YouTube: How to extract closed caption transcript from YouTube video?

Is it possible to extract the closed caption transcript from YouTube videos?

We have over 200 webcasts on YouTube and each is at least one hour long. YouTube has closed caption for all videos but it seems users have no way to get it.

I tried the URL in this blog but it does not work with our videos.

http://googlesystem.blogspot.com/2010/10/download-youtube-captions.html

Can you download CC transcript from YouTube?

It's fairly easy to download a transcript from YouTube. Keep in mind that transcripts are only available for videos with closed captioning. YouTube has Google's speech recognition software for automatically generated transcription for most of the videos as soon as they are uploaded.

Here's how to get the transcript of a YouTube video (when available):

Go to YouTube and open the video of your choice.
Click on the "More actions" button (3 horizontal dots) located next to the Share button.
Click "Open transcript"

Although the syntax may be a little goofy this is a pretty good solution.

Source: http://ccm.net/faq/40644-youtube-how-to-get-the-transcript-of-a-video