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The Five

Is the economy the No. 1 issue for the candidates?

This is a rush transcript from "The Five," November 10, 2015. This copy may not be in its final form and may be updated.

KIMBERLY GUILFOYLE, CO-HOST: Hello, everyone. I'm Kimberly
Guilfoyle along with Juan Williams, Eric Bolling, Dana Perino and Jesse
Watters. It is 5 o'clock in New York City and this is "The Five."

The stage is set and the republican candidates are ready to face off. We
are just hours away from tonight's presidential debate on the Fox Business
Network. Both the early and late debate will focus heavily on the economy.
So the question now, will the candidates be able to convince the voters
they have what it takes to fix the economy and get more Americans back to
work? Here's a preview of what we can expect.

(BEGIN VIDEO CLIPS)

SEN. MARCO RUBIO, REPUBLICAN PRESIDENTIAL CANDIDATE: We have an economy that's
leaving people struggling with a day, daily cost of living. Young Americans
straddled with student loans, businesses that can't survive. Small business
formation in America is down.

DR. BEN CARSON, REPUBLICAN PRESIDENTIAL CANDIDATE: We have 4.1 million federal
employees. We're not going to replace them as thousands of them retire. We
have 645 government agencies and sub-agencies, we can cut at least 1
percent out of each one of those in terms of fat, without any problem
whatsoever.

DONALD TRUMP, REPUBLICAN PRESIDENTIAL CANDIDATE: We're losing $400 billion a year with
China in terms of imbalance. They're killing us and in every respect and
the currency manipulators, what they're doing is they're beating us with
the currency manipulation and other things.

(END VIDEO CLIPS)

GUILFOYLE: All right, we've got a preview there of what you can expect
tonight. It's going to be fantastic. You make sure that you tune in.
Bolling, what do you think?

ERIC BOLLING, CO-HOST: I think -- remember, the answers can
go. We've heard from Neil and Maria last night, they can go a 90 seconds
answer, that's quite a bit of time. So you better have a lot of facts and
information to deliver. I think the most -- the two most ready for this
just because of their past are Trump and Carly. It's been a lot of time in
business. They can talk about the numbers, they can talk about taxes, they
can talk about employment, they can talk about payroll, they can talk all
the things that I think the American voters want to hear. I believe the
ones that are going to have, I think Ben, honestly, I'd -- he's a fantastic
person, he's a great human being, he's a wonderful neurosurgeon, but he has
a hard time with the numbers stuff. I went through his tax plan. It's so
vague, I'm telling you, it's like it hasn't even been addressed yet. They
really need to lock these things down. I certainly will lockdown before
tonight's debate. Give me tax levels. There -- right now, there's no
specific tax levels. I like what he's saying about capital gains and
dividends and corporate taxes, but again, I need levels. You need numbers.
Otherwise, anyone could shoot a hole through it. What are you basing your
numbers on? How much is this tax plan going to cost you based on this type
of GDP growth going forward? I think Jeb will nail that stuff down too. By
the way guys, Jeb has this stuff down, so -- and Marco Rubio will, too. So
again, I think there are gonna be really diverse complete spectrum of what
you're going to see tonight on numbers.

GUILFOYLE: All right. You like it because you love the numbers.

BOLLING: Love it.

GUILFOYLE: And you love the economy and talking about the free market.
Dana, who needs to do, what tonight?

DANA PERINO, CO-HOST: Well, they all need to start showing that
one they could be commander-in-chief and also that they have command of the
economy beyond rhetoric. So I would say this is a no-talking point's zone.
As soon as I hear that, I would tune out. I also would tune out if I hear
too many specifics on numbers, that's just because of the way that the ear
hears things, you start to tune out. I think the most important thing for
any of the candidates is to be able to show that they understand the
problems of people like me, or you at home, the viewer, people who are
wondering if you have what it takes to understand the economy and if you
have some proposals to move it forward. I think that they have -- it's a
little bit of a tougher sell on the economy now than I am in the past eight
years because the unemployment rate is so low, so that's an easy sound bite
to say. The labor participation rate however, is at its highest. You have
to be able to explain what that means. Meaning that non-participation, that
it's the highest, more people want to work than are working, and people
that have decided to just give up is higher than ever before in the history
of our country. That is what I think people should, tonight, should do
that. I'm going to add a couple of people to Eric's list, I think that John
Kasich who has shown in Ohio an ability to turn an economy around there, I
think that he will actually be stronger on this and 90 seconds actually
works in his favor. And then Christie, in the 7:00 p.m. debate, you might
see that as well.

GUILFOYLE: All right, good. Nice synopsis. Well done. Jesse, can you beat
that?

JESSE WATTERS, GUEST CO-HOST: I can't.

PERINO: Doubt it.

(LAUGHTER)

WATTERS: I would come out guns blazing at the president. I would say this
president has killed more jobs than terrorists. He just got on Keystone
pipeline. I would come out and say he's created food stamp nation, and
you're paying for it, out there, the viewer. I would come out and say he
spends money like the Kardashian. He doubled the debt. He raised taxes and
then everybody's wages went down. He's spending a trillion dollars on
health care and premiums went up. He opened the borders and the American
dream is getting clobbered, so I would say, while Americans were getting
poorer, what was Hillary doing? Hillary was getting richer. She was lining
her pockets with, you know, big speaking fees and Arab money. And you
cannot trust Hillary Clinton to protect your money. And you can trust me.
That's what I would say. Now from the men guys, Trump, he is the mogul,
this is his strong soot. I think he needs to put a little distance between
himself and Ben Carson. He's not gonna have a hard time with that. I think
h e is just gonna give examples, like you said, of specific projects he's
done and how it's helped specific people. He has to stay focused on
immigration. Let's not forget what got him there. And then for Carson, this
is not his strong suit, obviously. So, you know, he's got to show a little
bit of, you know, how he knows -- I don't think he can talk very, you know,
conversationally about money, so he needs to also steady the ship. He's
having a hard time there. But talk about how he kind of came up from
nothing and used.

