Newsweek magazine is reporting some friction between Speaker Nancy Pelosi and President Obama. The magazine asserts that Pelosi's anti-Republican stance is annoying Mr. Obama, who wants to cultivate some GOP support.

Also, Ms. Pelosi is so far left that the White House fears a strong backlash if the economy continues to dive. And that fear is well founded.

As we reported Monday night, Wall Street has absolutely no confidence in the president's economic vision. The Street hates the massive budget and the chaotic bailout process.

So less than two months into his term, Barack Obama finds himself under siege from an entity he cannot control: the financial marketplace. There is turmoil in the air.

Nancy Pelosi's favorability rating is about 35 percent and sinking, but the far left is undaunted. They continue to spoil for a fight, criticizing Obama over Iraq and not spending even more taxpayer dollars.

The truth is that far-left extremists are unleashed and are going for the gold. Their code words are "social justice" and "shared sacrifice."

Social justice means empowering the government to seize the assets of affluent Americans and distribute them to the less well-off. Shared sacrifice means punitive taxation on high-wage earners, and corporations.

That, of course, is socialism.

Leading the way is the radical-left Service Employees International Union, a huge financial supporter of President Obama and a force that represents two million workers in the USA and Canada.

That union, allied with George Soros and Ms. Pelosi, is pushing for a dramatic change in America, a change that would badly diminish our capitalistic system, which these people feel is unjust. Quietly, the SEIU is buying a lot of airtime:

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: In times like these, government needs to do even more to take care of people, especially people who need health care. In Washington, they're doing just that, providing health care funds to governors to help people through these tough times.

UNIDENTIFIED FEMALE: We can't afford these drastic cuts. In times like these, there has got to be a shared sacrifice.

(END VIDEO CLIP)

Seeing the danger, The Wall Street Journal editorialized this Tuesday: "The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy."

So now we understand what is really happening in Washington. While President Obama may well be trying to fix the economy, he is allowing the radical elements of the Democratic Party to damage the economic core of America. That's why the economic pain is getting worse.

Obama is not only facing a nasty recession, he's being battered by the far left. And if the president does not stand up to them, he — and we — will suffer dire consequences.

And that's "The Memo."

Pinheads & Patriots

In tough economic times, Americans are looking for ways to save money, and food gal Rachael Ray says she wants to help out.

(BEGIN VIDEO CLIP)

RACHAEL RAY, COOK/TALK SHOW HOST: I think I'm good at writing accessible, fun and affordable meals for the average American family. We're built for a recession. We've always tried to write affordable, accessible friendly food that helps families eat better for less.

(END VIDEO CLIP)

Now, if you read "Bold Fresh," I have a very inexpensive diet that I was fed by my parents: tuna casserole. Now, anyone who saves us money, Rachael, is a patriot.

On the pinhead front, you may remember this nice interaction on cable TV.

Click here to watch the smackdown!

Well, no surprise, the woman Sharon Osbourne confronted is suing her for a bundle. Who's the pinhead? You decide.

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