'This Week' Transcript: Tim Pawlenty and Michele Bachmann

This guy is an incredible campaigner. And for me, having watched George Bush and having worked for George Bush and having known Rick Perry, he is actually a better campaigner at this point than George Bush was. Now, part of his problem is, he sounds a lot like George Bush. He looks like a president, though, if you look at the picture, but he sounds and has similar mannerisms to George Bush. I don't think that's as much of a problem in the Republican primary; it could be a problem in the general election. But don't underestimate this guy. This guy took apart an incumbent Republican U.S. senator who had an 85 percent approval rating and beat her by 20 points in the primary by being Tea Party before Tea Party became cool.

TAPPER: Laura, your thoughts on Perry?

INGRAHAM: Yeah, I've interviewed him a bunch of times. And what's significant to me is that the Obama war room is primarily focusing on two people: It's Perry, and it's Romney, both of them. I mean, Michele Bachmann to some extent. Perry's the new threat. They're going through the Texas record. Is it really as wonderful as everyone says? Isn't it just based on a fossil fuel economy? So they're going to bring in the Big Oil stuff. Perry's people are coming back with, "We are a health care state." I mean, anyone who's been to Houston, you know that big hospital complex. You know all the jobs created by that. For some reason, all these health care companies come to Texas and set up shop. It's an amazing story. But they're already poking holes in it. They see him as a big threat.

TAPPER: It's not just the White House that's poking holes. The Wall Street Journal has a tough piece on him.

INGRAHAM: Yeah.

TAPPER: But we're going to have to take a quick break. When we come back, another difficult week for President Barack Obama. Wall Street is reeling, and he's going to take to a bus tour in the heartland of the country. Will it make a difference? More with our roundtable in a second.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

VAN SUSTEREN: Wall Street is in a panic mode. The Dow plunges more than 634 points today.

(UNKNOWN): Dow closing up 429. This is the Dow's biggest gain this year.

SAWYER: The Dow plunged again today, this time 519 points.

(UNKNOWN): Stocks soaring with the Dow up more than 400 points.

STEPHANOPOULOS: Wild swings in the markets. Every single day a different bounce.

(END VIDEO CLIP)

TAPPER: A stock market that needs to take some lithium. We're back here with our roundtable, George Will, Fox News contributor and author of New York Times best-seller "Of Thee I Zing," Laura Ingraham...

INGRAHAM: Yeah.

TAPPER: I got it all.

INGRAHAM: Great.

TAPPER: Amy Walter, ABC News political director, and ABC News analyst Matthew Dowd.

Thank you so much for joining us. So let's talk about the stock market and the effect of what we're going through as a country economically and President Obama. He's launching this bus tour tomorrow in Minnesota. George, the Fed made an announcement this week that you thought was significant.

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