Transcript Excerpts from Elizabeth Vargas' Interview With Gov. Sarah Palin

Oct. 29, 2008— -- The following is a transcript excerpt from Alaska Gov. Sarah Palin's interview with "20/20" co-anchor Elizabeth Vargas Oct. 29, 2008.

ELIZABETH VARGAS: If it doesn't go your way on Tuesday ... 2012?

GOV SARAH PALIN: I'm just ... thinkin' that it's gonna go our way on Tuesday, November 4. I truly believe that the wisdom of ... of the people will be revealed on that day. As they enter that voting booth, they will understand the stark contrast between the two tickets. ...

VARGAS: But the point being that you haven't been so bruised by some of the double standard, the sexism on the campaign trail, to say, "I've had it. I'm going back to Alaska."

PALIN: Absolutely not. I think that, if I were to give up and wave a white flag of surrender against some of the political shots that we've taken, that ... that would ... bring this whole ... I'm not doin' this for naught.

WATCH "GOOD MORNING AMERICA" THURSDAY AND "20/20" ON FRIDAY TO SEE MORE OF GOV. SARAH PALIN WITH ABC NEWS' ELIZABETH VARGAS

VARGAS:You seemed to imply last night in a speech that Sen. Obama, if given the chance, would rewrite the Constitution to allow the courts to confiscate private property. Is that what you meant to say?

PALIN: No. Asking the question, what do his comments, from back there in 2001, candid comments that are caught on tape, what do they suggest in, in terms of his idea for future Supreme Court justices, and perhaps for ... he being able to reach some of the goals that it seems that he has, in terms of redistributing other people's wealth, hard-earned money, according to his priorities. But, no, not ... not an explicit allegation like that. No.

VARGAS:He did ... 'cause I did read that interview. He didn't advocate using the courts. He actually was quoted as saying he thought the courts were not a good way to redistribute any kind of socioeconomic ...

PALIN:Well, I think that people can ... can read the comments and hear the comments that he made, because again, the, the refreshing thing about that tape being revealed ... from 2001... it's candidness there. It's not ... it didn't seem to be his typical scripted, kinda ... rhetorical message read off a TelePrompter. There it was, where he talked about, though, his desire, it sounded like, for redistributing wealth.

But ... even more telling when that, of course, was the candor that he showed in his conversation that he had with Joe the Plumber, where he outright said, in plain language, that, that ideal there, that he has about ... he calls it the spreading of the wealth. As I talked about in my speech, Joe Biden calling higher taxes patriotic. But to a lot of people, including Joe, Joe the Plumber, they said that that suggested socialism, and now isn't the time to experiment with that. So it's very important that American voters have all the information that they can, based on somebody's record and candid comments, so that they ... we can figure out, where would that candidate try to take the nation?

Sarah Palin Has Sharp Words for Barack Obama

VARGAS:But when you use words like socialism, or, or say he's palling around with terrorists or hanging out with a Palestinian professor, which you just said in the rally ... you seem to be saying that he is un-American somehow ...

PALIN:Not a ...

VARGAS:... or might be dangerous somehow.

PALIN:Not ... not at all. Not, not calling him un-American. There is nothing wrong, though, with calling someone out on their record, their associations. In fact, Barack Obama challenged John McCain to do just that. He said, "If you have an issue with my association ... " with Bill Ayers, is what he said, that unrepentant domestic terrorist that campaigned to bomb our own United States Capitol and Pentagon, he said, "Talk to me about it in the debate." He, he called him out on it. So, McCain, he's not afraid of a fight. He's, you know, he, he's ready to do whatever he can to put his country first. So, he talked about it. The association, issue here, it's not mean-spirited. It's not negative campaigning. It's important and fair to the electorate.

VARGAS:But, set the record straight. Do you think Senator Obama is as patriotic, as American, as honorable as John McCain?

PALIN:I am sure that Senator Obama, ... cares as much for this country as McCain does. Now, McCain has a strong, solid track record of his ... I think, some manifestations of the opportunities that he's had to prove that patriotism, and that love for country, but no. A ... and I don't want anybody to ever put words in my mouth, and, and, you know, I'll fight hard against any kind of false allegation in terms of what I've said or what I've meant. I'm ... I'm, for the record, stating, no, that, I'm not calling someone out on their love of country or level of patriotism.