• With: Herman Cain, GOP presidential candidate

    This is a rush transcript from "Your World," October 5, 2011. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST OF “YOUR WORLD”: Cain rising. There’s a brand-new poll out today you might have heard something about that Herman Cain, yes, Herman Cain, is tied with Mitt Romney for first place among Republicans vying for the presidency of the United States. Texas Governor Rick Perry coming in at 12, but is all this momentum too much to keep up?

    (BEGIN VIDEOTAPE)

    CAVUTO: Do you worry that the bubble bursts?

    HERMAN CAIN (R), PRESIDENTIAL CANDIDATE: No. And here’s why. Let’s start with that Florida straw poll. It sent two real clear messages.

    Number one, the voice of the people is more powerful than the voice of the establishment media. You and I both know that the mainstream establishment media was trying to make it into a two person race, governor against governor. That’s all we heard about for about...

    CAVUTO: It was all Mitt Romney and Rick Perry.

    CAIN: Romney and Perry. That’s all -- it was dominated for two weeks.

    Then, the week of the debate, Romney and Perry, then we went to Florida, trying to influence the outcome of the debate. They spent a considerable amount of money.

    We rented a bus, went all over the state and talked to people, laying out...

    CAVUTO: It looked like a very nice bus.

    CAIN: It is a very nice bus, OK?

    I know how to go in style with buses.

    CAVUTO: All right.

    CAIN: All right?

    We rented a bus, went all over the state talking to people, saying here’s what I would do relative to the economy, 999. We’ll come back to that.

    Here’s what I would do about solving Social Security instead of talking about we need to do something for it. Here’s what I believe we need to do on illegal immigration. Here’s the approach that I think we need to use for foreign policy.

    I’m giving people specific solutions to problems and it’s resonating because they all are based upon my common sense approach. That’s what I believe is happening.

    The other thing that happened in Florida is that I didn’t just wait until debate week to go down, I have been speaking in Florida since last fall, Lincoln Day Dinners, rallies, Americans for Prosperity rallies all over the state.

    CAVUTO: Yes, but back then, they thought you were sort of this anomaly...

    CAIN: They thought I was...

    CAVUTO: ... this sort of sensation.

    CAIN: Exactly.

    CAVUTO: But now, something has changed.

    CAIN: Yes.

    CAVUTO: I don’t know whether it started with the 999 Statement or the fact that you were direct and you -- you didn’t, you know, fumble in -- in these debates, as did Rick Perry.

    What has happened to him, though, because his loss has been your gain?

    CAIN: You are right. The debates have been my friend. I mean even in the ones that I personally didn’t believe that I did as well as some others; overall, I have had a solid performance. I have been able to answer the questions and deliver something specific in almost every answer.

    And people are starting to see that.

    Here’s what I observed with Governor Perry. I don’t think he took the debates seriously, in all honesty. When you go to the second debate and you’ve been talking about your jobs record in Texas and then when Bret Baier says, well, what’s your national jobs plan, that’s the biggest domestic issue we have.

    And to have a response, well, I don’t have one yet, we’re working on it, is not good enough for the American people.

    I put my plan...

    CAVUTO: Do you think he’s finished?

    CAIN: Now, I wouldn’t say that. But it is going to be very difficult for him to overcome the fall that he has experienced because of a lot of controversy relative to providing in-state tuition for children of illegals. Conservatives don’t like that position. He’s not real strong on the need to further strengthen the border. Conservatives don’t like that position. And then to not have a real jobs plan when you’re supposed to be Mr. Jobs, this is what the people are saying.

    So I think all of that has hurt him.

    CAVUTO: He got in a heap of trouble for saying the actions of Ben Bernanke were treasonous. This was the first brouhaha, just as he was launching his campaign.

    CAIN: Yes.

    CAVUTO: But you’ve been a critic of the Federal Reserve. You haven’t used terms like treasonous or what have you, but now we see Ben Bernanke back at it, Herman, promising something -- you know how this crowd goes, give us some quantitative easing three or whatever, anything to help us out. And they were jumping for joy, reversed what looked like a bear market.

    CAIN: The problem with the Fed is that they are not working on the right problem because the administration is not working on the right problem.

    CAVUTO: What would -- what would and should the Fed do?