Instant News Replay – 7/26/10

This week Keeping It Real Sports introduces the Instant News Replay, a wrap up the week’s major talking points in news, media, and events.

Closing the Chapter on Financial Reform : On Wednesday, President Obama signed an historic financial reform bill into law aimed to regulate financial risks being taken by large institutions and provide the public with better disclosure and clarity about the terms of credit card contracts and mortgage loans. At the signing ceremony, the President declared “Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. “There will be no more taxpayer-funded bailouts. Period.”

President Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection financial overhaul bill

This bill was one of the biggest reforms passed in Obama’s presidency, but you might not have heard much about it since most media was focused on the false accusations of racism that caused Shirley Sherrod, former Georgia State Director of the USDA, her job.

Unfair Oust: This controversy began on Monday when the right-winged blogger Andrew Breitbart leaked a 38 sec clip of Sherrod speaking about how she did not help a white farmer 24 years ago because of his race. Breitbart misconstrued Sherrod’s remark to depict her as racist. Fox News quickly jumped on the band wagon and aired the story with the video clip. Soon afterward, Mrs. Sherrod was condemned by the NAACP and forced to send a resignation letter through her Blackberry.

The next day, by simple fact-checking and watching Sherrod’s 43-minute video in its entirety, CNN revealed that Ms. Sherrod’s speech was actually speaking about overcoming race division in the South and in her personal life.

However this revelation occurred too late to stop the media frenzy on race sensitivity and the way race issues are portrayed and capitalized on in the media.

Since then Sherrod has received an apologetic phone call from President Obama and a new job offer by Agriculture Secretary Tom Vilsack. (Her acceptance of the job offer is still pending.)

New Jersey Gov. Speaks against The Jersey Shore: For all the die hard fist-bumping and skin-tanning Jersey Shore fans that can’t get enough of the MTV reality show, NJ Gov. Chris Christie thinks just the opposite. On ABC’s “This Week” Christie called the show “negative for New Jersey” and said that it  “takes a bunch of New Yorkers, drops them at the Jersey shore, and tries to make America feel like this is New Jersey. I could tell people, they want to know what New Jersey really is? I welcome them to come to New Jersey any time.”

Stay On the Look out for…

Shirley’s Next Move: Will Shirley Sherrod graciously accept the White House offer for a new job?

More of the Jersey Shore: Tune into the hottest, greasy haired kids that you either love or love to hate this Thursday on MTV for the season two premiere.

BP President Stepping Down, maybe: British media sources report that CEO of BP may resign. Hopefully confirmation and details of this accusation will be revealed this week.

Where’s the Oil?: Pools of oil reportedly spilled in the Gulf of Mexico, however one of the major problems experts are having is finding the oil due to a lack of visibility when time is of the essence. This must come to resolve soon this week.