Transcript: Gen. Casey, Steele vs Kaine

First of all, we had a great deal of retirements in the Congress, we had the bank scandal, the post office scandal. I was a House employee, so I can go down the scandals.


We also had Democrats running for other seats. That created this environment for Republicans. We also had a Republican Party that had ideas. We had a Republican Party that was a lot more viable and had plans to help solve some problems. We don't have that Republican Party today. What President Obama must do, once this healthcare business is done, is to get back to work and creating jobs for the American people. Productivity is up 6 percent. We know that's one sign that the economy might be coming back. More people are being hired for part-time work.

LUNTZ: But nobody sees (ph) this.

BRAZILE: Well, Frank, it will come. I am one of those who hope it comes sooner than later.


ROBERTS: But you know, the other thing is true, about true, Donna's point about the Republican Party. We're seeing Republican I.D. numbers at the lowest -

STEPHANOPOULOS: 20, 23 percent.

ROBERTS: In one poll, 17 percent of people saying that they are Republicans. While conservative numbers are up. So, I think what you're seeing, you showed with the party chairman, those independent numbers. What you're seeing, is independents being considerably more conservative than they were two years ago, because a lot of the people who used to call themselves Republicans, are now calling themselves independents.

DONALDSON: Yes, but Cokie, independents, I think, in Virginia and New Jersey, prove that they're also moderates. That is why they're independent. They are neither one side, nor the other side. And the Republican candidates who ran in those two states ran as moderates. Now, never mind what they truly may be, but Bob McDonnell, maybe his thesis that was uncovered by "The Washington Post", but he didn't run that way. He didn't call anyone a Nazi. And he ran a positive campaign, rather than a negative campaign. And he's a nice guy. That is the way he projected. So, moderates said, wait a second, Frank's right, we're made as hell. This guy sounds all right to us. We don't even know this other --who is this person, Creigh Deeds? And they voted for him.

WILL: Nothing makes middle-class nation angrier faster than inflation.

(UNKNOWN): Right.

WILL: Now, this week ...

DONALDSON: We have no inflation.

WILL: This week, Sam, when the price of gold at one point on Friday hit $1100 an ounce, the government of India brought 200 tons of gold. Why did they do that? It is only $7 billion. But still it is a sign that the holder of dollar denominated assets are diversifying out of dollars into other, better stores of value. That is their judgment that inflation is coming.

DONALDSON: Well, then we had better throw Ben Bernanke and the Fed out, because they say there is not only no inflation now. They're predicating their policy, for the next months, on the fact that there will not be any inflation.

WILL: They might be wrong.

ROBERTS: The fact that there possibly not be inflation --


DONALDSON: They could be wrong. That's why I say, if they're wrong, let's get rid of them now, before they do further damage.

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