To watch "The Memo" click here.

Hi, I'm Bill O'Reilly. Thanks for watching us tonight.

The Talking Points memo this evening is controversial, but I have to say it. In just a few moments we will bring you the latest on the Elizabeth Smart kidnapping case in a six-minute segment.

Now, I fully realize the interest in this story is way out of proportion, but many American parents fear that what happened to Elizabeth could happen to their child. That is, an abduction from the home.

So there's a built-in drama to this very sad saga. The chances are that 14-year-old Elizabeth is dead. It would be nearly miraculous for her to emerge unscathed. It's the same scenario that played out last summer in the disappearance of Chandra Levy.

And like last summer, Larry King has seized upon this story and broadcast hours of endless speculation on his CNN program.  Once again last night, a panel sat around with little new information and filled the airwaves with what-ifs for 60 minutes.

I watched just a few minutes of that and became angry. Mr. King is exploiting this young girl's tragedy for ratings, and he's doing pretty well with it. The Factor continues to be the cable news leader, and I know I'm running the risk of being criticized here, but the issue is important.

The media should not be exploiting the kidnapping of Elizabeth Smart. This is different than O.J. Simpson, John Kennedy, Jr., or even Miss Levy. That's the adult world. Elizabeth Smart is a child.

If there's news to report, fine, that's our job. But sitting around for hours speculating is a perversion of the news process.

Now, Mr. King is not a newsman, but CNN is a news operation. And I hope they as well as Fox News rethink the approach to the Smart case.

Child's death should not be used for commercial purposes unless there's solid information and a point beside ratings to the reportage.

That's "The Memo."

The Most Ridiculous Item of the Day

Time now for "The Most Ridiculous Item of the Day."

Animal rights people in Los Angeles are urging the city council there to pass a law that would strike the word "owner" from local pet ordinances. The new word replacing "owner" would be "guardian." How PC, how ridiculous.

— You can watch Bill O'Reilly's Talking Points and "Most Ridiculous Item" weeknights at 8 & 11p.m. ET on the Fox News Channel. Send your comments to: oreilly@foxnews.com