By Bill O'Reilly

As everybody knows, Sarah Palin has become a very controversial figure in America. But four years ago few knew her. She was the Governor of Alaska but had no national profile. Then John McCain chose her as his running mate.

In hindsight former Vice President Dick Cheney says that was not a good choice.

(BEGIN VIDEO CLIP)

CHENEY: I like Governor Palin. I've met her. I know her. She is an attractive candidate but based on her background, she had only been a Governor for, what, two years. I don't think she passed that test.

UNIDENTIFIED MALE: Of being ready?

CHENEY: Of being ready to take over. And -- and I think that was a - - a mistake.

(END VIDEO CLIP)

O'REILLY: Well, Mr. Cheney has certainly stirred up some controversy. His own daughter Liz tweeted, quote, "Rarely do I disagree with the best vice president ever but Sarah Palin is more qualified than Obama and Biden combined. Huge respect for all she's done for the Republican Party."

"Talking Points" believes that Sarah Palin did help the McCain campaign overall and that no matter who the Senator had chosen the Republicans would not have defeated Barack Obama.

In 2008 the country was suffering economically and Obama promised hope. Mr. McCain had no answer to that and failed to aggressively expose his opponent's weaknesses. That's what happened.

Now going forward, Mitt Romney has a very important choice to make. His running mate must win him some votes. Right now there are four names at the top of the list. Marco Rubio, Paul Ryan, Bob McDonnell and Rob Portman.

Condoleezza Rice is not considered to be a player at this time. So let's take them one by one.

Senator Rubio a very popular among conservative Americans and would get Romney votes in the vital state of Florida. The downside, the Senator is inexperienced and has had some financial problems.

A Florida Ethics Commission said that Mr. Rubio was negligent in misusing a state-issued credit card. But that commission also said the action was not enough to legally pursue. Senator Rubio might also help Mitt Romney with Hispanic Americans but that is speculation.

Congressman Paul Ryan, he is a money guy with credibility on the economy. At age 42, the Wisconsin resident is young, but is already in his seventh term in Congress. Ryan is articulate, may help deliver Wisconsin which is a swing state.

Virginia Governor Bob McDonnell is a veteran politician who has done well, turning the economy around in his state. Virginia is another vital situation for both Romney and Obama. And McDonnell may obviously help the cause there for Mr. Romney.

Finally, Ohio Senator Rob Portman, another veteran political guy in another vital state. He has national experience in a variety of jobs but like Governor McDonnell not very flashy. But if Mitt Romney is to win the presidency, he has to take Ohio -- he has to.

"Talking Points" believes Senator Rubio would most likely help Mitt Romney the most. But like Sarah Palin there would be massive media attacks on Mr. Rubio. Is he ready to handle that? A very tough question.

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.