By Bill O'Reilly

As we predicted weeks ago, the debt debacle has weakened Mr. Obama. All the polls show that Americans are furious that the government could not settle an obvious problem without a chaotic exposition.

Also, people are getting hurt as the stock market plummets. The Dow was down more than 500 points on Thursday, 1,300 points in the last two weeks. Everyone is nervous as retirement and education funds get pounded.

The president came off as weak in the debt debate, and the bad economy speaks for itself. How can any American be optimistic when the national debt is growing by more than $4 billion every single day? The only thing the debt compromise did was keep America's bonds from being downgraded and allow the feds to continue paying their bills. The deal did nothing to improve the very shaky economy, as the stock market is telling us.

Analysis by Politico.com says that President Obama is in serious trouble for re-election, but again, "Talking Points" has told you that for months.

Mr. Obama knows he's in trouble. He also knows that Republicans will not cooperate with him any longer because they want to see him defeated in 2012. So for the next 16 months, little will get done in Washington, as the House will block pretty much everything the president wants to do.

So instead of fighting a losing battle on the hill, the president has already turned his attention to the upcoming campaign:

(BEGIN VIDEO CLIP)

PRESIDENT OBAMA: When I said change we can believe in, I didn't say change we can believe in tomorrow, not change we can believe in next week. We knew this was going to take time because we have got this big, messy, tough democracy.

(END VIDEO CLIP)

There is a chance that with Congress and the president at odds, the economy will actually improve. If you get enough pinheads out of the way, then maybe the private sector will see opportunity. But that's a big maybe.

Mr. Obama knows he can't win re-election without independent voters, so he is tailoring his campaign message this way:

(BEGIN VIDEO CLIP)

OBAMA: All the progressives out there, I want you to understand that we can't just ignore this debt and deficit. We've got to do something about it. But economic growth, making ourselves more competitive isn't just about cutting programs. It's also about making investments in our people.

(END VIDEO CLIP)

The problem with making investments in the folks is that there is no money. America is broke.

Simply put, the president's economic policies and the liberal tenets of big government have failed. Will the voters realize that? We won't find out until November 6, 2012.

And that's "The Memo."

Pinheads & Patriots

The manager of the Chicago White Sox, Ozzie Guillen, is Venezuelan and a very emotional guy. He doesn't like the fact that actor Sean Penn likes Hugo Chavez.

(BEGIN VIDEO CLIP)

OZZIE GUILLEN, MANAGER, CHICAGO WHITE SOX: Can I say what I feel about him?

UNIDENTIFIED MALE: Sure.

GUILLEN: He's a loser. If this man thought Venezuelans are great, why he went to California? He should stay in Venezuela for two years, live where I grow up to see, first of all, how much you survive, because you will get shot.

(END VIDEO CLIP)

We believe Mr. Guillen is a patriot. He well understands that Chavez is a brutal tyrant. Mr. Penn does not seem to understand that, which makes him -- altogether now -- 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.