This is a rush transcript from "The Five," September 18, 2012. This copy may not be in its final form and may be updated.
GREG GUTFELD, CO-HOST: So a recording has surfaced offending a religion, causing its fervent followers to go mad. I speak of the tape of Mitt's comments about entitlement which insults its god -- Obama -- and his followers in the media.
It's called a hate fact -- a truth libs hate to hear. The fallout? Ashley Judd and Eva Longoria finally found their outrage, which went missing while free expression was under attack just days ago.
Meanwhile, some are ticked that Obama is doing yet another late-night infomercial, i.e., David Letterman, as the globe implodes. I disagree. It's way safer to have Obama visit a bitter, old crank than actually working.
Consider 10 things Obama could do instead of Letterman.
One, apologize to someone -- anyone -- for a perceived slight against their fanatical beliefs.
Two, pass another stimulus, which can cost trillion and only stimulates unemployment and Alec Baldwin.
Another auto bailout -- a huge success according to people who rides bikes to work.
Ram through a health care bill that nobody wants, nobody reads or even understands.
Tax the rich, which will not reduce our crushing deficit, but will crush jobs.
Punish another state for trying to enforce federal laws on immigration that the federal government won't enforce.
Undermine efforts to reduce our dependence on lunatic regimes by blocking drilling at home.
Block the Keystone pipeline.
Use class warfare to stir up envy.
Ask Valerie Jarrett for permission to smoke.
Wow! None of that is funny at all. But maybe Letterman can spin failure to the comedy gold. Considering what Obama has done the last four years, if doing Letterman keeps him busy it's good for America. Maybe we can get the networks to turn all of our programming over to Obama. Wait, they already have.
So, Eric, tonight, Letterman. Is he going to hold President Obama's feet to the fire?
ERIC BOLLING, CO-HOST: No, probably not. Greg, is that a stain on your tie.
GUTFELD: No, no. This is a pattern. This is a pattern, you big jerk.
BOLLING: I wasn't sure.
GUTFELD: Should I have a flag pin on here?
BOLLING: OK. No. It goes above your heart.
OK. So yesterday, we found out that manufacturing is in the dumpster. Today, we find out that home building is contracting. We know that Obama's foreign policy is in shambles. But President Obama is going to take the afternoon. In fact, they just saw him drive by, in the motorcade. He's going to go hang out with Letterman. And then tonight, he's going to Jay-Z's 40/40 club.
GUTFELD: It's a great place.
BOLLING: He's going to hang out with Jay-Z instead of Bibi. Maybe he should reconsider his evening tonight.
GUTFELD: What do you think?
JOE TRIPPI, GUEST CO-HOST: Romney should be doing this stuff. This is the kind of stuff Romney should be doing. This is how you communicate now.
TRIPPI: It's not just doing the news programs.
DANA PERINO, CO-HOST: I don't like it.
TRIPPI: Well, no, it's a change. And I think Romney -- Romney hasn't shown that side of him --
PERINO: He's done it a couple of times. He did Letterman. He did his own top 10 list. The thing is, I actually think they've gone too far on the White House side of things. If you see Obama one more time on these comedy shows, he has nothing left to say.
And if you were to, tomorrow say, do this monologue again, you could contrast the pictures of the smiling, hey, what's up? All these fun stuff. Let me do an interview with Pimp with the Limp and then I'm going to do David Letterman.
Meanwhile, our ambassador has died. We have a conflicting information about our intel. What Eric just said about the economic news, it should be what's on the front page. But instead, we get to talk about Letterman. Maybe it is brilliant.
GUTFELD: Yes. Go ahead.
TRIPPI: I think Romney hasn't -- he's always too serious and he's always sort of stepping in it a little bit.
PERINO: I like serious.
TRIPPI: Well, I think we're in a new time when it's not just news programming anymore. There are a lot of people who aren't just focused on it as we are --
BOLLING: Joe, you're doing a good job. You're doing exactly what the left likes to do. We're talking about Obama hanging out with Letterman and you turn it in to what Romney should be doing.
TRIPPI: It works. It's a strategy that works.
ANDREA TANTAROS, CO-HOST: I think that was the mistake that Romney made at the convention, is he played into what the pundits said he should have done, which is be more likable. And President Obama is just the more likable politician. So this election is going to be a choice. Who is more likable or who can fix the economy? That's what Romney should focus on.
TANTAROS: But President Obama has basically said, either I don't know how to fix the economy or I'm not even going to try, so I'm going to go People magazine, to "Entertainment Tonight," to all the gossip magazines and to these late night shows. That's all he has.
PERINO: Letterman's changed, right? We talked about this a while ago. He made a conscious decision that he was going full bore on behalf of President Obama.
GUTFELD: Yes. I mean, he is going to make fun of Romney and possibly hit on the first lady, right?
GUTFELD: I want to talk about the fundraising. I want to get to the Romney stuff. Obviously, there was this controversy today. Somebody caught Romney talking at fundraising video. Why don't we run that and we'll run his response?
(BEGIN VIDEO CLIP)
MITT ROMNEY, REPUBLICAN PRESIDENTIAL NOMINEE: 47 percent of the people who will vote for this president no matter what, all right? There are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe they are entitled to health care, to food, to housing, to you-name-it. That's an entitlement and the government should give it to them. And they will vote for this president no matter what.
(END VIDEO CLIP)
GUTFELD: Now, apparently the media is going crazy over this as if it's some kind of blasphemy. Now, we've had on Neil Cavuto moments ago, we had Mitt discussing it. Mitt?
