'This Week' Transcript: Chicago Mayor Rahm Emanuel

GINGRICH: I was speaker of the House and a strategic adviser. I was glad to offer strategic advice.

KARL: Glad to offer strategic advice? It was just last month that Gingrich said Democrats should be tossed in jail for their ties to Freddie Mac.

GINGRICH: You ought to start with Barney Frank and Chris Dodd. In Barney Frank's case, go back and look at the lobbyists he was close to at Freddie Mac.

KARL: But Gingrich was taking in $30,000 a month from Freddie Mac right until September 2008. That's the very month they started receiving a $54 billion taxpayer bailout, a bailout even bigger than any of the banks, and worst than Freddie Mac, look who Gingrich was seen with back in 2008.

PELOSI: We don't always see eye to eye, do we, Newt?

GINGRICH: No, but we agree our country must take action to address climate change.

KARL: Agree with Nancy Pelosi on climate change? How's that going to play with Iowa Republicans? Republicans voters have been trying to find a candidate that can score big. Romney keeps popping up along with a different face every couple of weeks. No jackpot yet.

CAIN: Oh, shucky-ducky, I feel pretty good today.

KARL: This week, Herman Cain became the first candidate to get Secret Service protection, but he also faced a problem more damaging than those harassment allegations. It came in the form of a simple question: Do you degree with the president's actions in Libya?

CAIN: OK, Libya...

KARL: The awkward silence went on and on.

CAIN: I do not agree with the way he handled it for the following reason. Nope, that's -- that's a different one. Got all this stuff twirling around in my head.

KARL: It was only Cain's latest stumble on foreign policy, but Cain mocked those who questioned his expertise.

CAIN: Who knows every detail of every country of every situation on the planet? Nobody. We need a leader, not a reader.

KARL: "A leader not a reader"? Where have we heard that before?

ARNOLD SCHWARZENEGGER IMPERSONATOR: I was elected to lead, not to read.

KARL: Oh, yeah, "The Simpsons."

Rick Perry tried to get back in the game, promising to cut Congress's salary in half and challenging Nancy Pelosi to a debate. Pelosi gleefully said she had three things she had to do first.

PELOSI: Monday, I'm going to be in Portland in the morning, California in the afternoon. That's two. I can't remember what the third thing is (inaudible)


KARL: Finally, trending this week, Romney, I don't know. Cain, down. Worst than the Libya flub, he cancels an editorial meeting with the Manchester Union Leader, not the way to win friends in New Hampshire. Up, the debt, $15 trillion and counting. Down, way down, the super-committee, still no deal in sight. Will they really blow it? Up, pizza. Congress declares it a vegetable for school lunches.

With "This Week in Politics," I'm Jonathan Karl. Christiane?


AMANPOUR: Thank you, Jon.

Now, Rahm Emanuel brought the house down in Des Moines last night at the Iowa Democratic Party's annual Jefferson-Jackson dinner. The Chicago mayor and Obama confidante delivered a sustained attack on Mitt Romney and a full-throated defense of the president's record.


EMANUEL: Republicans fought him every step of the way. But because of his leadership, millions of young Americans have been given a better chance. That is the change we believed in. That is the change we worked for. That is the change President Obama delivered.

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