's call it what it is, Mr. Beckel. Take all your victory laps now and have some fun with it, but what you have now is a four-year lame duck president. And you have a Republican House that's not going to turn over likely in 2014. You have risk in 2014 with the Senate. It may be a different map two years from now. Have fun with it now.

BECKEL: The risk in this next set of election, this is where you should have picked up some seats. And you lost two seats, which is striking to me.

But, look, the fact is you say -- you know, we were saying here, young people -- Andrea was saying that the young people won't come out to vote. They turned up to be a bigger percentage of the electorate than they were the last time around.

We get in to Romney and the Republicans about the Latino vote. But that is -- I mean, at some point, you have to keep in mind that with 72 percent of the electorate being --