(BEGIN VIDEO CLIP)
ROMNEY: I believe the right course for America is one where government steps in to help those that are in need. We're a compassionate people. But then we let people build their own lives, create enterprises. We believe in free people and free enterprise, not redistribution. The right course for America is to create growth, create wealth. Not to redistribute wealth.
(END VIDEO CLIP)
GUTFELD: So, Andrea, Romney has been outed as a conservative. Shouldn't he just run with it? Was that a fair answer for him?
TANTAROS: I'm outraged that a politician would actually tell the truth these days and say what they really mean. It's unbelievable. Look, he is standing by what he said, and I think that he should. Even The Wall Street Journal came out with a study recently saying over half of Americans are reliant on some form of government assistance.
If we've forgotten the crisis of the West is one of dependency and overspending. We saw riots in Greece for that.
So, now, we're having a debate sitting around, again instead of talking about the major issues of the day, like $16 trillion in debt and the Middle East is burning. Instead, we're sitting around going, hmm, did Romney insult the country or not? And we're talking about whether it's taboo or not that we're having this discussion -- a lot of people say we shouldn't be.
And shame on all the people who came out, Bill Kristol was one of them. And I disagree. He said it was arrogant. It was the truth. If we can't have the discussion about that, it says that this whole country is in denial.
TRIPPI: It's not the truth. I mean, there are elements of it that are true. But the fact is, most people pay payroll taxes, they pay taxes. They don't pay the federal income tax. What they -- most of them end up paying more taxes than -- they pay a higher rate than he pays.
BOLLING: He said don't pay income tax -- 47 percent of people don't pay taxes, households. You can't get around the number, though.
BOLLING: You can call it class warfare. You can say he's out of touch. But his number is right.
TRIPPI: Part of this is how things sound, how they come out. And the way he says it -- it's the truth, it's how voters perceive it.
Sometimes the way that Romney talks I think -- I understand what he is trying to say sometimes, but it puts people down. There is -- he is --
GUTFELD: It's the difference between --
TRIPPI: He doesn't connect with them in a way --
GUTFELD: He's a CEO -- he's a boss. He's a boss who says the truth. But the truth often hurts. As opposed to charismatic community organizer who spends a lot of time around people.
Dana, I want to ask you. You know, President Obama had a few mistakes last week.
PERINO: Yes, that we didn't even hear about. So, in the aftermath of the protest in Egypt and Libya, he was asked about Egypt in an interview with Telemundo and he said -- basically -- he said that Egypt is not an ally. Hours later, the State Department, his own State Department had to correct that and said, actually, technically, sir, they are an ally. They had to back track on that.
And you heard nothing from the media about -- that is a serious gaffe. This is a president who basically just said to our ally that you are not one of us anymore. Maybe he was saying something that he believes. But it was a technical -- talk about a gaffe on a presidential level. That was a big one and nobody talked about it.
BOLLING: Here's what we're talking about, we're talking about what Mitt Romney said. And he talked about the expanding taker class. Instead of talking about what President Obama has not said, how he's going to make sure the expanding taker class starts to become the maker class.
What happens when 47 percent, Joe, of non-households paying no income tax, federal income tax -- what happens when that become 51 percent? When that becomes 51 percent, the class in office, the Democrats who enabled that, are in there for life. It's pretty obvious.
TRIPPI: I think that's right. I mean, that's absolutely true, Eric. But here's the problem. Dana and I were talking about this. When she was paying, got exception for her --
PERINO: Mortgage, yes.
TRIPPI: -- she was -- there were people who doing that worked their rear ends off to paying that mortgage. They're not on the take. And when he talks about it with sort of with that insinuation that you're on the take, that's when he does damage to himself. He could get some of those votes.
That's what I am try to say -- there is something wrong with the way he's articulating it --
TANTAROS: I think voters are already with him, Joe. I mean, the voters he's trying to get are the independents, right? What's the number one issue to the independents? Spending and debt.
This administration has squarely come out and said, we're in favor of redistribution. They have Sandra Fluke talk about how it's a right other people pay for her birth control. They squarely doubled down on growing government.
Anybody else Mitt Romney has their vote or will win their vote understands that and looks at Romney and says I agree and thank you for finally speaking the truth, instead of worried about offending feelings.
GUTFELD: I mean, the people he kissed goodbye were already gone.
TRIPPI: Oh, I don't think so. I mean, I really think we were people in the Middle America who --
PERINO: I think it's still possible.
TRIPPI: Not if you call them takers and you don't take responsibility for your life, there is some bad language --
PERINO: He, himself, said it was inelegant.
Remember a theme from Paul Ryan's vice presidential convention speech? He said I never felt like I had a fixed station in life. I think that's what they are alluding to. And that message I do think resonates with independents just -- you know?
GUTFELD: I got to move on. One question is how did they obtain this tape? That's a curious thing.
BOLLING: No problem. Cell phone. But think about this for a second: If you want to take Mitt Romney to task for what he said at private fundraiser, what happens if you follow President Obama around this afternoon and tonight at the 40/40 club with a camera and cell phone? Are you going to hear something that maybe he doesn't want?
GUTFELD: I'm going to try because I'm going with him to the 40/40 club. It was actually my suggestion. He is picking me up around --
PERINO: What is 40/40?
GUTFELD: You have never been there? Come on, Dana. They don't allow Jasper.
PERINO: OK, I wouldn't go.
GUTFELD: Yes, exactly.
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