This is a partial transcript from "Hannity & Colmes," Oct. 29, 2004, that has been edited for clarity.

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SEAN HANNITY,  CO-HOST:   Joining us now RNC adviser and good friend, great author  and terrific speechwriter, Peggy Noonan is with us. 

Being a great speechwriter, I'm going to ask a long question, but I  want you to analyze it and take all the time you need. 

PEGGY NOONAN, RNC ADVISER:   OK.

HANNITY:  I want to go over this bin Laden speech with you. 

NOONAN:  Yes. 

HANNITY:  Because Bin Laden has now inserted himself in the final  moments of this campaign. 

NOONAN:  Yes.

HANNITY:  And I want to get your take on it.  Because the first thing  he says in this thing, "I want to tell you the ideal way to avoid another  Manhattan."

And then he goes on repeatedly — I count almost 10 times where he  specifically attacks the president.  And he says, for example, "Bush is  still deceiving and hiding the truth from you."

Among — "Bush and his administration, the way they resemble regimes  of our countries because they use military.  Bush adopted despotism in  crushing the freedoms of the Arab people."

And then he almost in a sick way quotes Michael Moore or regurgitates  the Michael Moore attacks about staying in the classroom.

NOONAN:  Yes.

HANNITY:  And he says that Bush would leave 50,000 citizens and towers  to face the horrors alone. 

Analyze the speech.  Analyze what he's trying to do here. 

NOONAN:  All right.  It was a strangely weak speech.  Not as a speech.   Let's forget speech.  It was a strangely weak communication from a guy who  used to act like he was on top of the world and he was going to kill us  all.  There's something weak and rather strange about it. 

He was trying to taunt us.  Clearly he is trying to taunt Bush.   Clearly he is trying to speak to the American people before, just days  before their big election.  Clearly he's trying to affect the outcome.  I  don't think he'll have any effect. 

I think he was trying to give the impression that he was somewhat media savvy by doing that Michael Moore "Fahrenheit 9/11" stuff, as if that  would impress anybody, as if that would change somebody and make them  think, "I won't vote for Bush." 

I thought it was pathetic, but I also thought it was quite vicious. He wanted to remind us he is still around.  He is a guy who, as they used  to say in Texas, needs killing. 

HANNITY:  Yes.

NOONAN:  And I think it is not a bad thing that we remember that. 

HANNITY:  I think so, too, because this is what this election, at  least for me, has come down to, Peggy.  Who is going to keep us safer?

And I think America — the American people have to answer an important  question here.  Why does bin Laden want to influence this election?  Why is  he so anti-Bush in this thing?  You know, to quote John Kerry's friend  Michael Moore and taunt him the way he did. 

But doesn't it also speak volumes?  It struck me, it speaks volumes.   He would rather have bombed a subway system, but he couldn't.  And he was  left to making a videotape in a cave.  Doesn't that tell us we've come a  long way?

NOONAN:  Sean, this is not the strong horse he bragged of being once.   He has been weakened.  George Bush weakened him. 

He hates Bush.  Bush went after him in Afghanistan.  Bush killed off  75 percent of his people or jailed the rest of them.  He either killed or  jailed 75 percent of his people. 

This is a man on the run who got into a studio, got a camera on him  and tried to act like he was a big, strong guy.  This guy is half finished,  and the reason is George Bush.  Do you think he wants George Bush to have a  nice day on Tuesday?  I don't think so. 

COLMES:  It's amazing to me how you want to take what bin Laden is  saying and twist it for your own political purposes. 

NOONAN:  I don't believe I am.  Explain how. 

COLMES:  And you know, because look, I agree with you on one thing,  and maybe only one thing.  The American people are not going to be swayed  by this, because our electorate is smart.  I don't think — I think  whatever it's going to be is not because of this bin Laden tape.

