By Bill O'Reilly

It's now clear Herman Cain will not secure the Republican nomination for president. He waged a spirited campaign, but in the 24/7 news cycle, no mistakes are forgiven if you are conservative.

In order to beat his competitors, Mr. Cain could not afford any missteps, obviously he made them. Life isn't fair, I think Cain is basically a good man and I hope the rest of his life is peaceful.

As for Barney Frank, his departure from national politics is more significant for the country. As "Wall Street Journal" pointed out today Mr. Frank is the face of American liberalism an indignant man who believes he has a copyright on compassion. If you challenge Frank, he's in your face. If you point out his failures, he denies them. If you disagree with him on anything, you're a moron.

So I decided to take Frank on, and clearly he did not tell the truth about his oversight of Fannie Mae and Freddie Mac and I called him on it. You can see the exchange on the net if you missed it. It is intense.

But I had to call Mr. Frank out. It had to be done. The Congressman says he's not running again for personal reasons and again, he doesn't like to be challenged on that.

(BEGIN VIDEO CLIP)

SAVANNAH GUTHRIE, NBC NEWS: For those who think that maybe this is a signal that you don't think the Democrats are going to win back control of the House in 2012, your response would be what?

FRANK: Oh no. This doesn't mean that we're not going to take back the House. In fact, I think we're likely to win...win this seat. Again, do you think I would serve until I was 106? I mean, I'm 71 years old...the question is I decided not to serve until three months before my 75th birthday. I guess I don't understand why that is so hard for people to grasp.

(END VIDEO CLIP)

O'REILLY: We get it, Barney, you're tired. You're cranky, you want out. Good luck.

But truthfully if the Democrats are riding high, Barney Frank would most likely run again. He loves power. He believes he is good for the nation.

Here is what I believe: Barney Frank is sincere in wanting to help the less fortunate, but his big spending policies simply don't work. And because he is unwilling to understand economics, his tenure in the House is harming the country.

Also Mr. Frank does not hold the high ground. It is much more humane to look out for all the folks, to demand fiscal responsibility so all Americans can prosper.

The left believes that the USA should be in business to help the down-trodden at the expense of everyone else. That's why doctrinaire liberalism is not helpful. The way you do help the unemployed and the ill-educated is to create widespread prosperity so they can hitch a ride on it and work their way up.

Giving people stuff is a recipe for failure. We've seen it over and over. But if you tell Barney Frank that, you're a bad person. America does not owe anyone a living. Barney never got that. But we wish him well anyway.

And that's "The Memo."

Pinheads & Patriots.

Singer Elvis Costello, apparently a very honest guy, has got a new box set out of his songs, and the cost is -- wait for it -- 225 bucks. Even Elvis is outraged, saying on his Web site the price is too high. Don't buy it. For his candor, Mr. Costello is a patriot.

— 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.