PERINO: Right.

WATTERS: Education and faith and hard work. And we don't need handouts to
be successful. And then Rubio, I mean, he's got a very high ceiling. I
think Rubio needs to show he's the new generation republican. He's a great
counter-puncher, he'll do great job with that. And I think Jeb has to have
a moment. And I don't know if he's equipped to have that moment. I don't
know if Jeb can fix it. So we'll see, but I think it should be a fun
debate.

GUILFOYLE: Well.

PERINO: Let's just say, I think Jesse beat me.

(LAUGHTER)

GUILFOYLE: Well, he certainly went longer.

PERINO: The rundown of how they should go after Obama and Hillary was
actually really good.

WATTERS: Well, thank you. I put a lot of thought into that today, Dana.
And I'm glad you enjoyed it.

PERINO: Thanks.

GUILFOYLE: Well done, you can stay at the table. All right.

(LAUGHTER)

GUILFOYLE: Juan, what do you got for us?

JUAN WILLIAMS, CO-HOST: Well, I think Jesse's Chicken Little
routine is pretty cute, you know.

(LAUGHTER)

WILLIAMS: The sky is falling.

GUILFOYLE: Economist (ph).

WILLIAMS: The economy is going to hell, all the things are terrible. Jesse,
flashback, it's not 2008 brother, we are now in 2015.

WATTERS: Yeah.

WILLIAMS: And the fact is that unemployment.

WATTERS: Worst recovery since World War II.

WILLIAMS: No. Let me just say, the economy, unemployment rate, 5 percent,
lowest since when? '08. Federal.

WATTERS: Juan.

WILLIAMS: Federal Reserve.

WATTERS: Juan.

WILLIAMS: Let me finish. Federal Reserve.

WATTERS: More people are working since the `70s.

WILLIAMS: Hang on, Jesse. Jesse, we let you filibuster. Federal Reserve is
so excited about economic progress they're poised to race interest rates in
December. That's how good. Let me just finish.

(CROSSTALK)

WILLIAMS: Under President Obama, economy added 7 million private-sector
jobs. Dow has doubled, NASDAQ tripled, exports up 40 percent. We see he's
cut the deficit by two-thirds. So the president having rescued this
economy, which was going in the tanks, the worst economic crisis the
country faced since the great depression. And what we need from these
candidates tonight is a dose of honesty. They've got to say listen, there's
still economic anxiety out here.

PERINO: But you should have.

(CROSSTALK)

BOLLING: Juan, your numbers are dishonest.

PERINO: Yeah. Get him, Eric, I agree.

WILLIAMS: They're not dishonest. Those are facts.

(CROSSTALK)

WILLIAMS: I love it when he just can't handle the facts.

BOLLING: The employment rate is because what Dana pointed out, 94 million.

WILLIAMS: Oh, let me finish.

BOLLING: Stop. Why don't you.

WILLIAMS: No.

BOLLING: Why don't you let me finish?

WILLIAMS: Let me finish.

(CROSSTALK)

WILLIAMS: Because Dana said something that, again, totally out of context.
Dana doesn't say oh, gee, we have a rapidly aging economy.

BOLLING: Juan, the reason.

WILLIAMS: And half of the people.

BOLLING: The reason for your 5 percent.

PERINO: Right.

BOLLING: No, it's not retirement. It is doesn't retirement.

WILLIAMS: It is. A higher level.

BOLLING: Absolutely not. Here's why.

WILLIAMS: Oh, let me just say.

BOLLING: Here's why. If you put the same labor rate that President Obama
inherited on to the labor force right now, we would have 11 percent.

WILLIAMS: Yeah, but you would have a different population of Americans.

BOLLING: No, Juan. It's not.

WILLIAMS: We have.

BOLLING: It's not retiring and dying. That's what.

WILLIAMS: Let me just tell you something.

GUILFOYLE: All right.

BOLLING: What was your other one?

WILLIAMS: The council.

GUILFOYLE: Just few seconds.

(CROSSTALK)

WILLIAMS: The council of economic.

BOLLING: How about wages are down on President Obama.

WILLIAMS: You know what, have you noticed Mr. Testosterone won't let me
talk?

GUILFOYLE: I know, but have you noticed that I can't get to your Rubio card
here.

WILLIAMS: Oh, because.

GUILFOYLE: If you don't let me get this script.

WILLIAMS: All right.

GUILFOYLE: Tonight's debate hasn't begun yet, but Marco Rubio is finding
already himself in a showdown with Donald Trump.

(BEGIN VIDEO CLIP)

RUBIO: I'm not sure someone who is like Donald Trump that's taken four
companies into bankruptcy, should be lecturing anyone about finances.

(END VIDEO CLIP)

GUILFOYLE: Of course, some harsh words for him as well. Tweeting, "Marco
Rubio is a total lightweight who I wouldn't hire to run one of my smaller
companies -- a highly over-rated politician." That basically was a gift to
Jeb Bush. Jeb don't even have to say anything. He can just be elegant,
confident and talk about his real-life experience as governor and his
result with the economy and raising jobs and cutting taxes because Donald
Trump is doing the work for him, Bolling.

BOLLING: So my assessment of tonight is the Donald Trump is the one they
don't want to attack, because when you attack Donald Trump, you get hurt.
So they may move on. OK, number two. Ben Carson is in second place. Ben is
in -- it feels like he's got a lot of issues right now. They're going to
leave him alone and let him try to work his issues out. I don't -- it is
gonna be a tough -- too tough call. Rubio is the one who's been move --
he's had the most movement on the way up. So my guess, I think all guns
will be pointed at Marco Rubio tonight because, if he gets stronger and
stronger and stronger, that means what's up does not -- what's not Donald
Trump and Ben Carson is will gonna go to Rubio. They need the rest of the
candidates, need those voters.

GUILFOYLE: So dog pile on them.

