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Financial Reform and Short Term Memory Loss

Posted on April 24 2010 6:00 am
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When it comes to rushing through the new financial reform bill, could it be we are suffering short term memory loss?

As defined on

Short term memory loss is, when a person is unable to retain recent incidents. Loss of short term memory can hamper your immediate course of action.

Yes, that has got to be the explanation. Why else would so many people from both sides of the fence be rushing to promote this bill? Just like with the bank bailout, the healthcare bill, the stimulus package….suddenly, this is an urgent thing that we must get through right now or we will implode! Where have I heard this before…

An example of this mindset was heard in Bill O’Reilly’s “Talking Points Memo” this week:

But as “Talking Points” has said, relying on the federal government is downright scary. For example, a USA Today investigation found that the banks receiving the most federal bailout money are among those lending the least to you right now. And they pay bigger salaries to their employees and banks that didn’t get the bailout money.

So why is the Obama administration permitting that? We get no answer. Reluctantly, I have to support new laws to reform the financial industry. But I have to pray, pray somebody in Washington will finally look out for the folks.

How contradictory is this? First, he tells us how scary it is to entrust government with this, and then he supports it while praying for the best. In supporting new laws, has O’Reilly gotten to read them yet, or is he just hoping, by some miracle, they’ll get it right this time?

We can and should expect better from our elected representatives. The people have made it clear how they feel about continuing to pass things we have not thoroughly examined yet. In this case, something that may have questionable involvement by Goldman Sachs and that is being overly promoted and rushed, just like previous legislation has been.  What does it take before we learn? When we make any major decision in our own lives, we don’t rush into it without even reading the paperwork, and if we do, we often live to regret it.

The many of us who are against fast action on this bill are quite justified in our hesitation, as we were with healthcare, bailouts and the rest. Each time, these bills have proven to be just what we were afraid of after they had passed. News outlets are still coming out with many problems and costs in the healthcare bill that were not being reported previous to its’ passage. Stimulus money is being misspent and much of it sits untouched, despite the urgency. Don’t we want to address those things before bills are passed?

Financial reform must be passed only with much thought, input, transparency and adherence to the Constitution in how it is constructed. We need to insist on our representatives giving this legislation the time and attention that all of the other bills should have had. Let’s not forget; let’s live and learn.

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