A slight satellite picked up some floating debris in the Indian Ocean about 1,500 miles southwest of Australia. One of the pieces is substantial -- about 80 feet in length. Therefore, some believe it might be part of the missing jetliner.

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ABBOTT: The Australia Maritime Safety Authority has received information based on satellite imagery of objects possibly related to the search. The task of locating these objects will be extremely difficult and it may turn out that they are not related to the search for Flight MH370.

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O'REILLY: Now, we can expect to hear massive speculation about the debris until it's found. That's because the media is running wild with the airlines story as you know. And there is a big reason why -- money. The nation's newspapers are in dire trouble. They need bold headlines. The network news doesn't want to cover important stories like the IRS and Benghazi but they can cover the airliner without any political consequences. Cable news, which now dominates America's prime time media is in a brutal war for ratings. The Fox News Channel was the number one rated cable channel in the country last week. Not just news all cable channel, we beat everybody, the zombies, the thrones, you name it.

So there is a lot at stake here. FNC wants to keep its leadership and its main competitor CNN understands there is an appetite for the airline story. So it's going wall-to-wall trying to generate some interest and get some viewers. MSNBC stayed the liberal course they are not really hyped up about the airliner story. But if they can find a way to blame Chris Christie things may change.

The problem with all of this is that the press in America is not, not what the founding fathers once envisioned. We receive special constitutional privileges because the founders wanted independent eyes on the government. James Madison, Thomas Jefferson, Ben Franklin and the rest wanted honest reporting so the Americans could decide which people to vote into or out of power. Because of the big money now associated with the media, that concept has been severely eroded.

Today, circulation and ratings dominate news coverage and unfortunately so does ideology. The combination of cash and politics makes it exceedingly difficult for you to get the truth.

Now, there is nothing wrong with wanting to follow the jetliner story, it's a mystery. Folks like that. But when the media begins to pander to the audience and fabricate things, then there is a problem. We're living in an extremely dangerous age where thugs like Putin and the Mullahs of Iran could ignite a world war. We need honest and courageous media. Do we have that? You make the call.

And that's "The Memo."

- You can catch Bill O'Reilly's "Talking Points Memo" 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.