Updated

This is a rush transcript from "The Five," July 31, 2012. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: So, you remember this guy Lech, the guy with the mustache, who actually earned his Nobel Prize? The former Polish president just endorsed Mitt for president.

That's got to hurt Obama. I mean, what can you say when a man who helped defeat communism endorses your opponent? What can you say when a man who brought economic freedom to a thankful people says, "No, not you, pal -- him"?

Well, if you're the media, what do you do? You've got to focus on the gaffes. Meanwhile, if you're the Palestinian Authority, you call Mitt a racist. And if you're Ahmadinejad, you agree with Nancy Pelosi that Mitt meeting the Jews was all about the cash.

To sum it up, Lech thinks Mitt is it. And Palestinian Authority and Ahmadinejad don't.

Now, if you are a liberal, this split should make you question which side you should be on. I mean, when someone like Lech endorses you for president, that's like Jeff Gordon saying you are a great driver. It's like Eric Bolling complimenting your tan. It's like Dana Perino calling you perky.

If the Eastern European father of free market believes in Mitt, that's big. And you've got to wonder which world leader will endorse Obama now. Oh, yes, the pinko pineapple, Hugo Chavez. He says Obama is a good guy. Maybe he could speak at the convention.

So, Bob --

DANA PERINO, CO-HOST: Can I interrupt? Are you on a first name basis with world leaders and not race drivers? I mean, Lech is not really how he's known. What's the problem?

GUTFELD: I cannot pronounce his last name. It's Vawensa, but it's also Walesnka, it could be Rulalenska. I don't know how to say his name because they use a letter that is not in our alphabet. It's like a combination of a W and a V.

BOB BECKEL, CO-HOST: Have you ever been to Polish neighborhood in America? It's same problem.

GUTFELD: Is it? I haven't been in polish neighborhood.

BECKEL: You haven't?

GUTFELD: But I love sausage, I must ay. Some say I love it too much.

Cokie Roberts talking about Romney's trip to Poland says that it was all about courting the white Polish voters. Do you buy that?

BECKEL: Sure. What is the great mystery here? You make plans going places. Why did he go to Poland? Because Walesa was going to endorse him. That was a good thing.

But also because there are large enclave of Polish ethnic voters in the Northeast, particularly, that have been broken off from the Democratic Party. So, it's a nice way to send a message.

I don't think anything is wrong with that. I mean, I think Obama went to Germany probably because he -- to give a big speech and because --

GUTFELD: There's a lot of white Germans.

PERINO: I think there's a different strategy. And if you have a chance I encourage everybody to actually read the whole speech. It's really good. There was a theme here. One, there's obviously the Olympics. That makes sense since he was involved in the Olympics here.

But if you read the speech, he talks about the kinship between America and England, America and Israel, America and Poland. For example, Poland was one of the first countries to help America in the fight in Afghanistan and Iraq, and one of the first people to call President Bush, was the Polish leader. They have been solid across the board.

So, I actually think that there was more of a theme about freedom and democracy than there was about Polish voters which probably going to vote for him anyway.

GUTFELD: Yes.

ERIC BOLLING, CO-HOST: I think he's planning on winning. And if Mitt Romney wins, what a great thing to have on your resume, that I shook hands with the Israelis, I shook hands with the Pols, and I shook hands with the Brits.

Something that President Obama never did. He went there and made a speech and apologized for America. Instead Mitt Romney is going over there --

BECKEL: He didn't apologize for America. What are you talking about?

BOLLING: An apology tour. He said, we apologize for American exceptionalism --

(CROSSTALK)

BECKEL: He did not. That's just flat wrong.

BOLLING: Defended you in the past.

BECKEL: Where did you dream that up? Were you in the Polish

neighborhood?

BOLLING: Take a look, Bob. Just listen to the speech. I made it

up, I'm just off the top of my head.

BECKEL: Yes, I think you did.

GUTFELD: OK. But here's the thing. Andrea, there's got to be a problem when, OK, if Lech likes Mitt and Hugo likes Obama, that's kind of telling. That should tell America -- what side are you on?

