By Bill O'Reilly

A couple of things about the GOP debate Wednesday night in California. First of all, the most entertaining moment of the sparring was provided by Newt Gingrich:

(BEGIN VIDEO CLIP)

JOHN HARRIS, POLITICO: Speaker Gingrich, it sounds like we've got a genuine, philosophical disagreement. In Massachusetts, a mandate, almost no one uninsured. In Texas, a more limited approach, about a quarter uninsured. Who's got the better end of this argument?

NEWT GINGRICH, GOP PRESIDENTIAL CANDIDATE: Well, I'm frankly not interested in your effort to get Republicans fighting each other.

(END VIDEO CLIP)

The speaker rightly pointing out that the moderators Brian Williams and John Harris were very interested in having the Republicans go after each other. Makes for good TV, and conservatives believe it shows a liberal bias.

And on that subject, a "Twilight Zone" alert. The debate was carried on MSNBC, the liberal network. Almost immediately after it ended, pundits over there began calling all the Republican candidates morons. I mean, I'm sitting there watching this and I'm thinking, "Why did the GOP and the Reagan Library agree to that environment?" There was absolutely no interest in providing any balanced analysis. It was, "Yes, we covered the Republicans, but they're all idiots, ho, ho, ho." Rod Serling would have been proud.

And now for President Obama's latest attempt to save the American economy. It's called the American Jobs Act, and it has some good points: continuing the payroll tax cut, tax credits for small businesses that hire people and targeted public works employment. That's all good.

The president says he'll pay the $500 trillion tab by closing corporate tax loopholes and hiking taxes on the rich, who he says must pay their fair share. Since 42 percent of Americans now don't pay any federal income tax at all, the fair share deal sounds a bit misleading, does it not?

The speech was designed to put pressure on the Republicans to pass a tax increase or face accusations they don't want to create jobs. It's a chess game. If the Republicans vote for Mr. Obama's jobs act, they endorse it. If they vote against it, the president can say the GOP doesn't care about jobs.

What Mr. Obama really did Thursday night is what he always does: calls for increased taxation so the feds can fund economic programs -- programs that sadly have not worked in the past.

But Mr. Obama has to know Republicans aren't going to vote for that, so the whole thing was pretty much a charade, which is why the stock market tanked Thursday.

It is becoming quite clear the president and the Democratic Party are going to hold fast to their belief that the feds can get us out of the economic mess by spending money.

But here is the no-spin truth: If both parties really wanted to stimulate the economy, they'd reform the entire tax code. That's what America really needs. Lower corporate taxes, plug up the loopholes, a small consumption tax and a flat income tax on workers that phases out deductions in return for lower rates. If that would ever happen, the economy would rocket.

And that's "The Memo."

Pinheads & Patriots

Gumby is a loveable character, as we all know. But in San Diego, the Gumster may have taken a detour.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: Just after midnight on Monday, a person dressed as Gumby, whose hands were raised in the video, along with another man walked into the 7-Eleven off Carmel Mountain Road in Rancho Penasquitos. The clerk thought it was a prank, but apparently Gumby wasn't laughing.

GARY HASSEN, SAN DIEGO POLICE DETECTIVE: Gumby told him, "If you don't believe this is a robbery, I'll get my gun." He took his Gumby paw. He put it into his Gumby pocket, and he could not retrieve what weapon or what alleged weapon that he thought he could.

UNIDENTIFIED MALE: The only thing that fell out of Gumby's pockets was 26 cents of change, which fell on the floor. Panicked, both of them got away, not getting anything and driving away in a white or silver minivan.

(END VIDEO CLIP)

So if you see Gumby, please call the FBI. Pinheads.

— 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.