The Reagan movie is shifted to Showtime. That is the subject of this evening's Talking Points Memo.

On Tuesday CBS (search) issued this statement, "Although the mini-series features impressive production values and acting performances, and although the producers have sources to verify each scene in the script, we believe it does not present a balanced portrayal of the Reagans for CBS and its audience."

Well, fine, but how could CBS green light the film in the first place knowing that the producers, the director and the featured actors are all left wing thinkers? That would be like CBS commissioning a movie about the Clintons written by Rush Limbaugh and starring Dennis Miller and Ann Coulter. Do you think that would ever happen?

Last week on The Factor, I said this:

(BEGIN VIDEO CLIP)

O'REILLY: Now you got Nancy Reagan, Mr. Lefavre, saying to CBS you're cruel -- you're being cruel. I don't think this network can run this movie.

LEFAVRE: I think they'll run the movie and I think they'll get huge ratings.

(END VIDEO CLIP)

O'REILLY: Well, I'm not an oracle. I just understand everyday Americans, something most network executives and the elite media types don't. If you read the press coverage of the movie controversy, they spin it as a Republican conservative driven protest. While there is an element of that, I believe that all fair-minded Americans will find the movie offensive if they watch it on Showtime, liberals included.

I mean, come on. Here's a former president on his deathbed, dying of a terrible disease right in front of his wife's eyes. And a movie is going to denigrate those people? That's simply cruel. And the majority of Americans do not like cruel.

If Bill Clinton were on his death bed and somebody demeaned him and his wife, I believe the outrage would be the same. The only thing that the elite media types do understand is money. And that's why this film was deep six'd. CBS would have paid a huge price and lost sponsors and audience. The folks are very angry out there.

But sadly the elite media doesn't understand why. I'll say this again. Most of the powerful people who work in journalism and entertainment have no clue about you. And they don't care. You're simply dollar signs to them. And more importantly, they regard you as not smart enough to make significant judgments.

Well, the elites will continue to pay a huge price for that kind of thinking. CBS will take a $10 million shave on the Reagan project and millions more in ill will. Once again, everyday Americans are the ones who really hold power in the U.S.A. And this is just another demonstration of that fact.

And that is The Memo.

The Most Ridiculous Item of the Day

Events on billoreilly.com. First of all, more than 50,000 people in the Reagan movie poll checked in, and don't let anybody tell you that that didn't have some effect on the CBS decision not to run the film. It did.

Secondly, the Christmas/Hanukkah/Holiday Store opens on billoreilly.com today! I hope that's inclusive enough. We want everybody to enjoy the store, which will make your holiday giving experience delightful and satisfying. As Martha Stewart would say -- or would have said before her legal problems – “It's a good thing.”

Now we know some of you will find the billoreilly.com Hanukkah/Christmas/Holiday Store ridiculous. But you are sadly misguided. The New York Times has a store. NBC, ABC, CBS -- they all have stores! But our store is much, much better. Why? I don't know.

What I do know is that all our stuff is made in the USA, And no-spin elves are standing by to help you out. The Christmas/Hanukkah/Holiday Store is inclusive and it’s on billoreilly.com.

Next to Santa, it's the best deal around. So we opened it today, and there you go.

--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