It's all about Iraq. If that campaign was going well, the president's job approval rating would be about 60 percent.

The economy is strong, Al Qaeda's on the run, we haven't been attacked again and gas prices are back down, but two things remain a bane to Mr. Bush: the stalemate in Iraq and chaos on the southern border.

As you know if you watched my interview the president, he is going to tough it out in Iraq, even though the insurgents there are trying to influence our election by raising the violence and they are succeeding. October has been a very bloody month in Iraq.

But here's an interesting question: Why does Al Qaeda want Bush weakened, why does Iran want Democrats to win in November? Why does North Korea?

All three have caused as much trouble as possible in the weeks before the vote. I don't know the answer to that question. I believe most Democrats are responsible, but there is no question they are not as aggressive on questioning detainees, offensive military action and, in general, staring down the enemy.

The far left is ridiculous. If Nancy Pelosi becomes speaker of the House, you will have San Francisco values and an undefined — at best — terror strategy. Does anybody in the country know what Ms. Pelosi wants to do to fight Islamo-fascism? If you do, please let me know.

But there is no question that change is in the air.

The Republican Party is not winning the hearts and minds of independents, that's for sure. And with three weeks to go before the vote, it would take a dramatic event to change that situation.

And that's The Memo.

Most Ridiculous Item of the Day

Senator Barack Obama from Illinois has a new book out and is going on lots of shows, but not on "The Factor." How come?

Well, we sent producer Jesse Watters to an Obama book signing to find out.

(BEGIN VIDEO CLIP)

JESSE WATTERS, 'FACTOR' PRODUCER: Senator, why won't you come on "The O'Reilly Factor"? You know, you're welcome any time to come on the show.

SEN. BARACK OBAMA, D-ILL.: Do you want...

WATTERS: I do, I do. I do.

OBAMA: My communications director is right over there.

WATTERS: You can sell a lot of books on the show. You're a best selling author.

OBAMA: I actually like Bill.

WATTERS: You do? Well, Bill really wants to meet you.

OBAMA: Tell Bill that I look forward to being on the show sometime.

(END VIDEO CLIP)

All right. So we're looking forward to speaking with the senator, as well. Let you know when that happens, if it happens. And, of course, if it does, it will be ridiculous.

You believe that he likes me? I don't know. I like him. He's an interesting guy.

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