By Bill O'Reilly

As you may know President Roosevelt despised predatory capitalism even though he was a rich guy himself. He did not like monopolies or huge corporations exploiting American workers.

Roosevelt's legacy on that is excellent. He fought hard to get fairness into the private marketplace. Now President Obama says he wants to do the same thing in the face of a faltering economy.

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PRESIDENT OBAMA: I believe that this country succeeds when everyone gets a fair shot, when everyone does their fair share, when everyone plays by the same rules. These aren't Democratic values or Republican values. These aren't one percent values or 99 percent values. They are American values and we have to reclaim them.

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O'REILLY: Ok, nice speech. The problem is Mr. Obama seems to be blaming the bad economy on wealthy Americans and corporate greed heads. "Talking Points" believes that is a ruse. There is no question some companies are piggish. They short change their workers while lavishing benefits on executives.

But private companies can do pretty much what they want in the compensation area. Personally, I won't do business with exploitative people and all Americans should consider that philosophy.

President Obama says he's angry about corporate abuse. Well then why hasn't he condemned the government mortgage agencies Fannie Mae and Freddie Mac? They owe we, the people more than $140 billion dollars; yet they are lavishing big benefits on their top executives. The President could do something about that so far he has chosen not to.

So once again, I'm a bit skeptical of Mr. Obama's motives here. It's certainly possible that he doesn't know how to recharge the economy so he's blaming fat cats in order to create a distraction.

Today the "New York Times" laid out the true liberal agenda on the economy saying quote, "Elected officials can step in to keep competition fair and ensure the government has enough money to protect the vulnerables."

Well, there it is the "Times" and many liberal Americans want elected officials, that's the government, to run the private sector, to dictate who gets what. Hello Cuba. Unlike some anti-Obama commentators, I don't believe the President is a socialist. I think he is an ardent liberal who wants quote, "income equality" and believes the feds should impose that.

Now some say that is socialism; and it's close, no question. The difference is Mr. Obama has not proposed seizing private assets. He does want the wealthy to carry most of the tax burden.

The bottom line is the President Obama's administration has not solved America's economic problems. And "Talking Points" believes it has run out of ideas.

So now the only play, the only play is to convince voters that greed heads are holding the economy back. And we must take more from them. I don't believe the American people are going to buy that. But I could be wrong.

And that's “The Memo.”

Pinheads & Patriots

A very big thank you to the U.S. Post Office and its leader, Patrick Donahoe, for helping send gifts and necessities to our troops overseas. Operation Shoebox in Florida asked the post office for help. They gave it, so they are patriots.

Also tonight all living World War II vets are, of course, patriots as today marks the 70th anniversary of the Japanese attack on Pearl Harbor.