This is a rush transcript from "The Five," January 16, 2012. This copy may not be in its final form and may be updated.
GREG GUTFELD, CO-HOST: So here are some things you can buy for a dollar. Six pack of vegetable seeds. White tube socks from a street vendor, calendars from 2007, a Christmas ornament in January. Nail polish from the discount table at Walgreens.
KIMBERLY GUILFOYLE, CO-HOST: Did that.
GUTFELD: And Newsweek magazine.
Now, I don't mean one copy of Newsweek. I mean the entire company, which was sold to a tycoon for a buck. But don't be surprised, look at their latest cover which asks, "Why are Obama's critics so dumb?"
That's a funny question coming from the magazine with depth of a litter box. But it's not the first brilliant move on Newsweek's part.
That was about the economy two years ago.
And -- I think we have one more? There we go.
So if you are looking for balanced reporting you are better off with Mao's little red book. But count on seeing more of this. As the election heats up, the media will resume work as the propaganda arm of the Obama administration.
But forget the obvious bias. What's really going on here is desperation. Newsweek did this to gain temporary relevance, which is why Newsweek is thinner than a cat's whisper. It's not a great business plan to try to increase sales numbers by alienating half the country.
Which leads me to two questions, why are Newsweek editor questions so dumb? And are they really worth as much as a pair of tube socks?
GUTFELD: Dana, you always buy tube socks off the street.
DANA PERINO, CO-HOST: Yes, because it's very cold here and I wear tall boots. And if you get the men's tube socks, they come up over your knees. It's a really hot look and it keeps you warm.
GUILFOYLE: It actually is very fashionable. I love it. I love men's tube socks.
GUTFELD: But I want to ask you, isn't Newsweek -- Newsweek I remember as a kid was a magazine that everybody got and it was for the general public. But it seems to me now, it's for the media in New York. They turned it into -- these are stories for the editors to read.
PERINO: So, when I was in third grade, my dad started this tradition with me that I had to read Rocky Mountain News and The Denver Post before he got home and pick out two articles to discuss by the time he got home. He was also the kind of guy that subscribed for the family Time magazine, Newsweek, U.S. News and World Report, National Geographic. I mean, we got them all. I used to love getting Newsweek.
And then I grew up and I worked in government. And what I kind of appreciate now about Newsweek is that they're not even trying to hide it anymore.
GUTFELD: Yes, that's true.
PERINO: The liberal bias is right there.
And the thing about this cover is when I first heard about it, I thought, it doesn't help. They think that they are helping President Obama. It actually doesn't help them.
And the picture that they chose really doesn't help them because it makes it look like he's looking down their nose and being condescending to people.
GUTFELD: Bob, do you think this was a good idea? I mean, just insulting half of America?
BOB BECKEL, CO-HOST: I don't think it's any different than the Weekly Standard or, you know, the right wing conservative newspapers.
PERINO: But the Weekly Standard is a conservative magazine.
BECKEL: Yes. But I think Newsweek made it clear they're pretty liberal newspaper. I'm glad to see it. And I do think frankly that Obama's critics are dumb.
PERINO: Oh my goodness.
GUTFELD: That means we're all dumb?
GUILFOYLE: That is not nice, Bob.
BECKEL: Well, I mean dumb in a nice way.
GUTFELD: How nice of you, Bob. We're nice and stupid.
ERIC BOLLING, CO-HOST: Hold on, hold on. If you open to the centerfold is big, old double page picture of Obama. But here's what he's talking about the right calls him a socialist. The left is dumb. The left says he sucks up to Wall Street. The left is dumb.
And guess what? The independents think he's a wimp. So independents think he's dumb but he's going to outsmart the right, the left and the independents.
PERINO: You know who is brilliant? Andrew Sullivan.
GUTFELD: The ultimate hypocrisy here, Kimberly, is that Sullivan is calling critics dumb when, in fact, he is the most obsessed critic of Sarah Palin's children.
GUILFOYLE: Remember that?
GUTFELD: I don't want to get into it. He's got an amazing blind spot.
GUILFOYLE: Yes, and talking about her children. I mean, it's totally inappropriate. And he has no credibility because of that. That's what's so problematic about it.
In fact, how do you expect this magazine to have any kind of credibility either when you have writers putting forth stuff like this? With the background that he does. Leftist propaganda.
BECKEL: Does anyone name me 15 percent of the magazine or newspapers that have come out and helped Barack Obama in the last few years? Virtually, it's been the worse press of anybody I've ever seen.
GUTFELD: I love how you throw it out there. Like, I'll be right back. Let me go check and go through the magazine.
BECKEL: I want to know where it is.
BOLLING: Washington Post, Newsweek, The Daily Beast. It goes on and on and on.
GUILFOYLE: Media Matters.
BECKEL: Well, you Drudge. How about Drudge? That's your big guy, isn't it?
BOLLING: He's not my guy.
BECKEL: Rush Limbaugh is another one. All conservative talk radio is all anti-Obama.
BOLLING: You know.
BECKEL: All I'm saying is --
BOLLING: Liberal talk radio failed.
GUILFOYLE: Current TV.
GUTFELD: Let's move on, shall we? All right?
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