Guests: Monica Crowley and Alan Colmes

"Once again Talking Points is an oracle. In my newspaper column last week, I opined that if the presidential election were held tomorrow, Mitt Romney would defeat Barack Obama. And today the Federal Reserve backed up my contention that economic fear could very well defeat President Obama. According to the Fed, median net worth of American families has plunged by 39% in just three years and the value of American home equity has fallen 32%. The awful economy is not entirely Barack Obama's fault; the recession began under President Bush. However, Mr. Obama continues to believe that massive federal spending will turn the economy around, but there are no facts to back that up. Thus undecided voters must decide whether the President deserves to be reelected based once again on 'hope.' To me, undecided voters will break for Romney in the face of a very bad economic picture, but I could be wrong. The election will be all about performance and right now the Obama administration is performing poorly. They'll say that's not true, but the Fed's stats are devastating."

The Factor moved to another problem for the Obama administration - the threat by some House Republicans to hold Attorney General Eric Holder in contempt over his alleged stonewalling in the 'Fast and Furious' scandal. The Factor asked Alan Colmes and Monica Crowley whether Holder will be forced to resign. "No, at least not immediately," Crowley said, "because he still has the confidence of the President. But what we do know about Barack Obama is that when somebody becomes a political liability to him, he has no problem cutting them loose." Colmes denounced those Republicans who are calling for Holder's scalp. "This is a partisan witch hunt and this is why Congress has a 17% approval rating - all they want to do is go after this President and hold hearings, rather than trying to accomplish anything."

Guests: Glenn Beck

President Obama's reelection team has produced a radio ad aimed specifically at black Americans. Glenn Beck entered the No Spin Zone and assessed the ad. "I never heard anything like that," Beck said. "In that ad they say 'we've got your back, Mr. President.' But isn't the President supposed to have our back, isn't he supposed to be watching our liberty and our life. The other problem is the things he's saying in the ad. A real leader doesn't suck you in and say 'depend on me,' a real leader says 'you can do this, you can strive.'" The Factor worried that President Obama's policies encourage dependence on the government: "Barack Obama is a big-government guy and he's telling the African American community, I'm going to continue to give you more stuff. He's the most liberal president ever."

Guests: John Stossel

Residents of Middleborough, Massachusetts have approved a law empowering police to impose a $20 fine on anyone heard using profanity. The ban earned the tepid approval of Fox Business anchor John Stossel. "It's fine if you want to have a city that's very proper," Stossel said, "and people don't have to live there. But we should always err on the side of government doing less." Again demonstrating his libertarian bona fides, Stossel argued that a restaurant should be allowed to permit nude dining. "McDonald's is a private company, and it should be their right to let nude people come in. That's the beauty of private property and it's why we should have less government property where everybody has to obey the same rules." The Factor, visibly grimacing, declared, "We don't want a naked McDonald's!"

Guests: Adam Carolla

The federal government spends more than $15 billion a year on direct welfare payments to individuals. The Factor was joined by radio host Adam Carolla, who was raised by a mother on welfare and who now rails against government handouts. "We were on welfare and food stamps and I did the free lunch program at school," Carolla recalled, "and I felt like my mother was cut off at the knees. She got her stipend from the government, it was just enough to get by, and that's all we did. When I was about nine, I asked her, 'Why don't you just get a job?' She said, 'If I get a job I'll lose my welfare.' I thought that is a horrible message to send, but it inspired me and motivated me to work. We're all capable of doing a ton and we're all capable of doing almost nothing, depending on what the demands on us are. Without welfare, I think my mother would have risen to the occasion."

Guests: Kimberly Guilfoyle and Lis Wiehl

The trial of Penn State assistant football coach Jerry Sandusky, accused of molesting ten young boys, has begun in Pennsylvania. Fox News legal analysts Lis Wiehl and Kimberly Guilfoyle evaluated the testimony thus far. "Two accusers have taken the stand," Wiehl reported, "and they told what happened in very great detail. And remember that these accusers did not know each other before this trial." Guilfoyle agreed that Sandusky's accusers have great credibility, adding, "You have this kind of repetition, people coming forward with the same details." Turning to a less disturbing case, the legal aces assessed the lawsuit filed by some former cast members of the hit show "Happy Days." "They're saying CBS has been selling DVDs and lunch boxes and t-shirts," Wiehl said, "but they haven't gotten any royalties. They say they have a contract." Guilfoyle concluded, "The case is unlikely to succeed, their best chance is for them to try and get sympathy from the jury."

Guests: Charles Krauthammer

The Factor was joined by Fox News analyst Charles Krauthammer, who reacted to former Florida Governor Jeb Bush's contention that his father George H.W. Bush and Ronald Reagan would not be welcome in today's more conservative Republican Party. "His problem," Krauthammer said of the younger Bush, "is that he was equating his father with Ronald Reagan. His father was a very good president, but he was no Reagan - George H.W. Bush was a moderate conservative, Reagan was a movement conservative with a coherent set of ideas and policies. I think he would be very comfortable today with the Tea Party and the Republican Party. He was utterly uncompromising and he got his way, which is exactly what Republicans ought to be doing." But The Factor maintained that Washington has become far more contentious and bifurcated, saying, "Reagan was a master at selling his point of view to a liberal guy like House Speaker Tip O'Neill, but that has vanished on both sides."

Lance Neibauer, Bend, OR: "Bill, you said you have never smoked pot and that's why you are clear-headed. Steve Jobs said LSD gave him perspective. It goes both ways, buddy!"

Brian Kovach, Willingboro, NJ: "Mr. O, look into the camera and admit it: Fox News is a conservative news outlet."

Ruthie Dennis, Butler, TN: "O'Reilly, I put you singing the Justin Bieber song on my new ringtone."

Tuesday's Pinhead: British Prime Minister David Cameron, who forgot about his 8-year-old daughter and left her unaccompanied in a pub for about fifteen minutes.