The parallels are spooky. Both men are charismatic and used their personalities to get elected.

But for Governor Schwarzenegger in California, it has been a disaster. His approval rating now stands at 33 percent. The state is bankrupt. It cannot pay its bills, and it is issuing IOUs.

When Arnold took office in 2003, California was spending $71 billion. It is now spending $92 billion, while running a $26 billion deficit. That is hard to believe, and it happened on the governor's watch.

If President Obama does not learn from this, the USA could go bankrupt as well, no question. But the Obama administration does not seem to be learning. In fact, there is now talk of yet another massive federal stimulus package:

(BEGIN VIDEO CLIP)

JOE BIDEN, VICE PRESIDENT OF THE UNITED STATES: The truth is there was a misreading of just how bad an economy we inherited. Now that — I'm not laying this on anybody. It's now our responsibility.

(END VIDEO CLIP)

But Mr. Biden and the president must know the stats are grim. Right now, the feds are spending almost $2 trillion more than the government is taking in. If that continues, the American dollar will collapse. The national debt is now almost $11.5 trillion, and if the feds get into managing health care, that number will explode.

Even Nancy Pelosi could figure this out. If President Obama continues the massive spending, every American will suffer — and soon.

But it looks to me like many Democrats in Congress don't care, just as the California legislature did not care. The liberal philosophy is one of big spending. They believe government should provide for everybody.

Nice thought, only it's impossible. And by trying to create a nanny state, the economic system in America could implode. It has happened in California under a Republican governor. Pray it doesn't happen to the entire country under President Obama.

And that's "The Memo."

Pinheads & Patriots

When you watch "The Factor" and see the "TV Icon" segments and the "Best of" segments, they are produced by our guy Rob Monaco. Well Monday morning, Monaco's wife, Lara, gave birth to twin boys, so congratulations all around. That makes four Monaco boys on this Earth, and of course that makes Lara Monaco a super-patriot. Four boys, can you say chaos?

Click here to watch "Pinheads & Patriots"!

On the pinhead front, the Israeli model Bar Refaeli wanted to bring attention to an art exhibit in her homeland, so she did this by attempting to take a nap or something. Of course it did get a massive amount of attention, as demonstrated by our mentioning it on the highest-rated cable news program in the world. You make the call on whether Ms. Refaeli 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