ANDREA TANTAROS, CO-HOST: It's very telling. Lech ran the solidarity movement.

BECKEL: That's not simplistic.

TANTAROS: And embarrassed the communist. So, it is a very telling endorsement.

But, you know, Eric is on to something. Mitt Romney looks extremely presidential. I mean, walking around, shaking hands with allies. And not just for the political purposes, Bob.

But Obama has been on unsure footing with the Poles because of his death camp gaffe that he had recently. Because of his --

PERINO: Missile defense.

TANTAROS: Missile defense, the open mic moment with the Russians.

So now, going back to Cokie Roberts' point, she was trying to insinuate that his move was racist, right? He was going after the Reagan Democrats that must be racist if they are breaking for Mitt Romney and not Obama, which I think is pretty racist of her to somehow try to look through everything in the prism of race.

GUTFELD: Yes.

TANTAROS: Mitt Romney was going over there to show we are friends. And it was more of a friendship tour than an apology tour, which is opposite of Obama.

GUTFELD: Yes, I don't think she ever talked about the African-Americans for Obama program for getting out the vote.

BECKEL: No. But the one thing Obama did do when he went over there was not make a lot of mistakes, unlike Mitt Romney who has. He got out of Poland without a mistake, which may say something.

GUTFELD: That's a good -- let me bring up the quote, because you're talking about the gaffes.

BECKEL: The many gaffes.

GUTFELD: Carl Cameron asked Mitt Romney about the media treatment, the coverage on the gaffes. And I think Mitt responded thusly.

(BEGIN VIDEO CLIP)

MITT ROMNEY, PRESIDENTIAL CANDIDATE: And I realize that there will be some in the fourth estate, or whichever estate, who are far more interested in finding something to write about that is unrelated to the economy, to geopolitics, to the threat of war, to the reality of conflict in Afghanistan today, to a nuclearization of Iran. They'll instead try to find anything else to divert from the fact that these last four years have been tough years for our country.

(END VIDEO CLIP)

BOLLING: Can I make a little quick point here? I think the gaffe, if there is a gaffe, is actually doing this now. I mean, we talk about it, the whole "you didn't build that" thing? The wave that he was getting -- Mitt Romney is getting from that. Then he went over there to Europe and kind of took the focus off the economy again. Everyone is worried about what he said about the Olympics or what he said about the culture in Palestine.

In my opinion, I would have stayed on it. I would stay "you didn't build that," let's talk about the economy. We've got some big numbers coming out on Friday. The unemployment numbers.

BECKEL: Do you think he looked presidential there?

BOLLING: Regardless of whether he looked presidential. I think the thing to do is stay on the economy --

(CROSSTALK)

BECKEL: He was talking about the estates. Remember he said the fourth estate, this estate, I don't know about his own estates. But --

BOLLING: We've got 57 states.

BECKEL: Do we have 57 states?

(CROSSTALK)

BECKEL: This guy looked as presidential as a Cub Scout leader. C'mon.

(CROSSTALK)

GUTFELD: He is not whining. He's asked a question about the media treatment.

By the way, you know what's interesting? Democrats call it a gaffe when it's the truth.

PERINO: Also, if you didn't have the photograph of it, you were just reading his quote and then reading a quote when President Obama is asked about the media treatment, I would bet you couldn't tell the difference between the two.

GUTFELD: Yes.

PERINO: They actually say the same thing about the media.

GUTFELD: But you know, Bob, Obama has actually called out Fox News. Talk about whining.

BECKEL: Excuse me. The reason the media has done this because he actually made gaffes. They didn't make them up.

PERINO: What's the gaffe?

BECKEL: When he went to London, he said -- he compared his work in Salt Lake City, a town of 500,000, to a town of 7 million and said the security wasn't adequate. He knows --

GUTFELD: He said it after the media. The media said it wasn't adequate.

BECKEL: That's not the point. If you want to be a world leader, go over there and diss everybody.

GUTFELD: If there are American athletes there, you're damn right.

BECKEL: Oh, I see.

