Tom Hanks goes all in for Obama's reelection

This is a rush transcript from "The Five," March 12, 2012. This copy may not be in its final form and may be updated.

DANA PERINO, CO-HOST: So, exciting TV coming up. One, you are going to be able to see a 17-minute Obama ad. And I know that everybody is probably going to set aside some time to be able to do this. But we've got a sneak peek right here.


TOM HANKS, NARRATOR: How do we understand this president and his time in office?

Do we look at the day's headlines or do we remember what we as a country have been through?

DAVID AXELROD, SENIOR WHITE HOUSE ADVISER: An economic crisis beyond anything anybody had imagined.

PRESIDENT BARACK OBAMA: Our time of standing pat, protecting narrow interests and putting off unpleasant decisions -- that time has surely passed.

VICE PRESIDENT JOSEPH BIDEN: If we don't do that now, it will be a generation before 30 million people have health insurance.

ELIZABETH WARREN: If the auto industry goes down, what happens to America's manufacturing base?

BIDEN: And now, we have to make a decision. Go or not go.

As he walked out the room, it dawned on me, he's all alone. This is his decision. Nobody is standing there with him.


PERINO: I want to ask -- stat -- the control room to send tissues for Bob because it made him cry.


Here is the thing. Eric, this is a 17-minute documentary. And it's done by the campaign. It's paid for by them. But what was interesting is that the director, last name Guggenheim, was on "Piers Morgan" last night. Can we play that and come back to you and see what you have to say. Oh, we don't have the sound. OK, then I'll describe it, I'm sorry, because it was really good. He said there was so much positive in it, in the administration that he couldn't fit it all in 17 minutes and he didn't know what to cut.

Could you create a 17-minute documentary of all the bad that came out of the administration?


GUILFOYLE: Oh my gosh!

PERINO: How long would yours be?

BOLLING: No, mind would be --

GUILFOYLE: Seventeen thousand hours?

BOLLING: Mine would be a 30-second sound bite, it was when President Obama sitting down with Matt Lauer and said, If I don't get the economy turned around within three years, I'm going to be -- it's going to be a one-term proposition. And I would just run with that and just loop that around over and over.

Tom Hanks, really?

PERINO: Yes, Tom Hanks is the narrator.

BOLLING: Right. I mean, it's just a liberal -- 17 minutes of liberalism. Yuck.

PERINO: Yes, you probably wouldn't have to watch. Bob, are you getting popcorn and Milk Duds and watch it?

BOLLING: First of all, did people know 227,000 jobs created in -- get that thing out of my way -- in last month alone? There is a recovery is coming back.

I think -- look, you do those things for your own supporters and you put it out there. It's done by other administrations, other presidents have done it. It makes a lot of sense.

PERINO: A 17-minute documentary?

BECKEL: Well, the 17 minutes -- I knew Guggenheim's father who was one of the great documentary makers of all time. And this kid obviously is following in his father's footsteps. I bet if you watch that, even Eric -- no, Eric wouldn't shed a tear --


TANTAROS: He's crying laughing.

BECKEL: I think it sums up exactly what the situation was. The guy took a difficult situation and turn into a great --


PERINO: I want to ask about that because, Kimberly --

GUILFOYLE: I'm just perplexed by this whole thing. I think it's just ridiculous. If it was done by the right, you would never hear the end of it. Why is it so emotional?


Obamacare is a complete disaster. I hope the U.S. Supreme Court has the ability and the common sense to strike down the mandate.

BECKEL: Well, here's the thing. You got five hacks on there that are appointed by Republicans and probably will. So, you'll get your wish. And then you got --

GUILFOYLE: You call them "hacks" because you don't agree with their positions and their decisions.


BECKEL: Listen, then Republicans have to come up with an answer of what to do with uninsured people. We'll see.

TANTAROS: Well, I can't believe they even mentioned health care in the video because, usually, they don't even talk about Obamacare. But what's interesting is and I don't know they're going to explain this one. David Axelrod, you heard during the video said, an economic crisis beyond anything anybody could have imagined.

I thought a couple of weeks ago, President Obama came out and said, how could anyone have known or anticipated how bad this was going to be? We didn't know.

So, which one is it? Did they know or did they not know?

BECKEL: Well, I think Axelrod is talking retrospectively, looking back at it. I think nobody knew how bad it really was.

PERINO: And that's what is interesting. That instead of running campaign based on their record -- like the stimulus bill and the health care and the kicking the Bowles-Simpson can down the road, to use a cliché -- they can't, they are not running on their record. What they are trying to do is say, aren't you glad we saved everybody from total ruin? And just give us four more years and we'll get, I don't know what they want to accomplish. They don't ever finish the sentence.

BOLLING: I could finish it for them. There's an economic recovery going and it's growing every month. And there were 227,000 jobs creating last month and there will be more this month.


BECKEL: And more again. Your whole argument about the economics going for the Republicans is gone now. What are you going to run on? You're going to run on the right-wing agenda of Catholic Church and what else?

TANTAROS: The only plan from the Democrats is a payroll tax cut? Wow.

BECKEL: No. There was a lot more than that in that program.

TANTAROS: Green energy.

BECKEL: By the way --

BOLLING: Three dollars and seventy-six cents for a gallon of gas.

GUILFOYLE: Now you've done it.


BECKEL: The gas thing is I think that's a very serious problem.

PERINO: We are going to have to get out of here. But I didn't do a good enough job to talk about Tom Hanks' production, that he's helping produce "Game Change" that was coming out.

BECKEL: Good for him.

PERINO: And apparently not so nice to our friend Sarah Palin.


TANTAROS: He's not exactly a 99 percenter either, huh?

PERINO: Not so much.

BECKEL: I just want to say, Tom, it brought tears in to eyes, buddy. Tears to my eyes.

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