Did the 5th Republican Presidential Debate Change the Race?

"The O'Reilly Factor" host Bill O'Reilly assesses the candidates' standings after the GOP debate.
3:52 | 12/16/15

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Transcript for Did the 5th Republican Presidential Debate Change the Race?
Let's hear from bill O'Reilly right now from Fox News also the author of the number one "The New York times" best-seller, "Killing Reagan." Welcome back. We heard Matthew dowd right there. Do you agree? I don't think trump really changed his status. You like him before the debate you'll like him after. You don't, same thing. I think Ted Cruz helped himself a little bit because he becomes the conservative alternative to trump. So if you're not a policy person, and you're conservative you would go with Cruz. But he and Rubio really went at it on national security. You think Cruz got the better of that exchange. I don't know. You got to understand the folks are going on emotion this year and that's what it's all about and people should understand that. Trump has blown the system up. He's blown it up and now it's all about emotion, so once you get into this micro policy business I think most folks tune out. The big question people are asking does it Tay about emotion as the votes actually come? It does, it does until you get to the first voting. Iowa, New Hampshire. I think it'll carry into that. Because that's what trump is running on. That's his whole campaign, emotion. He feels your pain and the country is angry. Jeb bush had his toughest attack yet on Donald Trump last night. Chaos candidate. Did he draw blood? No, because you could just read it in bush's face. How is this possibly happening? How can I, a candidate who knows and has run a state for eight years be losing to a Donald Trump, who speaks in generalities. But what Jeb bush has never understood is this is a different time. Americans are furious on both sides, but primarily on the right and if you don't feel that anger, if you don't feel it you're going to lose. If he doesn't make a move in the next few weeks in the polls you think he gets out before the votes. Look, it's a matter of money. He has a lot of money. He can stay in. You got super Tuesday. I don't think he'll get out before that. Ben Carson has been falling. Carson didn't help himself last night and it all started on my show when we had this big foreign policy debate and he didn't really know about the terrorism and the components thereof. Once that had gone out he started to descend and Cruz picked up most of his support. Almost all of his votes. Yes. In Iowa especially so look, taking a step back with a lot of emotion and anger against Washington, can Donald Trump actually get the nomination. Sure, he could. Sure, he could. He's -- look, the folks are going to vote and the votes count. Now, the republican establishment don't want him and they don't like him but as I said trump is blowing up the system. That debate last night, nobody really -- too many people on the stage but how can you come up against a trump who goes, hey, I got 42, you got 3, you're an I had got. How can you debate that? How, how? And I think his pledge again last night to stay as a republican, not to run as an independent got to be a sign of confidence that he thinks he can get the nomination. Look, trump doesn't want to alienate all republicans, but I'll tell you what, the guy is formidable and in this age of anger, people got -- you can't say, oh, he's not going to get it. He could very well get it. If he starts to win will there be a brokered convention. I don't know anything about that. That's your job. All I know people will vote on emotion this year. Almost like what Reagan did with Carter. Carter screwed things up so badly and Americans were so angry in 1980 that they voted out of emotion. It's the same thing now. And, you know, had is tri might repeat itself. Bill O'Reilly, thanks for coming in this morning. Next debate democrats will be there on Saturday night. Martha Raddatz and David Muir will moderate that and you'll see it right here on ABC at 8:00

This transcript has been automatically generated and may not be 100% accurate.

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