BOLLING: It feels like to me, yeah.

GUILFOYLE: All right. Dana, you see it differently.

PERINO: Well -- no one can predict what's gonna happen, which is why we
should all tune in tonight, but I do think there's somebody we haven't
mentioned and it is Senator Ted Cruz. He has a very good grassroots
operation out there in the country. He's fund-raising numbers are very
good. He's a very effective debater. And if you look at who is in the
second tier right now? It is Rubio and Cruz. Therefore, I think that Cruz
has to figure out a way to make a move and get some attention, and tonight
might be his night.

GUILFOYLE: Yeah. And then Heritage just gave him the top rating as the best
-- most conservative of all the issues.

PERINO: Not surprising.

GUILFOYLE: So that was their in-depth analysis. Jesse.

WATTERS: I think when -- if you're Trump and you attack Rubio on the credit
card thing, I don't know if it works. It could back-fire because you could
come on and say, listen. You know, my dad didn't give me a million dollars,
number one. Number two, you know, this is a mainstream media attack on me.
You're gonna kind of glom on to a mainstream media attack on that? I mean,
that's garbage. And you just say, you know, Trump went bankrupt and --
that's garbage, too, but it really gets under Trump's skin and he gets on
the defensive about it, so it could back-fire. Now, Jeb is telegraphing his
attack on Rubio. He's saying "I'm going to go after him on the Senate votes
and I'm going to go after him because he's too pro-life to win a general
election." Now, two things there, I think Americans hate the Senate and if
someone leaves the Senate to go out in the real world, I don't think they
have a problem with that, and number two, in a republican primary, you are
going to say a guy is too pro-life?

PERINO: I actually think that all.

WATTERS: I just don't know if that resonates.

PERINO: I don't think you're going to see that happen.

WATTERS: For Jeb to say, he can't win a general. So I don't know.

GUILFOYLE: What, Dana?

WATTERS: What attacks are gonna win.

PERINO: I'm saying that I don't think you're going to see that happen. I
think that's a story that the New York Times wrote -- not that it's not
true. I think that somebody probably did say that, but I just believe that
that is actually not going to happen.

GUILFOYLE: OK, Juan?

WILLIAMS: Well, I think that is -- what's interesting to me from a
political perspective is that you have the opportunity here, in terms of
right to rise, which is the super PAC for Jeb Bush. Talking about spending
money to go after Marco Rubio, and to say that he is not ready to be
president, that there's no evidence, he hasn't run anything. And the
suggestion again is about.

PERINO: Right.

WILLIAMS: The credit, but he can't handle his own finances. Now, I think
that Cruz is the guy. The question is does Cruz join in that kind of fight
against Marco Rubio? And how does Marco Rubio respond? I liked, what you
were suggesting earlier, he can talk about himself as the guy who came up
from nothing and, you know, people who need to relate to him. But at some
level, at some point, Marco Rubio has got to come with real fire. He did
last time. He had his moment when he came back on Bush.

BOLLING: He's tough, man.

GUILFOYLE: Right.

BOLLING: But he's prepared. Look at what happened. He was ready for Jeb
Bush in the last debate.

WILLIAMS: Last time he was.

BOLLING: Look what happened. What he put out -- was it today or yesterday?
His super PAC put out an ad that was fantastic. It was Jeb Bush's words. It
was all Jeb Bush.

GUILFOYLE: And we'll get reaction for that Bolling, because one of the
biggest moments from the last showdown was when Rubio deflected attacks
from Jeb Bush. This time around, the Florida senator has launched a
preemptive strike against the former Florida governor with this new ad.

(BEGIN VIDEO CLIP)

JEB BUSH, PRESIDENTIAL CANDIDATE: Marco has, I think is, something that the
Republican Party needs to have, which is a hopeful optimistic message based
on our principles.

I'm a huge Marco fan.

He's probably the most articulate conservative on the scene today and the
fortitude to be a good president.

I'm so proud of his high-voltage energy. I'm so proud of his enthusiasm.
I'm so proud of his eloquence.

I'm a huge Marco fan.

RUBIO: I'm Marco Rubio and I approved this message.

(END VIDEO CLIP)

BOLLING: Now that is an effective ad. Using your -- the one guy who has
been attacking you, his own words that he's gonna pass as your, as your
talking points. It's fantastic. Marco Rubio is a contender. He's got a good
staff around him. I'm gonna say this, I probably going to get a lot of
heat. He showed -- he is teaching Jeb Bush how to run a campaign.

GUILFOYLE: Or Jeb Bush's staff.

BOLLING: Or both.

GUILFOYLE: But nevertheless, so the people could see that. You know Jeb
Bush has been very loyal, helped Marco Rubio get to where he is today. So
when I see something like that -- yeah.

WILLIAMS: Yes.

GUILFOYLE: I don't love it. Dana?

PERINO: I would just say, effective tactic and actually it could be used,
almost all of them could use it. I just think one of the most effective
ones would be to use all the comments that Donald Trump has said about
Hillary Clinton and Obama being so great, and do the same ad.

GUILFOYLE: Yeah.

PERINO: I mean that it is effective to use somebody's words against them.

GUILFOYLE: It is. Jesse?

WATTERS: I thought it was a great ad. I agree with Eric. I just don't like
seeing Jeb on the attack. I think it diminishes him. He doesn't look
authentic when he does it. It just doesn't seem real to me. He's supposed
to be this big guy with the big name and all the money and the great track
record. And he is playing small-ball politics like around corners and
nibbling at these, you know, younger front-runners just now because he
crashed and burned in the polls.

WILLIAMS: But here's the thing.

WATTERS: If he's going to attack anybody.

WILLIAMS: Oh, come on.

WATTERS: He should attack Trump. Let's be a heavyweight. If you're a
heavyweight and he says he's a heavyweight.

GUILFOYLE: Yeah, you know what?

WATTERS: Attack Trump.

WILLIAMS: All right. It's on me.

