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Is Economy Taking Obama Down Already?

There is a huge divide between Wall Street and the folks. Thursday was another bad day for stocks. The Dow down 281 points. Since the president has been in office, stocks are down 17 percent.

Everyday it seems the financial markets are sending a message to Barack Obama: We don't trust you.

But a brand-new FOX News poll says the folks do not share that view. President Obama's approval rating is holding firm at 63 percent. Just 26 percent disapprove.

But when asked if raising taxes is smart in an economic downturn, 69 percent say that's a bad idea; 23 percent believe it's a good idea. Interesting because President Obama is raising taxes on corporations and the affluent.

However, when asked if the economy needs Obama or Reagan policies, 49 percent say Obama, while 40 percent say Reagan, the tax cutter. Obviously this is inconsistent with the raising taxes in a recession results.

Also, 66 percent of Americans like the idea of raising taxes on those earning more than $250,000 a year. 55 percent say that levels the playing field, while 39 percent believe it punishes hard work and success.

So while the financial markets oppose President Obama, most of the folks are still with him, even though there are contradictions in the poll. I chalk that up to the president's personal popularity and the desire of many Americans to give him more time to turn the economy around.

But Thursday, more grim news. General Motors indicates it cannot save itself, despite a $13 billion taxpayer loan. "Talking Points" says no more money. If Ford can make it without tax dollars, than GM and Chrysler will have to.

Far-left Senator Harry Reid is trying hard to push through the $410 billion spending bill filled with 9,000 earmarks, even though some Democratic senators say they'll vote against it.

And the Obama administration has announced a $75 billion program to give people in over their heads mortgage money. Obviously, another huge financial bailout.

So in less than two months, the Obama administration has pledged to spend about $20 trillion — money the USA cannot possibly raise.

Finally, here's the kicker: When FOX News asked the folks whether it is possible for the USA to go bankrupt, 61 percent believe it is possible. And it is.

And that's "The Memo."

Pinheads & Patriots

As you may know, the singer Rihanna was allegedly beaten up by her boyfriend Chris Brown. Well now comes word that Rihanna has been helping a 6-year-old New York City girl who needs a bone marrow transplant because she has leukemia.

Along with singer Kelly Rowland, Rihanna is trying to get a donor for the little girl by publicizing the situation. Thus she is a patriot.

And there is more info about this story available on the Web site DKMSAmericas.org.

On the pinhead front, you know, some people are really, really cruel. A cat that lives in New Hampshire has been dubbed the ugliest cat in the world.

Click here to see pictures of "Ugly Bat Boy"!

Now beauty, of course, is in the eye of the beholder, so I don't think it's fair to describe the cat — nicknamed Ugly Bat Boy — as the world's worst looking. That does not help the cat's self-esteem, and anyone who does that is a pinhead.

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

Bill O'Reilly currently serves as the host of FOX News Channel's (FNC) The O'Reilly Factor (weekdays 8PM/ET), the most watched cable news show for the past 13 years. He joined the network in 1996 and is based in New York. Click here for more information on Bill O'Reilly