By Bill O'Reilly

No question Herman Cain is surging in the polls. Rasmussen has Cain tied with Mitt Romney at 29 percent among likely Republican primary voters. Rick Perry clocks in with just nine percent. So obviously Mr. Cain has taken a lot of Perry's support.

And a Wall Street Journal poll actually has Cain leading Romney 27 to 23. But there is another element to The Journal poll. When asked about the general election, voters say President Obama would defeat Mitt Romney 46 to 44. That's a dead-heat considering the margin of error. But Herman Cain loses to the president 49 to 38, and therein lies the conundrum.

Herman Cain's support is rock-solid among conservative Republicans. They love him. He speaks their language: lower taxes, more self-reliance, no-nonsense social positions. Mr. Cain has impressed in the debates, and has now become a very strong presence within the Republican Party.

But the truth is that President Obama would love to run against Herman Cain because independent voters are less likely to vote for him than Mitt Romney. As we reported Wednesday, if Mr. Obama does not get the majority of independent votes, he loses.

Herman Cain himself is providing a valuable service to the country. Conservative principles deserve to be spotlighted, especially because liberal economic strategies have failed so dismally. It is obvious to most of us that America needs to get back to the free marketplace and fair competition unfettered by federal intrusion. Cain supports tax reform, and we desperately need that. Cain is business-friendly. We desperately need that.

The problem is Mr. Cain lacks legislative experience and knows little about foreign affairs. In the global economy, that's a big deficit, and independent-minded Americans understand that because of all the trouble the inexperienced Barack Obama has had. The next president must know how to deal with China, Putin and the powerful Iranian threat. There is no room for on-the-job training.

But "Talking Points" says three cheers for Herman Cain. He has made the primary season very interesting.

And that's "The Memo."

Pinheads & Patriots

Hulk Hogan made an appearance on "Fox & Friends" Thursday morning, and things quickly got out of hand.

(BEGIN VIDEO CLIP)

STEVE DOOCY, CO-HOST, "FOX & FRIENDS": Tomorrow on our big show, Rick Perry, who wants to be your president, is going to join us. Bill O'Reilly, the most powerful man in cable, will be here and Linda Evans from "Dynasty." So join us then.

BRIAN KILMEADE, CO-HOST, "FOX & FRIENDS": And the only man that ever could beat up Bill O'Reilly, Hulk Hogan, is here.

HULK HOGAN, FORMER PROFESSIONAL WRESTLER: I think he's taller than me.

GRETCHEN CARLSON, CO-HOST, "FOX & FRIENDS": Yes.

HOGAN: I think he's bigger than me.

CARLSON: He might be able to take ya.

HOGAN: He's a monster. I've met him a couple of times. He's way up there.

(END VIDEO CLIP)

I think I'd be a big pinhead to ever get in the ring with Hogan. I'd like to keep my head. But I am going to wear a bandana tomorrow, ladies and gentlemen, with the sunglasses on top. All right. Can you guys get me one? It will match the tie. I'll get that little bandana thing going on, and maybe -- I can't grow that handlebar quick enough. Hulk Hogan. He could beat the starch out of me.

— 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.