GUILFOYLE: I think that would back-fire on him. He should actually.

WATTERS: Probably, but he has to do it.

GUILFOYLE: He should -- I don't think he has to. Like if he's going to
attack anybody, you can point out the flaws and the problems and the
dishonesty and duplicity of Hillary Clinton and go strong on your record.
That's what I would.

WATTERS: That's a good idea. You go after Hillary or Obama.

WILLIAMS: Let me stand up for Jeb Bush. I think this is nuts that you're
saying don't go hard on these other candidates? Jeb Bush, when he goes --
when he fails to go hard people say, you know what, he looks lackadaisical.
What did Trump say? You look like you're low energy. You're not engage. So
now he says, oh, I'm gonna go after this guy Rubio, who I helped all along,
picking up on what Kimberly was talking about.

WATTERS: Sure.

WILLIAMS: And who is an ingrate. And you're saying oh no, don't do that
because then you're not the big guy? No. He's got to get energy tonight.
He's got to show his moment, Eric. He's got to come on. And let me tell you
that ad.

(CROSSTALK)

BOLLING: He went after Trump, he got destroyed. He went after Rubio, he got
destroyed.

WILLIAMS: Wait, wait.

WATTERS: Yeah.

(CROSSTALK)

WILLIAMS: Kimberly said that ad reminded her that Jeb Bush.

BOLLING: You are a political guy. Was that a good or not?

WILLIAMS: Oh, I don't think it was good because they entered into the mind,
the question -- I thought these guys were friends? And Rubio is now taking
shots at a guy that helped him get to that point?

BOLLING: As a response to being.

WILLIAMS: It's a response. So I'm saying it brings into my mind all the
questions about people who turn their backs on someone who helped them
along the way.

WATTERS: Well, I'm sure Jeb loves your endorsement, Juan.

WILLIAMS: Appreciate it, brother.

GUILFOYLE: He loves Jeb and he loves his buddy Ben.

BOLLING: Ben.

GUILFOYLE: Cute.

All right, ahead. Campaign Carl, live from the debate frontline in
Milwaukee, Wisconsin is next. Stay with us.

(COMMERCIAL BREAK)

PERINO: All right. The GOP candidates are gearing up for tonight's big
showdown. The 4th presidential debate is just hours away. So how high are
the stakes? We got to check in with campaign Carl, live at the Milwaukee
Theater. How is it going over there? Carl?

CARL CAMERON, CHIEF POLITICAL CORRESPONDENT: Hi, Dana. It's a little
chilly, but lots of fun.

GUILFOYLE: Oh my, God.

PERINO: OK, well, give me a little more.

(LAUGHTER)

GUILFOYLE: And? Carl?

CAMERON: Well, I think that everybody is kind of over-hyperventilating
here. We've got to remember that it's just the beginning of November. By
this time, in recent campaigns, absolutely nothing had happened. We've got
a bigger field than ever. Let's be realistic. This is just the 4th of the
debate, as there will be 12 of them, maybe even more. So yes, there's a ton
at stake, but this is still touch football. No one has put on their helmets
and started really banging yet. That doesn't happen until the voting in the
beginning of next year. So, for the front-runners, Trump and Carson,
they've got some unfinished business, and while this is supposed to be a
substantive economics and jobs and business-oriented debate, there is
likely that Trump will raise some of the questions that he's been raising
about Ben Carson. It would be almost impossible to imagine him not doing
that. Having -- so the things he said just in the last 24 hours. And the
Marco Rubio and Jeb Bush battle is not gonna go away. Whether they bring it
up tonight in the debate or not, out on the campaign trail, their teams are
fighting (inaudible).

PERINO: All right. We gonna take around the table and try to get around to
everybody. Eric, go next.

BOLLING: Carl, the mogul is going to be standing next to Eli. Do you want
to explain to the people what that means?

CAMERON: Sure. These are their secret service handles, as so we're told,
until I know these things. Mogul obviously would be.

(LAUGHTER)

PERINO: Very good.

CAMERON: Donald Trump. And Eli is obviously a biblical reference for Mr.
Carson. It is effect (ph) with one translation is sort of chosen one or
enlightened one.

BOLLING: And lastly, evergreen. Do you want to tell us who evergreen is?

CAMERON: I can't tell you who evergreen is. You may know more than I do.

BOLLING: That's Hillary. Hillary as evergreen since.

(CROSSTALK)

CAMERON: Well, but it seem -- again, don't be so certain of these handles
are gonna actually stay on. Things change a great deal. The secret service,
it cringes when they hear us stalking about this sort of stuff...

(LAUGHTER)

CAMERON: And.

GUILFOYLE: Yeah.

CAMERON: And frankly, the secret service protects this status is supposed
to be sort of prestigious for the candidates. One of the things that it is
sort of a sad reality to it is, bomb scares and harassment. They get this
attention because things sometimes get unpleasant.

PERINO: All right, Juan Williams?

WILLIAMS: So take us behind the scenes there, Carl. I understand that our
political director, Cherri Gregg led the team through the facility and no
complaints about the green rooms or people being stuck in bathroom. Is that
right?

CAMERON: No. In fact, I've actually polled the press and some of the
campaign staffers, and they all say everything looks great and they're
getting fed and there are plenty of rest room facilities. And these are
really things that the American voters do not care about. This is the
campaign and to some extent, the media, acting a little bit spoiled for the
privilege to run for the highest office and to report on it. So let's be
realistic. It's chilly in Wisconsin. And remember, this is a debate in
Wisconsin, Scott Walker's home state. There's a lot of Midwestern
sensibility here and it's a lot different in the kinds of debates and kind
of questions that you would get in Iowa or New Hampshire, where the race is
much more hot because they're the first two states to vote.

PERINO: Al right, K.G.?

GUILFOYLE: Yeah. Hi, Carl, so take us on the rundown a bit for the viewers
of what they can expect tonight, the amount of time allotted, kind of the
way this is gonna go down.

