Speaker of the House Nancy Pelosi is just back from Iraq with this point of view:

(BEGIN VIDEO CLIP)

PELOSI: The situation in Iraq is catastrophic. Let's make no mistake about that. The question is how many more lives will we have to lose? How much longer will we have to stay there in order to prove the point, that there is -- this plan is not working.

(END VIDEO CLIP)

Now is Ms. Pelosi speaking the truth? Well, she is and she isn't. First of all, Iraq is a catastrophe for some: the Bush administration, the American taxpayer, and those who have lost loved ones in that awful war.

But it's not a military catastrophe. The coalition is on the offensive, controls most of the country, and could win the fight if things start to go our way.

Iraq is not a catastrophe for the Kurds in the north. They're very pleased they have freedom. And most provinces in Iraq are basically calm.

So the word "catastrophe" is selective. Now why is Nancy Pelosi using the term? Well, to be honest, I'm not quite sure. But there are only two reasons to describe Iraq as a catastrophe.

First, Ms. Pelosi believes the Iraq war is a disaster and has damaged the USA. -- She may very well believe that.

Second, Ms. Pelosi may want Iraq to be a catastrophe because it would help the Democrats elect a president in 2008. If Iraq turns around and there's improvement in the situation, that helps the Bush administration and Republicans.

So we have a crossroads. There are good Americans who believe Iraq is a lost cause and are angry about it, but there are also bad Americans who are rooting against their country and put politics above what's best for the United States. We've gone over that.

Again, I don't know where Nancy Pelosi fits into those categories. I can't read the woman's mind, but I do know to write off Iraq as a catastrophe in all areas is dishonest. I also know that the USA should give the Iraqis one more chance, one more chance to step up and help us beat these terrorists. If they don't step up, we step back.

The bottom line: if Iraq becomes a democracy, it helps the world, it hurts the terrorists. It might not happen. But we should all be rooting for that conclusion.

And that's "The Memo."

Most Ridiculous Item

Elements at NBC News continue to attack FOX News and continue to present far left propaganda as fact.

It's hard to believe, but there is a downside for NBC News. Its two cable operations continue to be ratings disasters.

On Monday night, for example, one of them averaged 172,000 households in prime time. -- That's like nobody. The other averaged 386,000, both dismal showings.

By comparison FOX News prime time household average was more than 1.5 million. And “The Factor” led everyone with more than 2 million homes, more than 2.6 million viewers at 8, another 1.3 million at 11. So you can see, you know, what the situation is about who is watching.

Ridiculous? Well, we just hope NBC News continues its insane policies. Come on. Keep attacking us, guys.

—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