Updated

This is a rush transcript from "The Five," August 22, 2012. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: A new study reveals academia is biased against conservatives to which I add "duh!"

But here's what's new -- up to a third of professors said they would discriminate against conservatives in both hiring and grant proposals. So they're now openly admitting that rather than resist bias, they are governed by it, which is why we're governed by it now.

Think about it. We're ruled and cajoled by what we have been told are the best and the brightest, in media and in government. They're all products of places like Harvard and Columbia, so they can't possibly screw up. Until you realize there is no way they can know they screw up. Since their training ground weeded out any opposition or competition. And that's how we got the most progressive president ever in a pretty rough time.

He satisfied all the requirements, checking every left wing box. And minus an opposing view, no one points out with idea is nonsense of the Krugman magnitude. And so, that nonsense becomes reality.

The fact is the left always fails when no righty is around to save them. The media response, they like the arrangement. When you look at who is doing the governing and reporting, they are ladles from the same pot.

Generous helping of the same spoiled meat. There's no wonder we're sick to our stomachs.

Thank you.

I want to go to Juan first because sick to your stomach. I told -- never buy fruit off the street, Juan.

JUAN WILLIAMS, CO-HOST: I didn't know. I'm such a silly person. I figure New York -- New York has all the food carts now, right? I figure there must be food safety standards.

GUTFELD: That wasn't a food cart you brought it from. A man holding --

WILLIAMS: Who was it? Was it Eric? He was selling fruit shakes?

(CROSSTALK)

GUTFELD: You have kids who are Republicans, right? Did I just out them?

WILLIAMS: Well, that's true.

GUTFELD: It's kind of an oddity. Liberal parent and conservative kids.

WILLIAMS: I don't know how liberal. Yes, I mean, in fact, my youngest who is working to get one of your Republican pals re-elected when he went to the college I went to, he actually quit some classes because he said he is just sick of the professors who would not treat conservative arguments honestly.

GUTFELD: Yes.

WILLIAMS: I understand that. I don't like the idea you would back off, because I think you should engage the argument, force the conversation. But in this study, what it said was that people who were doing the hiring who were looking at grant proposals literally would exercise bias against conservatives.

What does it mean to me? It means that the quality of their work is less if you talk about something that has political content.

ERIC BOLLING, CO-HOST: Ah. So therefore can we apply the same argument to the media? Will they exercise bias? Much more equality.

WILLIAMS: But you think it's bias pro-Obama in every case.

BOLLING: Don't you?

WILLIAMS: No. What I think it's bias --

BOLLING: You admitted it in the "A" block there is a liberal bias in media.

WILLIAMS: I think there is a liberal bias, but most reporters are Democrats. If that is what you are asking. But most ownership --

BOLLING: How is that any different than academia being biased?

WILLIAMS: Is your plumber a Democrat or Republican? I don't care what he is. Just come in and fix plumbing. Most reporters are telling you a story.

ANDREA TANTAROS, CO-HOST: Yes, but no one is looking at my toilet seat for any kind of political reporting.

GUTFELD: I don't know where that came from.

TANTAROS: I mean, your plumber comes in to fix the toilet. The media has a duty to report the facts, if they're impartial journalists.

WILLIAMS: Well, look, I think in fact, the problem is -- they report facts as if they're all equal and sometimes people say crazy things and they make it out like, oh, yes, we have to tell you this, too. But it's not credible.

TANTAROS: Actually, Greg, I actually just thought of a better comparison between plumbers and the media but I'm not going to say it on air because it's gross.

DANA PERINO, CO-HOST: I think one thing about this is that this why in academia and in some cases the media partly because of Chuck Todd of the NBC says a geographical bias where people are concentrated. That's why academia couldn't understand the Tea Party, right? Oh, they were racist and they were this, that, and the other thing.

Because they are not willing to hire people who might have a different view from them, they're not enriched with a lot of different thought. So something new comes along and they're conventional wisdom is wrong. It's wrong on Ryan in particular. I think they got the selection wrong.

GUTFELD: Which is why they embrace Occupy Wall Street. That was more in line with their assumptions.

BOLLING: More inn line with their assumption. Also more in line -- what?

PERINO: I just brought even together.

BOLLING: Yes, you did. All right. We can go.

WILLIAMS: Let me say on the Occupy Wall Street thing. This is another example I think everybody says oh, well, this is what it means to have one side and the other, when in fact, you know, we do have a wealth inequality in this country. People wonder why Wall Street gets bailed out.

Somehow, it's oh, yes, it's --

GUTFELD: That's a legitimate concern.

WILLIAMS: That's a major trend in our society today, that the rich are getting richer.

GUTFELD: You don't want Occupy Wall Street representing that concern, because by the time that movement was done, it resembled a different movement.

WILLIAMS: By the way, are you going to the convention?

GUTFELD: Of course.

WILLIAMS: Because you're going to see, that movement ain't done.

GUTFELD: It looks like a movement.

WILLIAMS: Back to your plumbing analogy.

BOLLING: You know what the widest inequality gap is? Communist countries. By far, much wider than capitalist countries.

WILLIAMS: Our middle class is now smaller than the one in China which is just incredible to me.

GUTFELD: That's a debate for another time.

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