This is a rush transcript from "The Five," July 2, 2012. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: So, folks on the left and in the media -- same thing, really -- say the "Fast and Furious" scandal is motivated by partisanship and hatred for President Obama. I can see why. For some people, they might be right. But if that perspective holds true, then so does the reverse that the casual dismissal of "Fast and Furious" is also political, motivated by partisanship and a love for President Obama.

So, politics is behind the pursuit of truth for the Terry family, but also behind distancing from the truth, who side should it be on?

It seems to me that after the accusation of political patty cake are played out, you are left with a dead American and scores of dead Mexicans, all due to arming criminals. Partisanship on either side doesn't change any of that. But only one kind can answer for it.

So, if I were to pick a side, knowing both sides are political, why not go with the one that seeks to answer the question desired by grieving family? Being politically motivated to say it's not a big deal doesn't hold.

So, where are Woodward and Bernstein? Tell someone to call Martha's Vineyard and tell them to put down spritzers and step up. If Bush had done this, they'd be trying him in The Hague by now.

Bob, aren't --

(CROSSTALK)

ERIC BOLLING, CO-HOST: That was very confusing.

GUTFELD: What?

BOLLING: I was having a hard time following.

GUTFELD: What's wrong? What I'm saying is, right now, they are saying that -- they are saying if you were pursing "Fast and Furious," it's political. Not pursuing is political. That's the point.

Should I just have said that and skipped the monologue?

KIMBERLY GUILFOYLE, CO-HOST: It was a little verbose. But I don't want to --

GUTFELD: Maybe it was just over your head, Kimberly.

GUILFOYLE: Oh, believe me, I got it all.

GUTFELD: I'm out of here. I'm so gone.

DANA PERINO, CO-HOST: I followed it.

GUTFELD: Oh, you did? Oh, good. Dana, tell me how good it was.

PERINO: That was one of the best monologues I've ever seen.

GUILFOYLE: Even Jasper liked it.

GUTFELD: That's $4 right there.

Bob, you followed me, right?

BOB BECKEL, CO-HOST: I certainly did.

GUTFELD: What did you make of it?

BECKEL: I thought it was political.

GUTFELD: It was political. There you go.

BECKEL: I don't -- frankly, this being the last show in America still following the story.

GUTFELD: But that's my point.

BECKEL: You know, you made this story -- this story now has come down to justice for one family, of a tragedy. I don't remember the media pursuing the tragedy of all of those people killed in Iraq who died under circumstances who never should have happened.

PERINO: What are you talking about?

BECKEL: I'm saying that the people who were killed in Iraq were killed for a war they didn't need to --

PERINO: And you don't think the media covered that every single day all day long?

BECKEL: I don't think they made it dependant on one person's name, after another person's name --

GUTFELD: Oh, my God. At Huffington Post, it was a drip, drip, drip of horrifying numbers.

BECKEL: Was it in the Wall Street Journal?

PERINO: Of course.

GUTFELD: It was everywhere.

BECKEL: They all -- the Wall Street Journal agreed that it was illegal war and we shouldn't have people die?