CAMERON: Well, it's structured in such a way as to keep the entire flow
center around the economy. The candidates have been very vocal since the
last debate about their desire to be heard and not interrupted. And when
they are given an opportunity to answer the question, they want to be able
to fully answer and not get clipped by somebody trying to shout. So the
moderators will have to do considerable not refereeing to make sure that
the players don't start committing personal fouls here. It's gonna be
tough. Each of these candidates knows that this is a very long process, and
you've got Trump and Carson who have been if first place in the national
polls. But again, got to say this in virtually every single shot we do, the
national polls are not as indicative of what's going on in the real race,
as what is happening in the other states Iowa and throughout South
Carolina. And their -- while Trump and Carson are winning, the other
candidates down about, even Chris Christie who's been put down on the
second tier, has organization going in New Hampshire, and all of them have
reason to see their campaigns going on beyond tomorrow, regardless of what
happens in this debate. Scott Walker, one of the drop-outs, there's an
awful lot of folks wandering around Milwaukee, wondering why their governor
got out so soon when they see other candidates who are hanging in here who
would arguably having in worst shape that he might have been.

PERINO: All right, we go, last question from Jesse.

WATTERS: Carl, if you could. Give us a sense of the audience tonight
because I know the audience reaction kind of, you know, can help people
perceive the performance differently. How do they stack to the deck or do
they hand out tickets? Or who gets to go? Is it the old, the young.

CAMERON: Sure.

WATTERS: Or they, all walker fans? How do you think it's gonna breakdown?

CAMERON: Ha, ha. The Republican National Committee distributes tickets to
the campaigns themselves and they each get an equal number, and they can
bring in their supporters here from Wisconsin. One of the things that it is
interesting about is there's a lot of people who have been commuting up
from Iowa and other states to come and see their candidates. We have folks
from Missouri earlier, just coming by to say hello to us and say that
they've basically drove, in some cases, 10, 15 hours to come and watch
this. It's also a business community, this being the Fox Business Network.
There are a lot of folks involved in sort of, the Wisconsin Chamber of
Commerce types. But again, Midwest sensibilities vastly different from what
we were talking about at the Reagan Library in one of the debates, and as
this time (ph), sort of move forward from Boulder Colorado, now to
Wisconsin. And it's also going to be a fairly older crowd. The Wisconsin
electorate, these are folks who are watching very closely, a lot of folks
haven't tuned in yet. It tends to be seniors who are watching closely now,
so they'll be in the audience and they'll be as asked to not keep, to keep
the catcalls to a minimum. We always ask -- it doesn't usually work.

WATTERS: All right.

PERINO: All right. Thank you, Carl. We appreciate it. And in a story you
may not have seen -- the FBI just expanded its investigation into Hillary
Clinton's e-mails, should the GOP candidates refocus their attention on
their ultimate opponent? That's next.

(COMMERCIAL BREAK)

BOLLING: Well, are things about to get worse for Hillary Clinton? The FBI
is reportedly ramping up its investigation into her email scandal to
determine if some of her aides sent classified material. So should the GOP
candidates capitalize on this news and focus their attacks on her tonight,
not one another? Is this a better strategy?

(BEGIN VIDEO CLIP)

DONALD TRUMP (R), PRESIDENTIAL CANDIDATE: Hillary is running for a lot of
reasons. One of them is because she wants to stay out of jail.

GOV. CHRIS CHRISTIE (R-NJ), PRESIDENTIAL CANDIDATE: Our real problem lives
in Chappaqua, New York. It's Hillary Clinton, not the men and women on
that stage. But Hillary Clinton and her vision for America, which I think
is the wrong direction for our country.

SEN. MARCO RUBIO (R-FL), PRESIDENTIAL CANDIDATE: I'm running for
president, because there's no way we can elect Hillary Clinton continue the
policies of this country.

JEB BUSH (R), PRESIDENTIAL CANDIDATE: We're not going to win by doing what
Barack Obama and Hillary Clinton do each and every day: dividing the
country, saying -- creating a grievance kind of environment.

(END VIDEO CLIP)

BOLLING: Now K.G., you say you like this?

GUILFOYLE: Yes, I do like it. Because I think it's, like, focusing on the
eye on the prize. Take her out. Take her out fast and hard, and don't
wait to do it. Because one of you will emerge. And they're going to unite
together as a party, behind that candidate.

In the meantime, you share a common goal and mission objective. So that's
what I'm saying: move on target. HRC is the target, not Colonel Sanders,
whatever, with his weird, like, socialist communist friends. That's not
the problem. It's Hillary Clinton, and she right now is in a stronger
position than she was before coming out of the Benghazi hearings,
unfortunately.

BOLLING: Do you agree with that?

WATTERS: Yes, I do. If I were running for president as a Republican, I
would criminalize the name Clinton. I would use the words "FBI
investigation" and "Hillary Clinton" in the same sentence day after day
after day. I'd say, "You know what? When I'm elected president, the first
thing I'm going to do, I'm going to pardon Hillary, because I don't want to
see a grandma behind bars." I would go all in.

GUILFOYLE: What?

BOLLING: Can you distinguish between the frontrunners doing it and the
guys who need to get to the front of the pack doing it? Listen, if I'm a
frontrunner, I go, "It's working for me, so I'm not going to change it."

WATTERS: I think it helps not only to go after Hillary. I would not --
let's remember, go after Obama. I mean, this guy's...

BOLLING: Trump should go after Obama?

WATTERS: Link Obama to Hillary. Talk about Obama's failed policies.
She's running for the third term. It's like Politics 101. I don't know
why everyone is not executing.

BOLLING: OK. So...

GUILFOYLE: I agree.

PERINO: It's actually interesting about Trump. One of the things Trump
could do, because he's so far ahead -- and I think he will do well tonight
in the economic debate -- is not worry about any of the other competitors
onstage. But to be able to effectively show how he would actually compete
in a general election against her. That's a good strategy.

