To watch "The Talking Points Memo" in the Screening Room click here.

Hi, I'm Bill O'Reilly.  Thanks for watching us tonight.  Some good news and bad news for President Bush.  That is the subject for this evening's Talking Points Memo

Congress has approved a tax cut.  Nobody really knows if it will stimulate the economy, but unlike his father, President Bush can now campaign on giving people their money back.  The Democrats' line about tax cuts for the rich will not resonate because most working people want tax cuts for everybody.  The class warfare game is only relevant in very small circles. 

The federal tax cuts will help working Americans but not much because local taxes are going through the roof everywhere.  Here in New York and in California, politicians have sold the folks out to the unions.  And both states are deeply in debt as labor costs and inefficiency are crippling.  In New York City, some janitors, school janitors, are making $150,000 a year.  Do you believe it?  In California, Gray Davis is complaining about all of the new people arriving seeking government assistance.  Somehow Davis avoids mentioning that a good portion of those are illegal immigrants.  Davis, of course, has little to combat that problem. 

The truth is that politicians on both sides, both parties, will not supervise spending or impose discipline on government projects.  And here's how out of control that attitude is.  The poster boy for the far left is Michael Moore, whom we confronted on the tax issue. 


MICHAEL MOORE, ACTIVIST:  I believe that the wealthy should pay their fair share of taxes. 

O'REILLY:  Which is what? 

MOORE:  I believe they should pay those who work for them a decent and livable wage. 

O'REILLY:  OK, what's fair share of taxes, what do you say?  I mean, I'm paying 50 percent now.

MOORE:  Yes, so am I. 

O'REILLY:  OK, is that fair?

MOORE:  Absolutely. 

O'REILLY:  All right, more, should I pay 60?

MOORE:  Yes.


MOORE:  Yes.

O'REILLY:  Eighty?


O'REILLY Seventy percent, frightening to those of us who believe in free enterprise and private property. 

The bad news for President Bush comes on the weapons of mass destruction front.  CIA chief, George Tenet, wants a panel to investigate whether U.S. intelligence was faulty on that issues vis-a-vis Iraq.  A panel?  Shouldn't tenet know what the heck is true and what isn't? 

What's going on?  The U.S. has captured enough scientists like Dr. Germ and Ms. Anthrax, or whomever, to get a picture of what Saddam Hussein had or didn't have.  The Bush administration needs to begin explaining the situation.  "Talking Points" understands time is needed, but the right wing spin that Saddam was a deadly weapon himself isn't going to cut it here. 

The American people must have honest, accurate intelligence in a world this dangerous.  This is a vital issue that we hope will be candidly addressed by the President and soon. 

And that's The Memo.

The Most Ridiculous Item of the Day

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

Earlier this year, we scorched actor Dylan McDermott for hosting the vile VH1 program Music Behind Bars where convicted killers were given the opportunity by VH1 to become rock stars.

Of course, that caused a lot of pain for the families of these people that the murderers put in the grave, and we objected to the program vehemently.

We asked Dylan McDermott to get out of the situation because we felt he was being paid blood money.  McDermott refused.

So now a karma alert.  McDermott has been fired as a lead on the ABC program The Practice.  This has nothing to do with the VH1 controversy but everything to do with karmic justice, or so I believe.  If you're going to do bad stuff, like glorifying killers, you're going to pay a place down the road.  Karma.

And that's anything but 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:

Bill O'Reilly currently serves as the host of FOX News Channel's (FNC) The O'Reilly Factor (weekdays 8PM/ET), the most watched cable news show for the past 13 years. He joined the network in 1996 and is based in New York. Click here for more information on Bill O'Reilly