SHRUM: I think we ought to just face reality here. If you did what I think the governor is suggesting, maybe he's not, and you just let this be a referendum, I don't think the president could win. The truth of the matter is, he may have created over 4.3 million jobs, he may have saved General Motors, but the country is still not back to where it needs to be. So this needs to be a choice election. People have to have that choice, and if they have the choice, I think the president's going to be fine. Look, take Bain Capital, everybody got all excited about Bain Capital. And I know some Democrats in the party are pretty close to the financial industry. Two kinds of private equity-- some buy up companies and build them up, others buy up marginal companies, load them up with debt, take out giant fees, the company goes down and the employees lose their job. Ampad, bought by Bain Capital—Bain put in $1 for every $20 it took out. The company went down and Romney and his partners made $100 million. I did the Kennedy campaign in Massachusetts in 1994 against Mitt Romney. That is a very powerful argument.
SCHIEFFER: Let me say something, I think there are a lot of Republicans out there saying, did you hear that Bob Shrum just said that if this is a referendum on Barack Obama he would lose?
SHRUM: Look, I'm being honest. If this is simply a referendum on the condition of the economy and the country, people aren't happy. The president said that. We have a lot more to do. So they have to be given a choice. The Romney campaign has made it very clear they want this to be a referendum. Did you hear the other day--
SCHIEFFER: well, sure.