This is a rush transcript from "The Five," November 21, 2012. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST, "THE FIVE": So, according to a new poll, his name is Joseph, 63 percent of college grads think the American dream is dead. I'm surprised he knew what it was. For this dream, once defined by equality of opportunity, has been replaced by the morally superior equality of outcome. So why is that? Well, for the dream to work, you had to get American exceptionalism. After all, there is no Belgian, Mexican or Hawaiian dream. But even our president thought that was academic. Exceptionalism, it's so 'Leave it to Beaver.' See, the dream requires thinking that our system is better. And that's mean. The American dream selfish individualism makes the world mad. So now, exceptionalism as exploitative is coming back. It's never a new idea. It's sprouting from the same leafy campuses that gave us an administration who sees government as the dream's replacement. As young folk are saddled with debt and unemployment, Obama wishes to expand the government's reach, raising taxes on those who spent decades laboring under that old dream. So, how can anyone believe in a dream when our leaders don't? They who look stagnant Europe and say that's better. America may be entering a nationally re-occurring nightmare. And I don't mean the one where Dana and Jasper show up as house guests. Dana, you hate the American dream, so you're happy about this.

DANA PERINO, CO-HOST, "THE FIVE": Yeah, I haven't lived it at all. You can understand why. Sixty percent of recent college grads can't find a job in what they studied, in the profession that they chose, 1.5 million bachelor degree holders under the age of 25 are jobless or unemployed. We already know that over 40 percent live at home with mom and dad. So, you can understand why they are upset about their future. I can see it. I wish that they didn't feel that way, and I think things will turn around. But I bet this poll is correct.

GUTFELD: It's clear you don't care. Bob, is the American dream dead? And should Obama be impeached?

BOB BECKEL, CO-HOST, "THE FIVE": Greg, first of all, can I just say one thing?

KIMBERLY GUILFOYLE, CO-HOST, "THE FIVE": I saw that on the street corner today.

BECKEL: Kimberly's eating. Oh, you ate them all.

GUILFOYLE: I'm hiding it from you.

BECKEL: That's unbelievable. You shouldn't bring that.

GUTFELD: So you agree with me, President Obama should be --

BECKEL: No, I do not agree with that. First of all, you know, I don't know why everyone at this table, I assume, went to liberal arts college, right?

GUTFELD: Right.

BECKEL: Now, is anybody here except for me maybe have questions about America exceptionalism? No. So, you went through it. You went through it fine. There's nothing these kids have to worry about. This is country is going to be, it's number one position in the world. It's going to be fine. And despite all you right-wing nuts scaring people away, they're going to be just fine.

ERIC BOLLING, CO-HOST, "THE FIVE": Did you see you have an issue with American exceptionalism?

BECKEL: I have some. Yeah, I do.

GUILFOYLE: Why?

BOLLING: That's a whole another block. Really?

GUILFOYLE: You definitely can't have my cracker.

BOLLING: If you, you should haven't any problem with American exceptionalism.

BECKEL: Some.

BOLLING: Look where you are. Look at the table you're at.

BECKEL: Look at the table where I am?

(CROSSTALK)

BOLLING: Where else -- what other planet would you -- what other country on the planet would you be sitting at a table like this?

(CROSSTALK)

BOLLING: -- don't ding the American dream, American exceptionalism. I asked my son, 14-years-old. He's a freshman in high school. I go - - do me a favor, Eric, answer this. The American dream is "a," alive, "b," dead, changed, and if it's changed, fill in the blank. He says, Dad, the American dream is changed. It's harder for them, quote/unquote, "dream", to become reality because of the economy and other political issues. And I asked, well, then define the American dream. And he said it's opportunity for success through work.

(CROSSTALK)

GUILFOYLE: I like that.

BOLLING: High school kids are clued in to what the American dream is and they're being fed, you know, this issue --

BECKEL: Let's not use your kid as an example.

BOLLING: Why?

BECKEL: You brainwashed him. You brainwashed him to be a ridiculous Republican.

PERINO: No, that's not true.

GUTFELD: To many, the American dream is you want a Harley and a roll of bills and a 12-pack.

GUILFOYLE: Well, that's available Friday night.

GUTFELD: What is the American dream to you?

GUILFOYLE: To me, the American dream is opportunity. Not of result. But give me a chance to go out there and do something for myself. Yes, I'm going to go get an education; whether you have to apply for the student loans or not, find a way or work three jobs to get it done. That's what you got to do. And try to do better than you did from the last generation. Like my parents, I was the first one to be able to go to school, get a college education. Have those opportunities as a first generation American. If I can do it, just like anyone at this table.

PERINO: Some of the best stories in your life come from the jobs you had at the time. I worked 2:00 a.m. to 6:00 a.m. country music DJ I was in college.

GUILFOYLE: You were a DJ?