By Bill O'Reilly

A new poll from Quinnipiac surveyed likely Republican registered voters on who they favor against Mr. Obama. Gov. Perry, 26 percent; Mitt Romney, 20; Michele Bachmann, 12; Ron Paul, 10; everybody else in low single digits.

But the matchups between President Obama and individual candidates are very interesting. Here Mitt Romney ties the president at 45 percent. Mr. Obama defeats Gov. Perry 45 to 42 and defeats Michele Bachmann 48 to 39.

Gov. Perry's favorability among registered voters stands at just 22 percent, 23 percent unfavorable, haven't heard enough -- this is the key -- 55 percent. That's a big number.

Mitt Romney: 36 favorable, 27 unfavorable, 35 haven't heard enough.

Michele Bachmann: 26 favorable, 36 unfavorable, 37 haven't heard enough.

The takeaway from the poll is this: Most voters still have an open mind about who the Republican nominee should be. Also, the most conservative of the first-tier candidates, Michele Bachmann, has high negatives because it looks like voters are putting the economy ahead of ideology.

As far as President Obama is concerned, 51 percent of Quinnipiac respondents say he does not deserve re-election; 42 percent say he does.

So obviously the GOP, the Grand Old Party, has a very good chance to defeat the incumbent president.

Now, strategy. As "Talking Points" stated Tuesday night, the ultimate showdown will most likely be between Perry and Romney, with both running as economic reformers. But they will have to attack each other in order to convince you they are the better man. Already the Tea Party is planning a demonstration against Gov. Romney in New Hampshire on Labor Day. It is clear that some hardcore conservatives are not going to support him. Romney does well in the general poll of registered voters because independents like him. In some primaries, independents can't vote. In some primaries, like New Hampshire, they can.

So that's the landscape as it stands right now. As mentioned, the presidential race kicks into high gear this coming weekend, and there are three Republican debates scheduled in September. Pretty much anything could happen.

And that's "The Memo."

Pinheads & Patriots

You never know what's going to happen on the "Fox & Friends" program in the morning. A week ago, a penguin took center stage.

(BEGIN VIDEO CLIP)

BRIAN KILMEADE, CO-HOST, "FOX & FRIENDS": Oh, jeez. My brand-new shoes.

STEVE DOOCY, CO-HOST, "FOX & FRIENDS": What happened?

KILMEADE: I've got to change my shoes.

JULIET HUDDY, GUEST CO-HOST, "FOX & FRIENDS": There's a little trouble in paradise here, folks. Nothing to worry about.

DOOCY: And those were the -- and that was a new pair of shoes, too.

KILMEADE: I know. That's the last time I have a penguin at my house.

(END VIDEO CLIP)

The penguin relieved himself on Kilmeade's shoes. If you don't like Kilmeade, he's a patriot. If you do, the penguin is a pinhead.

— 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.