The president ran into some good news on Thursday. It looks like BP has finally been able to cap that damaged oil well after more than five weeks. How effective the cap will be is yet to be fully determined, but at least progress is being made.

There is no question that Mr. Obama understands Americans are very angry about the spill, and the president sounded tough in holding not only BP, but all the oil drillers responsible. In fact, a number of drilling projects have been cancelled or suspended, and the president made another plea for renewable energy. He wants to get out of the oil business.

But it didn't take long for questions about whether or not the Obama administration had been too slow to react to the disaster.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: So this notion that somehow the federal government is sitting on the sidelines and for the last three or four or five weeks we've just been letting BP make a whole bunch of decisions is simply not true. What is true is that when it comes to stopping the leak down below, the federal government does not possess superior technology to BP.

(END VIDEO CLIP)

The president basically put forth that from the jump the feds did everything that they could to deal with the situation. While Mr. Obama admitted some mistakes were made, they were mistakes he said borne from an unprecedented situation, not apathy or incompetence. Mr. Obama was adamant on that point. He did, however, say that he made a tactical mistake.

(BEGIN VIDEO CLIP)

OBAMA: Where I was wrong was in my belief that the oil companies had their act together when it came to worse case scenarios. Extraction is more expensive, and it is going to be inherently more risky, and so that's part of the reason you never heard me say drill, baby drill.

(END VIDEO CLIP)

Well, that's obviously a slap at conservatives, like Sarah Palin.

The president went on to say that he does not have confidence the oil companies can prevent another catastrophic spill. Therefore, he's clamping down on the drilling.

The questioning then pivoted to the border chaos.

(BEGIN VIDEO CLIP)

OBAMA: I don't approve of the Arizona law. I think it's the wrong approach. I am prepared to work with both parties and members of Congress to get a bill that does a good job securing our borders, holds employers accountable, makes sure that those who have come here illegally have to pay a fine, pay back-taxes, learn English, and get right by the law.

(END VIDEO CLIP)

So all in all, no big surprises in the press conference, at least for me.

And that's "The Memo."

Pinheads & Patriots

Great American Art Linkletter passed away on Wednesday at age 97. Over the years, we had some interesting conversations with this TV icon.

Click here to watch 'The Factor's' tribute to Art Linkletter!

(BEGIN VIDEOTAPE)

O'REILLY: How come you didn't turn into a Hollywood phony?

LINKLETTER: Because I was a communicator not an actor.

LINKLETTER: Who do you think has a better life, men or women?

UNIDENTIFIED FEMALE: Women.

LINKLETTER: Why?

UNIDENTIFIED FEMALE: Because I think men are dirty.

LINKLETTER: After 70, skiing is the perfect sport. Everything is downhill after that.

You're pretty much on your way to the top.

O'REILLY: Me? Myself?

LINKLETTER: Yes. You give the other guys a chance, and if you don't give them a chance, you say, "I'll give it to you later."

O'REILLY: And I do give it to them later, don't I?

LINKLETTER: Say "Art Linkletter" like you're mad.

UNIDENTIFIED MALE: Art Linkletter like you're mad.

O'REILLY: Everybody knows you. You say Art Linkletter, and they say, "Ooh." And you walk around and everybody knows you.

LINKLETTER: Keep going.

What would you do first if you were president?

UNIDENTIFIED FEMALE: Keep my mouth shut.

LINKLETTER: I laughed at myself when I made movies. I'm out there, tied to a stake and the Indians are marching around, and I'm saying to myself, "What the hell am I doing here?"

O'REILLY: You never took it serious?

LINKLETTER: Never.

(END VIDEOTAPE)

A great guy, a patriot, loved talking to him.

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.