This is a rush transcript from "Hannity & Colmes," December 4, 2007. This copy may not be in its final form and may be updated.

SEAN HANNITY, CO-HOST: Hillary has Barbra Streisand, Obama has Oprah, but does the American public really care? Now the candidates sure seem to think so as they welcome the star power on the stump, but do celebrity endorsements really generate the votes when all is said and done?

Joining us now, nationally syndicated radio talk show host Michael Reagan and Democratic strategist Steve McMahon.

I think there's only one endorsement that matters so far that we've heard from, Michael Reagan, and that's Oprah Winfrey. What do you think?

MICHAEL REAGAN, RADIO TALK SHOW HOST: It's something that goes on all the time in politics. My dad had one person that was designated, in fact, to find celebrities to show up at events.

And what happens is celebrities show up and more people show up at the event. Then it's upon the shoulders of the candidate to sell the new people that show up, that they're the candidate they need to vote for in the election. So this is not new in — into politics.

I'll tell you one thing, though. You'll find more showing up on the left than the right, because still, here in Hollywood, if you show up for somebody on the right, the chances of you working next week are diminished.

HANNITY: Steve McMahon, Oprah Winfrey — she is likeable, she has a large female audience, her trust level is very high. I would much rather have her than either Barbra Streisand or Robert F. Kennedy Jr. — your thoughts?

STEVE MCMAHON, DEMOCRATIC STRATEGIST: Well, without — without commenting on Barbara Streisand or Robert Kennedy Jr., who any Democrat would like to have, I agree with everything you said about Oprah Winfrey. She transcends politics, she gets new people out.

You know, Bill Clinton can go out to Iowa and stump for Hillary Clinton, but the likelihood is that he'll get the same people who went to the Tom Harken steak fry and other political events. When Oprah comes out there, she is going to get new people.

HANNITY: Oh, absolutely.

MCMAHON: And, remember, there are only 130,000 or 140,000 people who are likely to attend the caucuses. If she can get 10,000 new people interested, Sean, and to the caucuses for Barack Obama, she changes the outcome.

HANNITY: Steve, let me ask you this, because I wouldn't want, if I was Hillary Clinton, Robert F. Kennedy's Jr.'s endorsement, and here's why — and if I was Barack Obama I would make this ad tomorrow — Robert F. Kennedy Jr. once told residents in the state of Iowa, "Large scale hog producers are a greater threat to the United States and U.S. democracy than Usama bin Laden and his terrorist network."

Would you want his endorsement in Iowa this caucus?

MCMAHON: Probably not the way I would have put it, if I was campaigning in Iowa, but you know the fact remains his name is Robert F. Kennedy. He's an environmentalist, he feels strongly about those issues, but he's also a Democrat with deep traditions in the party, and a lot of credibility.

And, Sean, and he could have won a Senate race if he would have run.

REAGAN: If I could join in here — they're vetted, trust me. The celebrities are vetted, those who are going to show up at these events, because the campaigns don't want somebody who's going to come to the event who's going to become controversial like Robert Kennedy.

You can say all the nice things about Robert Kennedy, but they don't want a Robert Kennedy, they want Oprah Winfrey like we would want somebody.

ALAN COLMES, CO-HOST: Did you say that people on the right in Hollywood are afraid to endorse somebody because they might lose their job? Ever here of Arnold Schwarzenegger, the governor, the Republican who was endorsed by all these right-wing celebrities?

REAGAN: Alan, yes, but Arnold Schwarzenegger, like Oprah Winfrey, is bigger than life. He does not have to worry about his ka-billions of dollars that he has. He doesn't need more money, he's got it.

But those young people on the way up, you're not going to see them out there.

COLMES: But all these people endorsed him.

REAGAN: We had Magnum PI — we had Magnum PI out there campaigning for my dad in 1980, and it hurt his career. You don't see him out there anymore campaigning.

COLMES: You've got Kelsey Grammar out there, Steve McMahon. It doesn't seem to be hurting his career.

REAGAN: Bigger than life, bigger than life, bigger than life people. These are bigger than life people who are out there, Alan. But young people — young people are not going to get out there, new stars are not going to get out there campaigning on the right for fear that they won't work.

COLMES: That's paranoia on your part. Steve —

MCMAHON: What Michael is suggesting is that these people are embarrassed to be Republicans. And why wouldn't you be? For god's sake — it doesn't seem...

REAGAN: No, they want to make a living, they want to make a living, and they're afraid of coming out and endorsing a Republican because they fear the liberals will —

COLMES: Who's not working today because they endorsed somebody?

REAGAN: I'm not going to tell you because I know them, and I want them to keep their jobs.

COLMES: Give me initials.

REAGAN: I'm not going to going to give you any.

COLMES: There is nobody. Come on. People come out all the time on both sides.

REAGAN: I'm sorry. There are groups that meet all the time, Alan and I'm not going to tell you who they are or what they are because they want to work next week, but it happens.

COLMES: Huckabee has got Rick "The Nature Boy" Flair, Steve, so I think that is going to help him a great deal. What do you say?

MCMAHON: It's interesting, we're sitting here and running down all these celebrity endorsements. Remember, the first ad that Mike Huckabee put out in Iowa was an ad with Chuck Norris on it. So he, obviously, understands the power of celebrity. He's now the hot new candidate in Iowa and the hot candidate of the Christian conservatives, and if he wins that thing —

REAGAN: Not because of Chuck Norris, come on.

MCMAHON: Now if he wins that thing — let me just, let me tell you something —

REAGAN: Huckabee is the hot new ticket because of his debating skills.

COLMES: We have to run guys. We thank you both very much.

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