By Bill O'Reilly

President Obama and Governor Romney attended the Al Smith dinner here in New York City last night. That's a charitable exposition run by Catholic Cardinal Timothy Dolan. Millions of dollars were raised and everybody looked to be having a good time.

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ROMNEY: Of course, I'm pleased that the President is here. We were chatting pleasantly this evening as if Tuesday night never happened. And I credit that, of course, to the cardinal he has, it's taken New York's highest spiritual authority to get us back on our best behavior.

I was actually hoping the President would bring Joe Biden along this evening because he'll laugh at anything.

As President Obama surveys the Waldorf banquet room with everyone in white tie and finery, you have to wonder what he is thinking. There's so little time, so much to redistribute.

OBAMA: Ultimately though tonight is not about the disagreements Governor Romney and I may have. It's what we have in common, beginning with our unusual names. Actually, Mitt is his middle name. I wish I could use my middle name.

I went to school here in New York, I had a wonderful experience here. I loved walking through Central Park. I love to go to old Yankee stadium, the house that Ruth built although he really did not build that. I hope everybody is aware of that.

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O'REILLY: Now, "Talking Points" believes that kind of stuff is worthy. We all know how intense and competitive the election is. But to have a few laughs over it shows that our democracy is vibrant. I applaud the President, the Governor and the Cardinal.

But now back to reality. Before he went to the Al Smith dinner the President taped the Jon Stewart show.

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JON STEWART, TALK SHOW HOST: I would say even you would admit it was not the optimal response, at least to the American people as far as us all being on the same page.

OBAMA: Well, here is what I will say.

STEWART: Yes.

OBAMA: If four Americans get killed, it's not optimal.

STEWART: Right.

OBAMA: And we're going to fix it.

STEWART: Right.

OBAMA: And -- and --

STEWART: All of it.

OBAMA: All of it.

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O'REILLY: Now by using the word optimal Mr. Obama has upset some people who don't like him. They are saying that his optimal description shows he's incentive to the murders of the four America in Libya. I disagree. I think Mr. Obama was simply playing off Mr. Stewart's description and the remark was in context.

However, there is a strange detachment in play here. From the very beginning, President Obama was not fully engaged. After he learned of the assassinations, he went to Vegas to campaign. We now know the CIA told the Obama administration early on what happened in Benghazi was an organized terror attack. Yet the President would not hold a press conference and say that. Instead, his U.N. Ambassador and his press spokesperson openly misled the public. Why? It makes no sense. And even now Mr. Obama remains nebulous, foggy about the entire situation.

So here is the deal. Hold the press conference, Mr. President. Lay everything out there. If Mr. Obama fails to do that over the weekend, Mitt Romney has a huge opportunity with the foreign policy debate coming up on Monday. We need answers. Romney should demand them.

And that's "The Memo."

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