"Face the Nation" transcript: October 9, 2011

Below is a rush transcript of "Face the Nation" on October 9, 2011, hosted by CBS News chief Washington correspondent Bob Schieffer. The guests are Republican presidential hopefuls Herman Cain and Newt Gingrich, as well as Michael Gerson of the Washington Post, CBS News Congressional Correspondent Nancy Cordes and CBS Political Analyst John Dickerson.

You can watch the full show by clicking on the video player above.

Schieffer: And good morning again. Welcome to Face the Nation in the studio with us today Herman Cain and Newt Gingrich so I want to ask both of you -- You both spoke to the big conservative values conference last week but the preacher who introduced Rick Perry kind of stole all the headlines because he told reporters that Mormonism is a cult and that Mitt Romney is not a Christian. Mr. Gingrich, should that be a part of the discussion?

Gingrich: No, I think that none of us should sit in judgment of somebody else's religion and I thought it was very unwise and very inappropriate.

Schieffer: Do you think that Mitt Romney is a Christian?

Gingrich: I think he's a Mormon and Mormons define themselves as a branch of Christianity.

Schieffer: How about you, Mr. Cain. What's your thought on this?

Cain: I feel the same way. We're not running for theologian in chief. We're running for president of the United States of America. What I believe is that the American people want to know: what are your values? What are your principles? Because your values and your principles may impact how you make decisions. But not get into the specifics of your chosen religion.

Schieffer: Do you think Mormons are Christians?

Cain: I believe that they believe that they're Christians based on their definition but getting into whether or not they're more Christian than another group, I don't think that's relevant to this campaign.

Schieffer: Alright let's talk about something that is then. That I think both you will agree is---there are thousands of protesters camped out on Wall Street and around the country. Mr. Cain, you suggested they might be there just because they're jealous of people that have good jobs. Here's a little of what you said:

START CLIP

"And to be angry at somebody because they're successful is asnti-0American in my opinion. Secondly, this is a distraction from the failed policies of the Obama administration. Why be made you don't have a job at the bankers on Wall Street? They're the ones that help create the jobs."

END CLIP

Schieffer: So you said first that you think this is a distraction created to draw attention away. What proof do you have of that?

Cain: The proof is quite simply the bankers and the people on Wall Street didn't write these failed policies of the Obama administration. They didn't spend a trillion dollars that didn't work. The administration and the democrats spent a trillion dollars. They're not proposing another 450 billion dollars, the administration is proposing another 450 billion dollars wrapped in different rhetoric so it's a distraction so many people won't focus on the failed policies of this administration. So I stand by that.

Schieffer: I don't want to interrupt so you're saying that these people all got together up there to draw attention away from Barack Obama. That's why they're there?

Cain: They were encouraged to get together.

Schieffer: Who encouraged them?

Cain: We know that the unions and certain union related organizations have been behind these protests that are going on on Wall Street and other parts around the country. It's coordinated. To create a distraction so people won't focus on the failed policies of this administration.

Schieffer: And why is that anti-American?

Cain: It's anti-American because to protest Wall Street and the bankers is basically saying that you're anti-capitalism. The free market system and capitalism are the two things that have allowed this nation and this economy to become the biggest in the world. Even though we have our challenges, I believe the protests are more anti-capitalism and anti-free market than anything else.

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