This is a rush transcript from "The Five," July 18, 2012. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: Welcome back to "Cats Today."

So, the president is talking business again. Well, he is the expert. I wonder if he said he doesn't want pioneers of outsourcing in the White House, that he wants somebody who believes in in-sourcing.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: I don't want pioneers of outsourcing in the White House. I want someone who believes in in-sourcing. Let's bring those jobs back home. That's why I'm running for a second term as president of the United States.

(END VIDEO CLIP)

GUTFELD: So alike.

So, what is outsourcing exactly? Contracting a business function to a third party. It's kind of like Bob's love life.

But the president whining about outsourcing is like a slob complaining he can't get a date. Outsourcing exists because lefty regulations and unions make it so.

So why is it with the left when it comes to anything anti-business, the message is we're all one world, but when it comes doing business, globalism is evil? If half the world wants to be our sweat shop, what must we do? Demand that we pay them higher wages?

I'm sure Obama's point was researched on a PC made in India, transmitted over an iPhone made in China during a lunch of imported arugula.

What do the Dems have against domestic arugula? I want to know that.

The only way to end outsourcing is make our unionized workers' salaries competitive with cheaper companies. And the only way to really do that is a trade tariffs, i.e. a trade war. And no president wants that.

Look, Apple makes stuff in China so it's sold cheaply here, which means they're going to hire tons of U.S. employees. If you don't see that, you should be deported back to Hawaii.

But I guess when you get a Nobel Prize without any effort, real work is kind of confusing. I wonder where that prize was made? Hmm.

Bob -- outsourcing, evil?

BOB BECKEL, CO-HOST: That outdid Bolling for hyperbole.

GUTFELD: Really?

BECKEL: Yes. First of all, the unionized workers, now workforce is less than

nine percent unionized.

GUTFELD: True.

BECKEL: And just everything you said against globalization, he's been the one and the Democrats have been very strongly for globalization. And the fact of the matter is, we are outsourcing to places like China, which are after us. They produce inferior products. They're killing our kids with bad toys.

GUTFELD: Bob --

BECKEL: We should cut this off.

And why in the world do you think we have to send it overseas to get it done?

KIMBERLY GUILFOYLE, CO-HOST: The iPods are killing people?

BECKEL: You know the expert, if you do have Mitt Romney in the White House, you will have an outsourcer-in-chief, because when he was with Bain until 2003, he did have companies he was restructuring, that did outsource to China.

GUTFELD: Eric, can't we outsource some crazy electric cars?

ERIC BOLLING, CO-HOST: Yes. Outsourced a lot.

First of all, it's 12 percent of the workforce is unionized.

Second of all, why is it with liberals everything that Romney did in his past is relevant, but everything Obama did in his past is irrelevant --

GUILFOYLE: Off-limits?

BOLLING: Whatever.

But we do we have a full shot? Let's find out who the real outsourcer in chief is.

Take a look. Jeffrey Immelt, he sits on the board of President Obama's jobs board, which by the way hasn't met in 100-something fundraising days that President Obama has been fundraising.

Katzenberg is the CEO of DreamWorks who's a bundler for Obama who bundled several million dollars for Obama. Also under the SEC investigation for maybe illegal outsourcing to China.

And then the guy on the right, John Rogers, who heads a hedge fund, whose biggest holding, $48 million, is in Accenture, which was named in 2011 outsourcer of the year.

BECKEL: I'd like to respond.

BOLLING: These people are Obama buddies.