BOLLING: I would like that. My point was if you're Marco Rubio or Ted
Cruz, or one of the guys at the back of the pack, you go, "Right now, I've
got a bigger issue. Right now, I've got the front of the pack."

WILLIAMS: Yes. I think that's right. I think that's why, you know, today
you saw what Trump was doing. I love this stuff, by the way, Jesse. I
love his stuff on Hillary Clinton.

WATTERS: You do?

WILLIAMS: That she's running to avoid jail. That's hilarious.

WATTERS: She better start sharpening that shiv.

WILLIAMS: But I like the stuff Trump was doing today about the Starbucks
cups. Because I think that he's playing to win in Iowa with the
evangelicals, who care about the war on Christmas stuff, right?

So everybody else says, "Oh, it's frivolous. Why is he even talking?" No,
but you know what? There's a reality to it.

And I think that if you guys somehow think the best candidate on the
Republican stage tonight is not talking about either the economy or how to
defeat his opponents on that stage, well, gee, they'll be gone soon and
somebody else will be up against Hillary.

Finally, you know what? Everybody on the Republican side, running, looks
like Jesse's Chicken Little routine. Because they know Hillary Clinton is
so strong right now and united Democrats behind Hillary, disunited for...

PERINO: You really think she's that strong?

WATTERS: She's under investigation by the FBI.

PERINO: And she polls last, dead last in terms of trustworthiness in the -
- with the American people. I don't think that's...

GUILFOYLE: But she's the horse they rode in on.

PERINO: She has no competition by comparison. The Republicans are
fighting it out.

BOLLING: Western Illinois University, who's not missed a presidential call
since 1975, guess who they pick to win, to win the presidency?

WATTERS: Who?

BOLLING: Bernie Sanders. True, true.

GUILFOYLE: You know what? I didn't need that, Bolling.

BOLLING: New developments today on the race controversy at the University
of Missouri. Campus protests led to the ousting of the school's president
and chancellor. Will this lead to similar kinds of investigations --
demonstrations at other college campuses nationwide, ahead?

GUILFOYLE: Oh, my God. You're killing me.

(COMMERCIAL BREAK)

WATTERS: Protesters at the University of Missouri succeeded yesterday in
ousting the president of the school, as well as the chancellor over their
alleged mishandling of racial incidents on campus.

Concerned student group 1950 drafted a list of demands for the university
last month. And that list is now going viral. Here are some of those
demands.

"To create and enforce comprehensive racial awareness and inclusion
curriculum throughout all campus departments. Increase the percentage of
black faculty and staff on campus by 10 percent in the next two years.
Increase retention rates for marginalized students. Provide funds and
resources to hire additional mental health professionals and also funds to
hire more people of color on campus."

The story gained national attention when graduate student Jonathan Butler
went on a hunger strike in protest of the president's mishandling of the
incidents. Here's what he has to say about the outcome of his efforts.

(BEGIN VIDEO CLIP)

JONATHAN BUTLER, GRADUATE STUDENT: A lot of people know how corrupt the
system is, and they thought I was going to die from day one. From the
moment I made my announcement. People thought I was a dead man walking.

So for me, especially with faith in God, I really didn't look at it from a
deficit (ph) approach that I would die, even though I took precautions that
I might. I really did come at this with an approach of victory, knowing
that the fact that the harder we fight, the greater the reward.

I felt unsafe since the moment I stepped on this campus.

(END VIDEO CLIP)

WATTERS: OK. So the guy goes on a hunger strike. It's probably the
biggest attention-seeking move of all time. Now, he says, "I don't want
any media attention. Don't talk to me." What is going on with this guy?
You say this guy was really sneaking food during the hunger strike.

GUILFOYLE: Oh, my God.

PERINO: It does seem a little melodramatic when he says he took
precautions...

WATTERS: yes.

PERINO: ... you know, beforehand.

WATTERS: A will.

PERINO: And I'm curious, though. Like, from your -- you go to a lot of
college campuses. I mean, is this -- does this track with your experience?

WATTERS: Actually, you know what? I see this happening. I think this
school, you know, you reap what you sow.

They've been pumping this PC garbage into these students' heads for years,
and now they're devouring their own. I mean, this is like the left-wing
civil war we've all been waiting for. This is now happening at
universities.

I say let them go at it. I say, you know, oust these administrators. As
long as they're not going after FOX, the military, the business community,
let them eat their own. What do we care? I'll just sit back, watch it.
Enrollment will go down; the endowment will go down. No one's going to go
to these crazy schools where the loons have taken over the asylum. Isn't
that what it's about?

BOLLING: That ridiculous list that we paraphrased, out of control.

You're right, the PC demands over the years have created this mess. But I
really -- look, I don't even blame that -- the president and the chancellor
for stepping down. I don't blame them. Again, I blame the athletic
department and the football coach. Because nothing was going to happen
without that football team saying, "We're not going to play."

All you had to do, coach, was say, "We're going to put 12 or 15 different
people who want to be on this football team in," and I'm sure there are.
All those guys there on Missouri, a big-time college football program, who
are trying to become NFL ball-players next year or the year after, are
going to sit out one week and realize their life might go down the drain if
they keep this mess up. And then we would be back in week two, and you'd
lose the game, but so what? You'd be 4-6 instead of 4-5.

GUILFOYLE: Well, that takes courage of your convictions, instead of, like,
having your, you know, back broken by PC politics. This was about football
and money. They were going to be fined, what, like, $1 million if they
didn't play in the game. And you know what, those players? I agree with
you. But then those players will turn around and say, "You know what? The
coach is a racist."

WATTERS: That's true.

And Juan, can I ask you a question about the demands here? Tell me what a
marginalized student is?

WILLIAMS: Somebody who feels uncomfortable on campus, which is what Butler
was talking about.

WATTERS: Uncomfortable on campus?

WILLIAMS: You know, I just -- I love listening...

GUILFOYLE: Microaggression.

