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O'REILLY:  Hi, I'm Bill O'Reilly.  Thank you for watching us tonight.  I believe we have a very explosive program for you this evening. 

We'll begin with me and Bill Clinton.  That is the subject of this evening's Talking Points Memo

Mr. Clinton appeared on the Today show this morning, talking about why the Democratic Party has lost power.  He blames much of that situation on a few of us in the media. 

(BEGIN VIDEO CLIP)

BILL CLINTON, FORMER PRESIDENT OF THE UNITED STATES:  There are five people in America with more than two hours on radio.  Who are they?  Howard Stern -- I can tell you old Howard's not political.  If he is, he's done a great job of hiding it. 

Don Imus, who's more Republican than Democrat.  And the other three are Rush Limbaugh, Bill O'Reilly and Sean Hannity.  They're very outspoken and on the right wing of the Republican Party.  That's fine. 

But that makes the point I'm trying to make.  We don't have that.  So that means we have to be more disciplined, more clear, more focused and it's just harder to do.  But our guys will do fine. 

(END VIDEO CLIP)

O'REILLY:  Well, with all due respect to the former president, who's a smart guy, this is pure spin and baloney on rye. 

With almost than 700 radio stations, National Public Radio is the voice of the left.  And so is Bill Moyers on PBS, Phil Donahue on cable and George Stephanopoulos on ABC. 

The Dems have plenty of places to get their message out, including The Factor. Senators Lieberman, Kerry, Edwards and scores of other Democrats are frequent guests and are treated with respect, although as you know, everybody is challenged. 

President Clinton and Vice President Gore have never accepted our invitations, preferring softer venues.  I'd give Mr. Clinton the entire hour, just as Larry King did.  But unlike Mr. King's deferential approach, the former president would be asked tough questions. 

But if he wants to get the Democratic message out and change some minds, this is the place to do it.  And the timing is right. 

I believe Mr. Clinton handed the Bush Administration four enormous problems.

One: the growing menace of Al Qaeda, which grew in power and ferocity during the Clinton Administration. 

Two: the nuclear cheating of North Korea, which happened on Mr. Clinton's watch. 

Three: a stubborn recession, which began in Mr. Clinton's last year in office and has been exacerbated by the terrorism. 

And four: a chaotic and demoralized American intelligence apparatus, which was clueless before 9/11. 

I am very anxious to talk to Bill Clinton about those things because as always, I could be wrong. 

Both the Left and the Right whine about the media.  But it's bogus.  There are so many outlets, especially with cable and the Internet, that every message is heard these days. 

But it takes smarts and guts to persuade people that your message is worthy.  That is the problem the Democrats are having. 

If Mr. Clinton truly wants to define the positive aspects of his party, we are ready to welcome him to the No Spin Zone and give him a full hour in which to enjoy himself. 

What say you, Mr. President?

And that's The Memo

The Most Ridiculous Item of the Day

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

Massachusetts' Governor Mitt Romney may be making a statement.  He's considering cutting most of the Commonwealth's 428 SUV fleet for environmental reasons.  One problem: The governor tools around in a big Ford Excursion.

Got to go, Governor, or else it would be ridiculous.

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