By Bill O'Reilly

According to the latest polling, the president's job approval rating is falling faster than Eric Holder's credibility. The latest Fox News poll has the President's job approval at 44 percent; 50 percent disapproving. That's a three-point drop since the beginning of the year and the trend is down.

The reason, Mr. Obama has not been aggressive in defining Benghazi, the IRS, snooping on reporters and now snooping on Americans. In fact, his comments have been tepid.

(BEGIN VIDEO CLIP)

OBAMA: I think it's important to recognize that you can't have 100 percent security and also then have 100 percent privacy and zero inconvenience.

It should not matter what political stripe you're from, the fact of the matter is that the IRS has to operate with absolute integrity.

The whole issue of this, of talking points, frankly throughout this process has been a side show.

Journalists should not be at legal risk for doing their jobs. Our focus must be on those who break the law.

(END VIDEO CLIP)

O'REILLY: Ok, fine. But the president has put forth no specific strategies to stop the bleeding in his administration. For example, Attorney General Holder is a lightning rod, but he's still there. There have been no firings at the IRS. There have been no further definition on who screwed up in Libya.

So, what the president seems to be counting on is that the American public will get tired of all the controversies. It's summertime; the living is easy, we are going on vacation! So is Mr. Obama.

Throughout his life, Barack Obama has been patient. When things go against him he goes to ground. He's not a confrontational man, nor is he a problem solver. We're living in an age where high tech adversary attention. The President knows that he knows that millions of Americans are disengaged, lost in a world of their own making staring at machines for hours.

No longer are fire side chats necessary. Press conferences are simply an opportunity for Mr. Obama to give mini speeches and his trips around the country are primarily to raise money. This is the new America where politicians can hide from unpleasant things. American public gets bored easily. Will they still carry about Libya, the IRS and evening domestic spying in August? The President is banking on a "no" answer to that question.

By the way you may have noticed that Mr. Obama rarely gives interviews anymore. But when he does they are carefully orchestrated.

So what we have now is an executive branch largely unaccountable. Mr. Obama knows he doesn't have to run again, he also knows he can keep quiet and very possibly ride all this stuff out.

And that's "The Memo."

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