To watch "The Memo" click here.

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

A No Spin analysis of yesterday's election. That is the subject of this evening's Talking Points Memo .

First of all, Talking Points was right on 11 of 14 predictions. Not too bad. We missed Mondale in Minnesota. I thought he would win. But that disgraceful display at the Wellstone funeral sunk him. The Democrats tried to spin it. The good folks of Minnesota knew better.

Johnson beat Thune in South Dakota, and Allard thumped Strickland in Colorado. We missed those. But overall, we were on target.

And now the analysis. President Bush and his party have a historic opportunity to improve things in this country. There are three major things they have to do. Number one, stop illegal immigration by moving troops to the borders to help the Border Patrol. A Fox News poll says 79 percent of Americans favor that action, and that was before John Lee Malvo and the sniper.

In conjunction with the border upgrade, the INS must be disbanded and put under the control of the homeland security operation. The estimated 13 million people in this country illegally right now must be told to register with the feds or else. The Republicans must protect Americans from the likes of Malvo and the 9/11 killers.

Number two, Mr. Bush must control government spending by setting up a federal agency to stop fraud and the theft of our tax dollars, which could be running as high as 25 percent according to the GAO. The federal government must respect tax dollars and account for them as a private business would. If this happens, working Americans will be able to get a meaningful tax cut, which many people desperately need.

And number three, any school district receiving federal money must conform to strict educational standards and mandate a federally imposed discipline on student behavior and teacher accountability. All this Title I money going to poor schools must be used in the right way, and federal monitors should be on the scene. Public education will never improve in the USA until discipline is imposed.

So that's what the Republicans have to do in the next two years. We'll see.

And one more thing, President Bush has to begin appointing better people to powerful positions. James Ziglar of the INS, Harvey Pitt, who slunk out of town, just ain't cutting it, as Clint Eastwood would say.

As for Democrats there's big trouble in River City. Look for DNC chief Terry McAuliffe to step down. He is a smart guy, tremendous fund raiser, but carries a legacy of corruption left over from the Clinton White House. McAuliffe is history.

So is Congressman Richard Gephardt, who will step down as minority leader. He thinks he has a chance to run for president, but there's no way on earth. Mr. Gephardt is a union-controlled guy. His time is past.

The truth is that the Democrats lost power because there is no party leader or party strategy. Right now, the Democrats stand for big taxes, big social programs, and little else. Somewhere Barbra Streisand is weeping, and she should. People do need people, but fewer voters believe they need people of the Democratic persuasion.

What say you, Al Gore?

And that's The Memo.

The Most Ridiculous Item of the Day

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

Students at the University of Miami want FOX News, and all they are getting are four channels of CNN.

Senior Aaron Sanders is leading the charge to convince UM president, James Garland, to bring some fairness and balance into the student dormitories. The Hurricane campus is awash with Factor fans, and the university should certainly tell its cable provider to make FOX News available.

I've always been a big fan of the school in Coral Gables and suggest that, if you are a graduate from the University of Miami and you give the school money, e-mail President Garland that the students should be able to see Fox News.

Generous alumni always have power, and that's not 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