Last Thursday, Iran celebrated the 31st anniversary of the fascist regime there. Mullahs were nervous the protesters would disrupt the proceedings, but the Iranian secret police apparently neutralized dissenters, which is not good news for the world. Iran continues to cause all kinds of trouble and is close to developing a nuclear weapon. This will become a huge story later on this year. Wait and see.

The second troubling situation is President Obama's spending. According to an op-ed in Friday's Wall Street Journal, Mr. Obama will add more debt in his first two years in office than President Bush, himself a big spender, did in eight years.

Economist Michael Boskin says: "The Obama 10-year budget — unprecedented in its spending, taxes, deficits and accumulation of debt — is by a large margin the most risky fiscal strategy in American history. So worrisome is this debt outlook that Moody's warns of a downgrade on U.S. Treasury bonds, and major global financial powers talk of ending the dollar's reign as the global reserve currency."

Now, economics is boring, but here's something that's not tedious. The USA is on the verge of bankruptcy. And if America goes under, that is cannot fulfill its financial obligations, every one of us will suffer.

"Talking Points' is not Chicken Little. We don't issue doomsday scenarios here. But the federal government is acting recklessly, and you should know it.

In order for the craziness to stop, Americans will have to vote new people into office. Also, we'll all have to suffer a bit. Social Security's going to have to be revamped. Medicare will have to be restructured, and millions of Americans will lose entitlements.

President Obama is correct when he says that spending on medical care must reverse itself. Americans can no longer afford to get sick. Something has to be done and quickly.

Most Americans instinctively know we're in trouble. That's what the Massachusetts vote was all about. We know Iran is dangerous, and we know the Obama administration is spending far too much money.

So I fully expect big changes in November, as voters will elect people they believe will be tough on terrorism, including Iran, and will stop the spending madness, because if Americans continue to go down the liberal lane, the entire country will go down.

And that's "The Memo."

Pinheads & Patriots

The Olympics began Friday evening, and one of the favorites in the downhill racing category is American Lindsey Vonn. Unfortunately, Ms. Vonn suffered a deep bone bruise on her shin, and that has caused great concern. But she says she's going to compete, despite the pain. We wish Lindsey well. She is a patriot.

Click here to watch "Pinheads & Patriots"!

On the pinhead front, are geese supposed to be this mean?

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: These things are going to get hooked before it's all said and done, if they keep acting dumb like this.

(END VIDEO CLIP)

That goose is named Simon Cowell. No, that's not true. Not true. But the goose is a mean goose. No word on why the goose attacked the kayaker. Probably had something to do with turf. But the goose may be a pinhead, if that's possible.

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