By Bill O'Reilly

Since nobody knows, nobody knows, what happened in the 1990s regarding Herman Cain and accusations of inappropriate behavior, it is very difficult to analyze the situation with any clarity.

On Tuesday, Mr. Cain denied doing anything wrong.

(BEGIN VIDEO CLIP)

HERMAN CAIN, GOP PRESIDENTIAL CANDIDATE: With respect to the most recent accusation, I have never acted inappropriately with anyone, period.

As I sat in my hotel room with a couple of my staff members, as they got to the microphone, my first response in my mind and reaction was I don't even know who this woman is.

The charges and the accusations I absolutely reject. They simply didn't happen.

We will get through this. The fact is, these anonymous allegations are false and now the Democrat machine in America has brought forth a troubled woman to make false accusations, statements, many of which exceed common sense, and they certainly exceed the standards of decency in America.

(END VIDEO CLIP)

Despite Mr. Cain's denials, the question remains: Can the Cain campaign survive all of this?

There is no question his supporters are standing by him. He has raised millions of dollars in the past week. And Mr. Cain's poll numbers continue to hold, but that is among likely Republican voters, not the general population.

"Talking Points" believes it is far too early to reach any conclusions about the whole mess. Again, we are being very cautious in assessing it. But there is no question, on the Republican side the political dynamic in this presidential election is changing.

And that's "The Memo."

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