This is a rush transcript from "On the Record," January 27, 2010. This copy may not be in its final form and may be updated.

BRET BAIER, FOX NEWS HOST: Welcome back to a special edition of "On the Record." Let's turn it now over to Greta Van Susteren and her power panel. Hey, Greta.

GRETA VAN SUSTEREN, FOX NEWS HOST: Hey, Bret, thank you.

And now the four who have run presidential campaigns or have been in one. Former vice presidential candidate Sarah Palin is at her home in Wasilla, Alaska, and here in Washington, Bob Beckel, Karl Rove, and Joe Trippi.

Karl since you were part of the last administration, there were a couple swipes tonight about it, do you take issue with any of the facts as President Obama laid them out?

KARL ROVE, FOX NEWS CONTRIBUTOR: He rushed over -- for the first time ever he gave credit to the Bush administration for the bank rescue package. This is after he said it was' terrible -- nobody wanted it, it was a like a root canal, that Bush administration lent $240 billion to the banks, the Obama administration lend $7 billion (ph) dollars to the banks.

That money is now coming back. The American taxpayer is now going to get interest and dividend income off of that as well as a return of the principle.

What I was struck by, Greta, was the tone. It was a slow start. It was a lot about him. He used the word "I" 96 times, the words "me" or "my," 18 times.

Watch the discussion in Greta's all-star panel

And I was also struck by the fact at times I didn't understand what he was proposing. He said, for example, we are going to open up trade, and we're going to do it with Panama, Colombia, and South Korea. It was unclear what he meant, if he was endorsing the free trade agreements that are pending before the government right now.

We're going have a freeze, but I want a new spending bill for stimulus. There's a lot of internal confusion.

Well-put together, clearly focus-group tested. They wrote it in a hurry and it showed, particularly at the beginning. But the tone sometimes struck me as very odd and disconnected.

VAN SUSTEREN: Joe, how about you? Were you inspired by the speech? Do you think the president inspired the people across the aisle, the Republicans and Democrats, or even Americans, so people want to work on things like health care and the economy?

JOE TRIPPI, DEMOCRATIC STRATEGIST: Yes, I think he did. He really went to the American people, I'm not going to quit. He understands it is going to be tough, and he's going to fight that much harder.

I think the most important thing in the speech was how he pivoted not just on the economy, but against Washington, coming in again as an outsider. That's what him to the White House.

And I think one of the mistakes they made in the first year was going too much inside game to get the healthcare, to move healthcare forward. Instead tonight he talked about, you know, going against the Washington cynicism, about how people have lost trust in Washington, Wall Street, corporations, and how we've got -- everybody in Washington has to restore that trust by working together.

He's going to run against Washington, I think, in this next year, and I think that's important, particularly on these banking issues. He starts putting bank fees out there and Republicans vote against them, that is going to be a problem, because the people are on the side of going after some of these banks and making the fees going forward.

VAN SUSTEREN: Bob, how much is political in the speech?

BOB BECKEL, FOX NEWS CONTRIBUTOR: A lot of it was political. It was combative. By the way, I like to see the liberals sitting out here in the cold tonight.

I think he sang the song that him here in the first place. For once and finally he has put the Republicans on the mark and he's going to bring some bills, the Congress is, that Republicans are going to have to vote on and they are going to have to take sides finally.

The one advantage the Republicans have had, and this is another fallout from healthcare, is they've been able to sit back and criticize everything and do nothing about it. Now they have to either join in or be exposed for not joining in. And I think it is about time Obama took them on.

VAN SUSTEREN: Speaking of cold, we're going up to Alaska. Governor Palin is up there. Governor Palin, if there is one single word that describes your view of the state of the union speech, what is it. and why?

SARAH PALIN, FORMER ALASKA GOVERNOR/FOX NEWS CONTRIBUTOR: In a word, "lecture." I think there was quite a bit of lecturing, not leading in that, as opposed to Governor McDonnell's follow-up comments, quite inspiring his connection with the people. He absolutely gets it, he understands government's appropriate role.

It seemed like our president has that fundamental disconnect between what people are expecting with their government and what he wants to deliver.

VAN SUSTEREN: And Governor Palin, in terms of the speech, do you think he managed to reach across the aisle, even though you used the word "lecture," are any Republicans persuaded, let's try to work together?

PALIN: Not necessarily Greta, because the remembrance here has got to be that he and the Democrats, they've been in charge of Washington this last year. So the common sense reforms that he is looking to Republicans to join him on, he could have implemented many of those "common sense," as he calls them, reforms all along. Nothing has stopped him from doing that.

His mention of offshore drilling, considering that, and new energy plants, and other things that do make a lot of sense, and I appreciate he mentioning those in the speech tonight. Those things that again are common sense he could have implemented. And I think that was a bit condescending as he spoke that received by Republicans, who are saying, wait, we wanted to do that all along. Where you been?

VAN SUSTEREN: You have the last 20 seconds, Bob. I'll give it to you because you are out in the cold. Tomorrow are the Republicans going to lay him out for this speech or not?

BECKEL: No, I think they are going to say nice things and then turn on him as they've been doing for last year.

And I think Obama is going to show up at that retreat and Republicans are going to be very nice and applaud him, and then do what they've been doing for a year, try to stop everything he's been doing. And I think that's where the battle is going to come down, quite the opposite from bipartisanship. I think we'll see more partisanship.

VAN SUSTEREN: Thank you, panel. And we're going to throw it right back to Bret Baier her in Washington. Bret?

BAIER: All right, Greta, can we get Bob a heater or something?

VAN SUSTEREN: No, he loves it.

(LAUGHTER)

BAIER: All right, Greta, thanks.

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