PERINO: Here we go. (UNINTELLIGIBLE) is on the table.

WILLIAMS: ... to folks talk about this in a way that, you know, just
totally ignores the reality that these students really had a degree of
discomfort in a learning environment. Now I...

BOLLING: Because of two incidents, Juan?

WILLIAMS: Hang on, hang on.

BOLLING: Two incidents, a swastika and a racial epithet.

WILLIAMS: I'm just going to try to finish in just a second. But I think
Governor Nixon, Jay Nixon, governor of Missouri, he said it was absolutely
a good thing that the president stepped down. The head of the Missouri
legislature's House Education Committee said it was necessary that he
stepped down. Now why?

WATTERS: That was the same governor that let them ride in Ferguson, didn't
bring in the National Guard, so they could burn stuff. I don't think
Nixon's really a guy you want to point to.

WILLIAMS: Can I just -- no, no, no, let me finish.

WATTERS: All right. Hurry up, Juan.

WILLIAMS: So I think that what you have is a situation that's far broader
than this. I mean, there were people who were mad at the university over
the fact that they had ties to Planned Parenthood way back and that Wolf,
the president didn't deal with it. That brought some attention.
Apparently, he didn't deal with it.

He did not deal with the dissatisfaction of these students, especially as
you point out, in the aftermath of Ferguson.

WATTERS: I just love watching these liberal institutions blow themselves
up.

BOLLING: Nail this down, Juan.

WILLIAMS: You want to talk about the black students.

BOLLING: Two incidents.

WILLIAMS: Two major...

BOLLING: One swastika and one -- an "N" word dropped. That's -- that's
enough to get a firing of a president and a chancellor?

WILLIAMS: No, no. Again -- again, you know, we're not there; we're not
on the campus. But what happened was the students at some point wanted his
attention. They wanted the adult, the man in charge, to talk to them, to
deal with their dissatisfaction. Apparently, a car ran through the
students, hit one of them. And that's Butler apparently.

GUILFOYLE: All right. Well, this story is growing, you know, as the show
continues. It wasn't somebody -- right, there's two instances. You can't
just, like, yell "Fire" in a crowded theater. There has to be specific
incidents and allegations that need to be addressed. You can't just go
around having, like, a vocal minority yelling about stuff and then say --
and by that I mean a small faction of the campus -- and then get people
tossed out of office. I mean, these are real consequences and a dangerous
precedent.

WILLIAMS: Juan, stop one second and let's look at a sound bite from
Melissa Glick. She's a professor there. And she's all over the Internet
because of the way she handled some of the protests and media attention.
Let's look at it.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: I'm media. Can I talk to you?

MELISSA GLICK, PROFESSOR: No, you need to get out. You need to get out.

UNIDENTIFIED MALE: No, I don't.

GLICK: You need to get out.

UNIDENTIFIED MALE: I actually don't.

GLICK: All right. Hey, who wants to help me get this reporter out of
here? I need some muscle over here.

(END VIDEO CLIP)

WATTERS: "I need some muscles." So this professor is kicking out student
reporters?

BOLLING: Not only that. Juan yesterday pointed out that Missouri has one
of the strongest media departments in the country. They're well-known for
it. That was a communications professor...

PERINO: In the journalism school.

BOLLING: ... in the journalism department saying, quote, "Can I get some
muscle over here" to kick out a student journalist with a recorder, with a
camera. Wow, Juan. Wow. I mean...

GUILFOYLE: Why wasn't she fired?

BOLLING: There you go.

PERINO: Yes, where's the grievance.

GUILFOYLE: Yes.

BOLLING: First Amendment free speech.

WATTERS: I looked at her resume, Juan. You know what she teaches? "Fifty
Shades of Gray" and social media fans' relationship with Lady Gaga.

WILLIAMS: I know what you're thinking.

GUILFOYLE: Oh, my gosh. This is an "O'Reilly" segment right there.

WATTERS: All right. He thinks he can give advice to the candidates going
into tonight's debate. Stick around.

GUILFOYLE: That's ridiculous.

(COMMERCIAL BREAK)

WILLIAMS: The Iowa caucuses are less than three months away, and the
pressure is on for all of the GOP candidates to make their mark tonight.
Got to watch FOX Business tonight. Here's some of the final thoughts and
our predictions for tonight's big event. Eric Bolling can't restrain
himself.

BOLLING: No, I can't. I asked a couple of questions, "What would you ask
the candidates," "What do you want to know tonight?" on Twitter. A couple
of them.

First one, very quickly. PatKennedy428 asks -- makes some very good point.
"How would you reduce taxes and not increase the debt?" Very, very good
question, love to hear those answers.

And Chris A., ucsbgaocho00, says, "What role, if any, do you feel the
federal government should have in the U.S. economy? Can government improve
it or just make it worse?"

Great questions. Hashtag #GOPdebatetonight. Make sure you tweet. I'll be
live tweeting along with you.

WILLIAMS: All right. So Kimberly, any thoughts?

GUILFOYLE: I have a lot of thoughts. I'll give you what I can to delight
you in a quick period of time.

I think that this has to be a big night for Jeb Bush.

BOLLING: Yes.

GUILFOYLE: I think that Marco Rubio has to show that the last debate
wasn't a fluke. He has to have another break-out moment, to have some
substance and some kind of momentum going in his way, to show that he has
the gravitas to be the commander-in-chief.

I think Christie is going to dominate and own that first debate. So I'm
looking for great things there. And he's got a very strong operation in
New Hampshire.

And you know, Cruz is the one that's going to reap the benefit from all the
insiders, from the Marco Rubio and Jeb Bush fighting and perhaps Trump and
Carson, et cetera. So Cruz right now has been, like, left alone. So let's
see what happens tonight.

WILLIAMS: So Dana, Trump, what would you advise him to do?

