President Bush painted a doomsday scenario Wednesday night if the federal government does not prop up the chaotic financial industry, and I think we have to believe him.

Bush is a free trader who doesn't like regulations. That's obvious. On his watch, the oil companies and speculators have pretty much run wild. So when the guy says the USA is in big economic trouble, prudent Americans best believe him.

Some conservatives are screaming socialism, and the bailout certainly is not a free market play. Government interference is not what capitalism is all about. But as "Talking Points" has explained, federal oversight is needed to make sure the markets are not rigged and greed-heads don't hurt the folks.

Anyway you cut it, that oversight did not happen and hardworking Americans are getting hammered.

It's not the first time. For more than 20 years, four presidents allowed millions of foreign nationals to easily enter the USA illegally. Before the 9/11 attack, few Americans knew of the danger Al Qaeda posed. Even though Presidents Clinton and Bush were fully aware of the growing terror threat, they chose not to make a big deal out of it.

The feds also stood by while speculators artificially drove up the price of oil. The folks, of course, paid the price.

Do you sense a pattern here?

If the government does not bail out the financial industry, foreign investment will cut and run. That will lead to a worldwide depression. You might lose your job. You will certainly lose value in your house and investments. Ideological theory has to walk when faced with that.

The bailout is a psychological play. It sends a message to the world that the U.S. government will not let the economy collapse. There is no other choice.

Americans have a right to be angry. Once again, both political parties have let us down.

And let's stop the finger-pointing. All you people in Washington should just admit you screwed up. Yes, President Bush and Hillary Clinton and some others complained about the mortgage madness, but they did it quietly so most people could not hear. There was no Paul Revere on this one.

"Talking Points" understands the danger and has to support the atrocious bailout because there is no other way. Panic comes quickly. Foreign investors can ruin our way of life. That is life in the global economy.

So there you have it. Hear it and weep.

And that's "The Memo."

Pinheads & Patriots

Legendary singer Bob Dylan is doing a concert tour of Canada. The 67-year-old folk rock guy says he will donate a portion of the money he earns up there to the Raise-a-Reader campaign, a literacy group. For this, Dylan is a patriot.

On the pinhead front, say hello to our little friend, Al Franken.

Click here to watch "Pinheads & Patriots."

(BEGIN VIDEO CLIP)

AL FRANKEN: I think, for example, that "under God" probably shouldn't be in the Pledge of Allegiance. It wasn't put in there until, like, the '50s. But it's not that big a deal to me. "In God we trust" probably shouldn't be on the coin. I don't care.

(END VIDEO CLIP)

Hard to believe this guy is running for the Senate in Minnesota. They don't come any worse, and pinhead doesn't even begin to cover it.

You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" 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