But this reminds us that Bush didn't get bin Laden.  Didn't get him  when he had the opportunity.  This is a man who said, "I want him dead or  alive," and then he goes on and he says, "I'm not that concerned about  him," about a year and a half later. 

NOONAN:  You know, sometimes it takes awhile. 

COLMES:  This is a reminder of that.

NOONAN:  We never got Hitler, but Hitler got dead in the end.  This  guy is going to get dead in the end, too.  OK?

COLMES:  Probably, but that's not what we were told would happen after  September 11.  This is a reminder that he's still here taunting. 

NOONAN:  That's true.  He's still here taunting.  It was a bad move on  his part.  It's a bad thing when people are after your head to remind them,  "Hi, my head is still here."  It won't be for long. 

COLMES:  Well, he's — well, that may be true, and let's hope that's  true.  But this is also a reminder that, according to the 2003 terrorism  report by the U.S. Department of State, global terrorism is increasing.   Terrorist attacks increased from 2000 to 2003 according — worldwide.   According to the 9/11 report, 18,000 militants operating in 60 countries,  al Qaeda metastasized.  And this is a reminder of that, as well.

Again, these are State Department figures.  So again, this is — this  underscores what was not done in the world.

NOONAN:  I understand what you're saying, but two separate things.   One is, look, we are not in a one or two or three-year war.  We're in a 20- , 30-, 40-year war.  And it's going to be messy.  And it is messy. 

COLMES:  No one said it's not.

NOONAN:  And we're going to fight it, and we're going to win it. 

COLMES:  But the immediate response when he had the opportunity to go  after those who came after us on September 11, including bin Laden,  resources were diverted to Iraq.  And this is, again, a reminder of that.

NOONAN:  Tommy Franks, who was there, says that is not so.  We didn't  divert resources. 

COLMES:  And Bill — and Senator Graham, Bob Graham of Florida says  Tommy Franks told him exactly the opposite. 

NOONAN:  Listen, everybody wanted to get this guy.  Everybody looked  for him.  He was wily.  He got away.  He won't get away forever.  Don't be  so impressed. 

COLMES:  But resources were diverted.  We know that resources were  diverted.  Resources went from Afghanistan — $700 million from Afghanistan  to Iraq in summer 2002.  Bush lifted $700 million from supplemental funding  from Afghanistan to preparatory attacks in the Persian Gulf. 

NOONAN:  Alan, in Afghanistan they have a democracy and they are  voting.  In Iraq, they are getting something like a stable non-Saddam  Hussein government. 

COLMES:  Iraq had nothing to do with September 11.  There may have  been a time to take care of Iraq and Saddam Hussein...

NOONAN:  Well, gosh...

COLMES:  ... but that was not the time. 

NOONAN::  I have to tell you, Alan...

COLMES:  The time was to concentrate in Afghanistan, and Usama bin  Laden, who just reared his ugly head to taunt President Bush and the  American electorate. 

NOONAN::  I have just spent the past few days looking at the tape, as  you have in the film of al Qa Qaa, that weapons facility in Iraq.  I've got  to tell you, the Democratic team has been saying to me for 18 months there  were no weapons of mass destruction.  All I am seeing is weapons aimed at  killing me and the children. 

COLMES:  Those were not weapons — those were not weapons of mass  destruction. 

HANNITY:  We've got to...

COLMES:  They're not classified that way. 

NOONAN:  Are you kidding?  They could ignite a nuclear. 

COLMES:  Those are not classified that way.

NOONAN:  I don't care how they're classified.  They can set off a  nuclear bomb. 

COLMES:  That's not how they're classified.

NOONAN:  They were there and Saddam had them. 

HANNITY:  Guys, I've got to break in here.  But Saddam would still be  in power with all of those weapons and all that we destroyed... 

NOONAN:  That would be bad. 

HANNITY:  ... if John Kerry were president.  Isn't that a fact? 

But we've got to run.  Peggy, have a good weekend. We'll be watching on Tuesday. 

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