According to a recent Fox News Poll, just 26 percent of the American people have a favorable view of Congress. That means both Democrats and Republicans have lost an amazing amount of credibility.

A new Rasmussen poll confirms the disenchantment. The question: If tea party protesters organized a new political party, who would you vote for? Democrats, 36 percent; Tea Party, 23 percent; Republicans, 18 percent; Not sure, 22 percent.

That tells us there is a hunger for a third political party and that the GOP remains in bad shape. Of course, many tea party people would vote Republican if a third party does not arise.

Sarah Palin would be a natural to head the Tea Party because she is a small government populist with a charismatic common touch. The pinheads on the far left mock Gov. Palin, but she does command attention and can only get stronger on the national stage. In fact, her approval rating is up seven points to 46 percent since she began her book tour, according to a CNN poll.

However, the Republican establishment is not embracing the governor because there are questions about her overall frame of reference, whether she has the experience and intellectual depth to handle the toughest job in the world.

President Obama lacked experience and that has hurt him, no question. If the president does not turn things around economically and overseas, he will be a one-term guy. But a third party deal could help Barack Obama big time. As the Rasmussen poll shows, if the Tea Party becomes a reality, it would take votes away from the Republicans.

There is no question that millions of Americans are fed up with both established parties and want something new, something vibrant, something that reflects their values and beliefs. To say that a Tea Party or Bull Moose Party or whatever should not be established because it would help a sitting liberal president is anti-Democratic. We need more choices in America because the same old, same old is not working.

So three cheers for three parties. Whatever the new party is called, it can't do any worse than the old parties, can it?

And that's "The Memo."

Pinheads & Patriots

Once again, I showed up on "Jeopardy."

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: Milestone birthdays, 800.

ALEX TREBEK, HOST, "JEOPARDY": Don't expect this Fox News culture warrior to mellow in his 60s, which started September 10. Dave?

UNIDENTIFIED MALE: Who is Bill O'Reilly?

TREBEK: Correct.

(END VIDEO CLIP)

All I can say is John Stossel is 62. By the way, "Jeopardy" has been a great source of entertainment for 26 years, so Alex Trebek and his crew are patriots.

Click here to watch "Pinheads & Patriots"!

On the pinhead front, the animal rights people are angry at the Queen of Soul Aretha Franklin for wearing a lot of animals at the Rockefeller Center Christmas Tree Lighting. Is Ms. Franklin a pinhead? You make the call.

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