TANTAROS: Typically, though, I will say this in political campaigns, it's not wise to make your message criticizing --

PERINO: All he needed is the picture. I think that both candidates, President Obama and Mitt Romney, are doing entirely too many interviews. They could do without those, especially now, in the dead heat of summer. Everybody is watching the Olympics. They'll get back to the economy.

You are right. He couldn't have moved the Olympics. Those things take a long time to plan, but the timing wasn't ideal.

TANTAROS: And I think he's probably also thinking they're re not going to drop this. And we get to it later, but they're going to have Elizabeth Warren and others speak at the convention. So, they're not backing off the "you didn't build that" comments, even though -- you're right, he was really gaining momentum and had Obama on the ropes and the left. Democrats aren't going to stop using this talking point.

BECKEL: Eric made a point about fundraising about Obama. You might notice, one of the good things that come out of Mitt's tour was about $1.5 million or $ $2 million in London. Nobody knows who did it. And then in Israel, he got another $1 million. He did good with fundraising.

BOLLING: You know what? Giving that upside of staying on the economy and staying on "you didn't build that," maybe, you may want to get back the million or 1.5 million bucks and get back to that.

Here's what I would do --

PERINO: Why?

BOLLLING: I think the 1.5 million bucks and go, boom, right back at

it. You didn't build that.

BECKEL: You didn't build that road.

GUTFELD: Let's talk about this real brief. Romney talking about culture again. Cameron brought it up when he was talking about Palestinian and Israel. And Palestinian accused him of racism. The Palestinian Authority.

Here is the quote.

(BEGIN VIDEO CLIP)

ROMNEY: I'm not speaking about it, I did not speak about the Palestinian culture, or the decisions made in their economy. That's an interesting topic that perhaps can deserve scholarly analysis. But I actually didn't address that. Certainly don't intend to address that during my campaign.

Instead, I will point out that the choice that society makes have a profound impact on the economy and the vitality of that society.

(END VIDEO CLIP)

BECKEL: That's a profound lie. He sat in that Israeli fundraiser and he said, in Israel, your income is medium income is such and such, and across the way here, in Gaza, it's something else.

Of course, he doesn't make out the point that Gaza is surrounded and

cannot by Israeli --

GUTFELD: It's not surrounded. It's divided. Who divided it?

BECKEL: In the West Bank, where they have been under the Palestinian Authority, they have done very well with the economy.

GUTFELD: After Arafat died, maybe. By the way, Arafat didn't decide to build the Palestinian state or whatever you want to call it. He wanted to destroy Israel. He took all of that money. All of that aid. What did he do with it?

TANTAROS: I'm a little disappointed with Mitt Romney for backing off the comments. I think he hit the nail on the head when he addressed --

BECKEL: Culturally up to it?

TANTAROS: Well, let's see. That's not what he said.

BOLLING: That's not what he said. He said the culture in Israel provides for business success.

TANTAROS: Let me finish. He has a point here. Israelis have and as Dana's old colleague, Dan Senor, points out when he was quoted in "Freakonomics", they have the most -- the highest density of tech startup in Israel.

They're entrepreneurial. They take risks. They are hard workers. It's the reason that their culture flourishes.

The Palestinians on the other hand, they teach hate. They teach their kids to hate. Maybe if they didn't teach the kids to hate, they would have had more economic prosperity.

GUTFELD: Even Palestinians admit Arafat took them down the wrong path.

BECKEL: That's not all Palestinians. And Palestinians have been quite successful in this country in business.

GUTFELD: Where?

BECKEL: In the United States of America.

GUTFELD: Yes, much better than where they're from.

BECKEL: That has nothing to do with their culture.

BOLLING: And so has the Israelis.

BECKEL: Right. But the culture --

GUTFELD: He's talking about the culture under Arafat in --

BECKEL: That's not what he said.

GUTFELD: -- in which he took all of their interest in going after Israel and not building up their own cities. That's what he's talking about.

BECKEL: So do a Romney apologist tour.

TANTAROS: He should not have backed off.

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