PERINO: Exactly what I said. I think that he actually doesn't need to
worry about his competitors. He should focus on the fact that he would be
-- that he would say that "I'm the best person to take on Hillary Clinton,
because she would be the third Obama term, and that's something that
America cannot afford." That would be one thing.

I do think that each of the candidates needs to have very crisp definition
and a justification for their candidacy. I think at this point people are
paying attention, and you better have that nailed down.

Also don't forget that Rand Paul is there. Different viewpoint on a lot of
things. And I would be able to articulate my thoughts on -- this is not
just for Rand Paul, but across the board -- free trade and immigration,
because that's where you see...

GUILFOYLE: What about Carly, because we haven't talked about her?

WILLIAMS: That's a tough one. Let me ask Jesse.

GUILFOYLE: OK.

WILLIAMS: Jesse, it's going to be closing statements. So Jesse, I want
you to be a candidate, on the stage. Give us your closing statement
tonight at the FOX Business Channel debate.

WATTERS: I would say I am not under investigation by the FBI. No, listen,
if I was Trump, what I would do is I would say, you know, he needs another
boss move. I would like to see him boot someone out, like Ramos. That's
where he kind of hit his high note there.

Carson, I think...

WILLIAMS: Wait a minute. Boot out one of our colleagues?

WATTERS: He needs another authoritative move...

WILLIAMS: Oh, gosh.

WATTERS: ... to kind of put a little distance between himself and the
other people.

WILLIAMS: Are excitable.

WATTERS: Carson hit his high note, though, when he said he didn't want to
see a Muslim in the White House. I think he needs to keep being
politically incorrect and tell the truth.

I think Rubio just needs to stay dynamic, youthful and counterpunch.

And I think Cruz could have, you know, a big opportunity tonight, too, to,
you know, clobber someone over the head.

And I think Jeb just needs to fix it.

WILLIAMS: Ben Carson. Surprise of the debate. My prediction.

"One More Thing" up next.

GUILFOYLE: Like, Carson could say...

(COMMERCIAL BREAK)

GUILFOYLE: It's time now for "One More Thing" -- Juan.

WILLIAMS: I tell you, working with these people is something. I don't
know how I got here.

WATTERS: What do you mean by "these people"?

GUILFOYLE: That was microaggression.

WILLIAMS: Anyway, you know, I'm going to really upset them now. Because
they're all primed to go to SeaWorld. But SeaWorld has decided to cut
Shamu, the killer whale show. Visitors -- the number of visitors has been
falling since the 2013 documentary "Blackfish" that documented bad
treatment of the whales, and it was causing the whales to behave violently.

Now they're going to use an orca experience in a natural setting in place
of the killer whale show. And therefore, Eric and Dana will not be able to
go to the holidays at SeaWorld this year.

PERINO: I got to see the whale one time.

WILLIAMS: Did you?

BOLLING: You're the one? They picked you?

PERINO: My hands smelled like fish. It was terrible.

WILLIAMS: Wait. Did they pick you because you're Dana Perino?

PERINO: No, this was years ago.

BOLLING: Of course she was Dana Perino.

PERINO: I was still a nobody then, and I'm a nobody now.

I'm going to talk about that. All right. The government is supposed to be
there to help society, right? But what happens when it gets so big that it
starts to hurt society?

There's a new book out by Darcy Olsen. It's called "The Right to Try."
This is about how let's say you find out that your son has a terminal
illness, and that you know of an experimental drug that you want to try,
but the FDA, the government actually won't let you do it. There's
legislation out there to try to change this. Jerry Brown, the governor of
California, actually vetoed legislation. Here's Darcy Olsen talking about
it this morning.

(BEGIN VIDEO CLIP)

DARCY OLSEN, AUTHOR, "THE RIGHT TO TRY": I interviewed the head of the
Center for New Drug Development, and I said, "Do you think theoretically it
would be a good thing if hundreds of thousands of Americans with these
terrible terminal illnesses could access some of these cutting-edge
medicines before they reach the FDA's final green light?"

She sighed and she said, "Well, it would be another burden on health care
system."

(END VIDEO CLIP)

PERINO: All right. So an issue to track. It's called right to try
legislation. Check it out.

I also forgot to say one thing that I think Carson should do tomorrow,
regardless of what happens tonight in the debate. I think he should go to
Missouri, the University of Missouri tomorrow, offer to meet with students,
totally change the news cycle, totally sweep it. It doesn't matter what
happens tonight. That would be the news of the day tomorrow.

GUILFOYLE: All right. Well, you just helped them out. I hope someone is
listening from the Carson camp.

All right, 240 years, that's how long the Marine Corps has fought to keep
America safe. And it was on November 10, 1775, that Congress called for
two battalions of the Marines to defend the country during the American
Revolution. And now centuries later, there are more than 200,000 active
duty and reserve Marines organized into three divisions, according to
Marines.com. They live true to their motto, "Semper Fidelis," meaning
"always faithful" in Latin. And on November 10 each year, they commemorate
and celebrate with the Marine Corps Ball. That's very nice. So happy
birthday to the Marine Corps.

Bolling.

BOLLING: Oh, me? All right. So tonight I'm going to do this. I'll make
a deal with you. I'm snapchatting right now everyone right here. I will
snapchat this. But I want you to snapchat me tonight during the debate.
And I'll pick three or four of them and put them up for my "One More Thing"
tomorrow. Let me know what you're doing for the debate tonight.

PERINO: Keep it clean, America.

GUILFOYLE: Yes. Exactly.

BOLLING: Always, always.

GUILFOYLE: Jesse.

WATTERS: So if you like listening to me run my mouth on "The Five," I'm
going to be running my mouth even more tonight, 8 p.m. and 11 p.m., along
with Harris Faulkner, Melissa Francis, Charles Payne and Meghan McCain.
We're going to be pontificating and bloviating about the debates tonight.
Tune in. Thank you very much.

GUILFOYLE: You're welcome, Jesse. Good to have worked with you. We'll
see you back here tomorrow with our post-debate analysis. "Special Report"
is next.

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