This is a rush transcript from "Hannity & Colmes," May 9, 2008. This copy may not be in its final form and may be updated.

SEAN HANNITY, CO-HOST: Hollywood director Oliver Stone is known for his controversial presidential movies, like "JFK" and "Nixon," but his latest work, "W," might cause the most controversy. For the first time, one of his films will be about a president who is not only alive but actually still in office.

The rumored release date is slated for October. October surprise?

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Anyway, Stone has publicly promised that the movie will be a fair and true portrait of the man, but some are concerned it is a last-ditch effort for the liberal media to smear President Bush before November's election.

Entertainment Weekly has an exclusive story on it. And joining us now is the senior editor of Entertainment Weekly, Tom Geier. And also, the host of the absolutely iconoclastic — and I can't possibly begin to bring the adjectives he does for all of his guests, but the insane, crazy and fun Greg Gutfeld [host of "Red Eye' on FOX News Channel] is with us.

How are you doing?

GREG GUTFELD, HOST, "RED EYE': That was nice.

HANNITY: Well, you — every time you introduce a guest, it's like these adjectives — I don't know where they come flying out of your brain.

GUTFELD: It takes hours and hours of preparation — and lots of medication, I might add.

HANNITY: It's helping? Give it to Colmes. He needs help.

COLMES: When are you going on his show?

When are you getting Hannity on your show?

GUTFELD: Alan was on the show. You've got to come on now.

HANNITY: Let me bring Tom in here, if I can. Well, the Victoria's Secret models take precedence.

Tom, welcome to the show. First of all, I have zero confidence at all that this is anything but going to be another Bush-derangement hit job by the left against George W. Bush leading into an election. Do you think my instincts are going to be right?

TOM GEIER, ENTERTAINMENT WEEKLY: It's hard to know. It's sort of like judging the election results from the early polls, but certainly, signs point to this being yet another Oliver Stone production and all that entails.

HANNITY: And all the fiction that it entails, in other words.

GEIER: Um, certainly...

HANNITY: And all the artistic license. Perhaps I'll use a liberal term so you can understand it.

GEIER: He claims that he's read at least 20 books on Bush.

HANNITY: Oh, wow.

GEIER: And that all of the scenes in the film are based on the actual occurrences.

Now, he also does admit that he doesn't see a problem with taking lines from a speech that may have been delivered in Cincinnati and another delivered at the U.N. and combining them for "artistic license."

HANNITY: You know, like a lot of his movies, Greg, I'm telling you, I don't think it's going to matter. I think people have made up their minds.

But by the way, Bush is not in this election. They've made up their minds about the president.

And...

GUTFELD: Here's the thing. I love Entertainment Weekly. It's one of my favorite magazines. But I read the article. They paint Oliver Stone as doing something really daring and brave, but doing a critical movie of a lame duck president who's fronting a kind of an unpopular war, I mean, what's next? Is he going to make a movie about how bad it is to eat kids?

This is not daring— he's not just preaching to the choir. He's making out with it.

HANNITY: Alan, you want to jump in here?

GUTFELD: Sorry about that.

COLMES: You made Hannity blush.

GUTFELD: I apologize.

HANNITY: But the point here, I'm just telling you, what liberals are going to have to get over, and I've been saying this for many years about Bill Clinton. He's not president any more. Bush isn't on the ballot!!

And I don't — I know they're going to try to create that the McCain presidency is going to be a Bush third term. I think there's political motivation behind everything Oliver Stone is doing, based on his history. Do you see that?

GUTFELD: I do. I agree. But that's because he's coming from an agenda that is based on conspiratorial thinking. He doesn't know how to understand or acknowledge evil which is why all of his movies, Alan, are based on conspiracies. So he believes he has to counter...

COLMES: It's entertainment.

But Tom, is the very fact we keep bringing up here, that Bush is no longer part of the equation. He's a lame-duck president. And if they really wanted to go after somebody, they'd go after McCain. So doesn't that prove that this is not an attempt to smear Republicans in general...

HANNITY: They will.

COLMES: Hold on.

HANNITY: They will be.

COLMES: ...and affect the election?

GEIER: Oliver tells us that in his opinion, Bush may turn out to be the worst president in history, but he still makes a great story, that there's a back story to a guy...

GUTFELD: What a great compliment. "He may be the worst, but it will be a good story."

COLMES: Oh, it might be. Look, I think Oliver Stone — I've read some of the — what you've written about in your publication, and it looks like an entertaining movie.

Let's give it to Tom. Tom, what do you say? Greg's going to let you speak now. Go ahead.

GEIER: It's hard to know for certain what sort of film is going to come about. He goes into production this coming week. They are going to have it will be in theaters October 17.

COLMES: Right.

GEIER: Which means there will be three weekends before the election, in which this will be in theaters, reminding people of everything about the Bush administration that I suppose the liberals don't want to be reminded of and perhaps some of the conservatives don't, as well.

COLMES: All right. So it may cut both ways, Greg, right?

GUTFELD: We don't know. We don't know. I've got to be clear. There is nothing wrong with Oliver Stone making a movie that was critical of Bush. There's nothing wrong with Entertainment Weekly writing about it.

My problem is, is pretending that it's a brave. He is like a little kid, a little kid who puts on skits for his family over the holidays and no one wants to say it's bad. It's a besotted audience.

COLMES: Wait, wait, wait, the people who go and see his movies?

(CROSSTALK)

GUTFELD: Yes. Slightly more than "Alexander."

"Alexander" was a flop. And look what happened to "Castro," HBO didn't even want to run that. And they have Tracy Ullman!

(LAUGHTER)

COLMES: All right, Tom what are they making this movie for, $30 million or something?

GEIER: For $30 million, which is one-sixth the budget of "Iron Man," so the expectations in terms of box office are obviously much lower.

COLMES: And so he might make some money with it, and that's what it's all about. I mean, people go see it. Let the free marketplace decide.

HANNITY: I know who's going to go: Al Franken, Alan Colmes and Michael Moore. They'll all be there for the "grand opening."

COLMES: We're going to be holding hands.

HANNITY: And Rosie O'Donnell.

COLMES: We're going to hold hands and eat popcorn. It's going to be great.

GEIER: Oliver Stone, his last film was "World Trade Center," which was a very respected, very nationalistic film.

COLMES: Tom, thank you, thank you, Greg. Thanks for inviting me to the party for "Red Eye." Never got the invitation.

GUTFELD: That hurts!

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