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Donald Trump's proposed ban on Muslims entering the U.S. would actually hurt the war on terror, but he's right that we are currently losing the fight against radical Islam, Bill O'Reilly said in his Talking Points Memo tonight.

O'Reilly explained that the U.S. and other Western nations need moderate Muslims to help fight the jihadists.

"The West can't defeat the jihad without the help of Jordan, Egypt, to some extent Pakistan, Saudi Arabia and the rest of the Gulf states," O'Reilly said. "We need them to cooperate with us militarily and with intel."

He asserted that it's simply bad anti-terror policy to overreact and prohibit Muslims from entering the U.S., which federal courts would never allow in the first place.

"The Factor" host acknowledged, however, that Trump is correct about the Obama administration losing the fight against ISIS, as political correctness and weakness now dominate Washington.

"We, the people, must rise up and demand to be protected, demand that war be waged against the jihad in a smart and aggressive way," O'Reilly said. "With a presidential election next year, it is now on us to elect a new leader who has the guts to fight Islamic terrorism and defeat it."

"Believe me, this is 1938 all over again."

Watch the full Talking Points Memo above and tune in to "The Factor" tomorrow at 8p ET to see O'Reilly's interview with Trump.

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