This is a rush transcript from "The Five," August 29, 2012. This copy may not be in its final form and may be updated.
BOB BECKEL, CO-HOST: Late show host David Letterman actually used to be a pretty good liberal. He's gotten a little soft now. He debuted a new segment about Romneys. And Mitt Romney and his wife Ann. Take a look at the first one. Very, very weak I thought.
(BEGIN VIDEO CLIP)
DAVID LETTERMAN, COMEDIAN: The segment is called Ann and Mitt Romney lies. Lies. OK. Roll it.
CHRIS WALLACE, 'FOX NEWS SUNDAY' ANCHOR: Do you go to grocery store?
MITT ROMNEY, PRESIDENTIAL CANDIDATE: Yes.
ANN ROMNEY: I noticed he was doing the laundry last night.
A. ROMNEY: Mitt ironed his own shirt this morning.
A. ROMNEY: We both like Costco.
M. ROMNEY: Ann got me three packs of shirts from Costco. They're nice shirts.
A. ROMNEY: He's wearing them all the time now.
(END VIDEO CLIP)
BECKEL: Well, um --
BECKEL: I don't know what to believe here. That idea that Mitt Romney wears Costco shirts, give me a break!
GREG GUTFELD, CO-HOST: Well, you don't know that, Bob.
BECKEL: I look at the back of his shirt.
GUTFELD: Can I see the debt clock again, please? Show me the debt clock. Where is it? This is the number of viewers that Letterman has been losing to Jimmy Fallon.
This guy is a scoundrel. He cheated on his wife and the only reason he talked about it is he was being blackmailed. He's a dirt bag. Calling Mitt Romney a liar.
DANA PERINO, CO-HOST: I don't want to hear it from the White House or the Obama campaign that they have a spending deficit, that they are not going to raise as much money. They have in-kind contributions every night on shows like this.
BOLLING: Is he still on TV?
BECKEL: I don't know. Listen, I --
BOLLING: He can't be funny anymore.
GUTFELD: I loved him.
BECKEL: You know, I think on a serious note, you have to be careful when it comes to an election. Comedians place for comedians in presidential politics. It's not this close to the election. The issues are too big.
GUTFELD: I disagree. You should.
BECKEL: I hear Republican comedians trying to make jokes. You, for example.
GUTFELD: Name one.
BECKEL: Some of the dumber ones I've heard, except the ones you make about Dana. I mean, I just -- look, Letterman is Letterman. He's a liberal Democrat. He's going to make fun of Romney. I'm going to make fun of Romney.
GUTFELD: No, but you just contradicted yourself.
PERINO: If he were funny it would be one thing. Instead, he is doing a DNC ad for Obama against Romney on his show. It's not funny.
GUTFELD: He used to be so funny.
BECKEL: That's a real trouble to follow up on the ad for the Obama administration.
KIMBERLY GUILFOYLE, CO-HOST: Where are you going?
BECKEL: So I'll do this.
"One More Thing" is next!
GUILFOYLE: You're so, oh my God --
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