This is a rush transcript from "The Five," December 5, 2011. This copy may not be in its final form and may be updated.
GREG GUTFELD, CO-HOST: So, some are calling the Donald Trump debate a sideshow. Others call it a circus. But I ask: Why can't it be both?
Yes, in a fantasy world, that is a preteen bedroom, Donald is on the floor playing with his toys and we, the media, cover it all. One day, Trump has Obama ruling the world. Another day, Obama is evil and Donald rides in to save the day.
Whatever the game, it's always about him. And we'll cover it because Donald is interesting the way a two-headed cat is.
Now, some say this is Trump selling Trump. But I say garbage. I mean, how could this help publicize his new book "Time to Get Tough: Making America Number One Again" out this week? It might be great for questions like Newt, is it time to get tough and make America number one again?
And it's got nothing to do with "The Apprentice" premier, which I'll be watching at a Trump hotel, sipping Trump water, bathe in Trump cologne, which I think is named Eww.
So, no Trump isn't doing this for Trump, but for America. After all, there is no "I" in Trump -- only "rump."
But no matter who becomes president, Trump has already won, because we're talking about him. I can't help but like the guy. He is putting it all on and gets away with it. I never had so much fun being had.
Well, once in New Orleans a few years ago, but I can't talk about that.
GUTFELD: So, Dana, you sent me -- over here.
Dana, you sent me a scathing article from National Review about this debate. That just pointed out all of Trump's flaws. Why is hero of the Republican Party when he's been, you know, against missile defense, for universal healthcare, tax hikes, you name it?
DANA PERINO, CO-HOST: I don't think he is a hero of the Republican Party. He's not. I mean, if you had --
BOB BECKEL, CO-HOST: You're right. I agree.
PERINO: Bob and I agree. We'll mark it down.
PERINO: But one of the things that National Review editors were saying is that the candidates who have been invited to come to this debate should not go, that when I think the candidates made a big mistake a little while ago. What they should have done is said we're not going, we're going to run all debate requests through the Republican National Committee as a group and let RNC be the bad guys, if they're going to say yes or no, because now, all the sideshow story is who is going to participate and who's not.
And even if you are a good debater, be careful what you wish for at a circus. You get peanuts.
BECKEL: Yes, it's going to about.
PERINO: Very good metaphor.
BECKEL: I want to reiterate my offer to make peace with Donald Trump. I think he is a nice guy. I'd like to moderate the debate with you, Donald, so we can actually to get some substantive questions out.
KIMBERLY GUILFOYLE, CO-HOST: That seemed sincere, Bob.
BECKEL: It was sincere.
You know, why it is that we're doing this again and again and again? I assume it's about ratings. I hope it works. We'll find out tomorrow. I don't know why we cover this guy. We pick him up at the bathroom in the morning to put him to bed at night. I mean, it's ridiculous.
GUTFELD: You're jealous.
BECKEL: And thing about is, is that you can say he is unbelievable success a businessman he is. A marketeer extraordinaire. But politician? Are you kidding me? They said, what is his endorsement worth in New Hampshire? There was like, what you said, it was like 61 percent said I would vote against somebody who was endorsed by Trump.
GUILFOYLE: Sixty percent said it more likely --
BECKEL: Where does this happen?
BECKEL: Nobody should take it seriously.
ERIC BOLLING, CO-HOST: Allow me, where it happened was, he commands a lot of respect.
BECKEL: From who?
BOLLING: He's on -- all right, here, do nothing. I am not going to participate in this. Go to Google Trump dismantles Chuck Todd and watch seven minutes of the best TV you'll ever see.
GUILFOYLE: It's really good.
BOLLING: Donald Trump taking apart Chuck Todd and the B.S. that goes on across the Rockefeller Center over there, whenever the heck they are. He takes apart -- Chuck Todd, a guy who spent time in the White House press room, briefing room. It shows you who Donald Trump is.
By the way, conservative, Rush Limbaugh, looks at Trump and says here is a guy that says it like he means it. Sean Hannity does. So does -- in fact, Trump will be on "Hannity" tonight.
BECKEL: You think he has a bas in the Republican Party?
BOLLING: He absolutely does, Bob.
GUTFELD: I think he has a lot of media access.
GUILFOYLE: Listen, he's a winner. He is worth $7 billion. He gets a ton of air time. Let me tell you something.
BECKEL: What do you think his base is of voters in the Republican Party? That's my only question. It's not far right conservative. It's not mainstream establishment Republicans. It's somewhere in the middle.
GUTFELD: This is a good question, but I don't -- I mean, I think his base is the media.
GUILFOYLE: They're not Republicans. I mean, he is popular in New York. But I don't know how popular he is throughout the country.
BECKEL: And you said there's a big crowd that are covering him and Gingrich today. In New York City, you have television and they cover a sewer --
BOLLING: Why is Sarah Palin, Michele Bachmann, Rick Perry, Mitt Romney --
GUTFELD: That's a good question.
BOLLING: Why do they all go there?
GUTFELD: I don't know why.
BECKEL: I assume they're hoping to get a bag of money.
GUILFOYLE: Except for Ron Paul and Huntsman.
PERINO: And it's media attention.
GUTFELD: You think -- you have had two candidates saying they are not going. Ron Paul and Jon huntsman. Do you think everybody else will go? They only had Newt and -- Michele hasn't committed, right?
GUILFOYLE: Look, I mean, it's kind of a numbers thing. If three or more agree, they all got to go. That's it.
BECKEL: You know, if I --
GUTFELD: They're going out to dinner, right?
BECKEL: One thing of advice I'd give Newt Gingrich, if there is one debate to skip, it would be this one, because he's got a potential to make a mistake. We've known he's had a story of doing that. And with Trump moderating, God knows it's like going to Alice in Wonderland and hoping you're going to get something reasonable out of it, besides drugs.
GUTFELD: I think it's fun.
PERINO: The magazine Newsmax is a good, credible organization with a lot of great people. I don't even think they needed Trump for the attention.
GUILFOYLE: They have done a lot of -- and you mentioned. Remember Anderson Cooper.
GUTFELD: Yes, Anderson Cooper also. Trump isn't the first reality host a debate. Anderson Cooper was a host of "The Mole," a terrific show I might add.
GUILFOYLE: High end, yes.
BECKEL: What? "The Mole"?
GUTFELD: You back then, you weren't watching TV, Bob.
BECKEL: I don't watch Trump on his "Apprentice" thing. I mean, who cares?
GUTFELD: All right. I'm kind of excited.
GUILFOYLE: I'm excited, too.
GUTFELD: It's kind of second --
BECKEL: Are you going to watch this?
GUTFELD: Of course I am.
BOLLING: So are you.
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