Rift Brewing Between Sarah Palin and Tea Party?

This is a rush transcript from "The Five," August 31, 2011. This copy may not be in its final form and may be updated.

KIMBERLY GUILFOYLE, CO-HOST: Big question today -- is she in or is she out? Well, as of now, she's in. That's the latest. And I'm talking about Sarah Palin and whether or not she's going to be speaking at Sunday's Tea Party rally.

We've been watching a lot of back and forth between Palin's camp and the organizers of the Iowa event. And it's fueling rumors of a possible rift brewing that also involves Delaware Republican Christine O'Donnell.

This is the question we all talk about around here. You know, is she in? Is she out?

The very latest before we came on air, that she is back in She's going to be attending.

What's going on, Dana?

DANA PERINO, CO-HOST: Question -- the main question is that is she going to run for president or not? And, apparently, we don't -- we still don't know the answer to that. As of right now, the question of the day has been, is he going to speak at this Tea Party of America rally in Iowa or not? And it looks like she is.

We don't know for sure because there's no on-the-record quotes from either Palin or O'Donnell's camp. But let me just tell you what I know.

So, there's going to be this big rally. Sarah Palin has been asked to speak. That makes sense. She would be the perfect person to have. And then it seems that Christine O'Donnell spoke, because she's got a big book that is out, try to get her involved, and then it got all muddied, OK, somewhere along the way.

And there was a question of whether or not Sarah Palin would still go.

But as of right now, she is going.

GUILFOYLE: She is going.

PERINO: A big speech on Saturday.

GUILFOYLE: Well, people are anticipating this, making travel arrangements, people coming from across the country to be able to see her.

GREG GUTFELD, CO-HOST: I already got a room at the Best Western.

ANDREA TANTAROS, CO-HOST: Are you going to ride your bike there?

GUTFELD: Yes, I'm riding my bike. It's a twin with the banana seat. Thank you very much.

TANTAROS: And a bell?

GUTFELD: You know what this is? This is what happens when you -- this is an organic organization. It's not some Democratic machine that Bob Beckel is used. So, you are bound to have these little squabbles.

And right now, you're seeing the squabble. It's like, you know, when you get relatives together for a picnic and somebody brings a potato salad and you don't like it. That's what's happening. And Christine O'Donnell is kind of like, you know, that's the issue here, I think.

TANTAROS: All right. Who here thinks that she's running away from Christine O'Donnell because she thinks that O'Donnell is cuckoo for cocoa puffs? Let's just bring it down, please.

GUILFOYLE: Well, I'm a fan of that cereal, so I'm just going to --


TANTAROS: Well, anyone --


BOB BECKEL, CO-HOST: Who cares? I mean, honestly, God, who cares what Palin does?

GUILFOYLE: A lot of people care.

BECKEL: I don't care.

TANTAROS: And a lot are saying that the speech could be foray -


BECKEL: Can we forget about this, please?

GUILFOYLE: People are saying, if she is going to speak, maybe there's going to be a big surprise announcement. She's going to --

PERINO: She announced she is going to New Hampshire the day after which is --



GUTFELD: My prediction is there will be country music, some American flags.

PERINO: I like that.

GUTFELD: Yes. That's my prediction.

BECKEL: An anti-Obama --


GUILFOYLE: -- on the edge there. OK.

But, Andrea, I have a question for you. In your latest Daily News column, you talk about this and the Palin factor and whether or not her supporters were going to be, you know, patient, to wait for her to get in.

But in the end, will there be a division in the party. What do you expect?

TANTAROS: Well, I think Palin supporters, they love her. I mean, I love Sarah Palin. I think at some point, though, their patience is going to run out because she's starting to distract from Rick Perry, from Mitt Romney, from Michele Bachmann. And I think they're going to be patient up to a point because they really want to see Barack Obama defeated.

And so, if they think that she's taking away time and money from other candidates, I think she's going to lose a lot of support. She should make a decision soon and, politically, she should make it soon if she wants to raise money.

PERINO: This changed so much all day. It's been like every five minutes, there's a different answer. What we might find out is that Sarah Palin is going to move the speech to next Wednesday night during the debate and President Obama's economic --


BECKEL: Two people suffer from this, Bachmann and Perry. Neither one of them want her in the race. If she gets in the race, she'll be third behind those two.


GUILFOYLE: We're going to talk about something very interesting just to make you super, super happy, Bob, OK? And this is a story that was in U.S. News and World Report. Excellent. This is a guy, Alan Lichtman, a professor who has had unbelievable results making predictions about who will be the winner, buy the winning ticket.

He says everybody, it doesn't matter, who you get for the GOP, because President Barack Obama is going to be re-elected and he has 13 keys. If you make six of those 13 keys that you qualify on, he's like at shoo-in.

He predicted that anybody could run and win when Clinton won, no problem.


BECKEL: I know him very well and he is a professor at American University. He's very good at these things and he's exactly right. Obama is going to -- I know you're going to hate it out there, but Obama is going to be re-elected, I think, with a good margin.

But can we talk about --

GUTFELD: Wait, I want to address --


TANTAROS: Professor at American University. People don't know this about you. Weren't you a professor at American University?

BECKEL: No, G.W. University. Still am.

GUILFOYLE: Go ahead, Greg.

BECKEL: Can we talk about Perry?

GUTFELD: No, you say this -- you say this as a great equation or something. Here is what it is. I think the guy is just really, really lucky. He has all these keys, right?


GUTFELD: But it's like a pro and con list. Not all keys are equal.


GUILFOYLE: The guy hasn't had any big scandal during his administration.

GUTFELD: OK. But there is no primary challenge isn't the same as the long-term economic malaise. Not the same.


BECKEL: Can I say something?

GUTFELD: I'm not letting you talk about Perry, Bob.

GUILFOYLE: We are going --

BECKEL: We are going to talk about Perry when we come back if we have to move around.

GUTFELD: We're going to talk about Rachel Perry.

BECKEL: No, we're going to talk about Perry.

TANTAROS: How about Katy Perry?

GUILFOYLE: Katy Perry.

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