Things might change, but right now it looks like the CIA overestimated the weapons of mass destruction (search) threat in Iraq.

This of course is embarrassing to the U.S. and President Bush should address the issue. If U.S. intelligence made a mistake then let's admit it -- there are too many America-haters making propaganda with the situation and some of them are right here at home.

The Carnegie Endowment for International Peace -- a left-wing organization -- is accusing the Bush administration of purposely misleading the country. But if you buy that argument you also have to buy that Bill Clinton, Dick Gephardt and Tony Blair were also in on the big con for they saw the same intelligence Mr. Bush did and came to the same conclusion: Saddam was harboring deadly weapons and could easily distribute them to terrorists.

So the lie theory is bull, but the mistake is real and it's a big mistake. The Bush administration should own up.

Maybe it will and there is a slight chance Saddam will tell the world what really happened to the sarin gas and other stuff. A slight chance.

Americans are a forgiving people and we all make mistakes. We are now living in an age of ideological demagoguery where honest mistakes are turned into lies by ruthless, dishonest individuals. It makes me sick.

But in order to be forgiven the mistake must be acknowledged and so far the President has failed to do that.

To be fair he may be waiting for the final Kay report and that's legit. But Mr. Bush should be careful with this WMD deal -- he has alienated many of his supporters with the immigration decision and the president cannot afford to have his core become disenchanted.

Full disclosure is always the best policy especially when American troops are dying. Mr. Bush has enjoyed the confidence of most Americans up to this point but that confidence should never be taken for granted.

And that's The Memo.

The Most Ridiculous Item of the Day

Now I really don't want to pick on Governor Dean. I think he's a pretty interesting guy, but some of the stuff he says is definitely ridiculous.

On CNN the other day, the network that likes new thought, Dean opined about why he left the Episcopal Church.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: Was it just over a bike path that you left the Episcopal Church?

HOWARD DEAN (D), PRESIDENTIAL CANDIDATE: As a matter of fact, it was. I was fighting to have public access to the waterfront, and we were fighting very hard in a citizens group to allow the public to use this, and this particular diocese decided to join a property rights to close it down. I didn't think that was very public-spirited.

(END VIDEO CLIP)

So he left the Episcopal Church because of a bike path. It wasn't public spirited. Could it be that the spirit was willing, but the -- all together now -- flesh was weak? I don't know.

--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