This is my experience but I know for a fact that my short term memory comes and goes. But I don't think it is the "memory" part that comes and goes. I think it is the ability to process incoming information.
For example, when I am in mania I have so many thoughts and ideas I forget things almost instantly. Someone can say to me, "hand me a tissue," and I'll say okay and then instantly forget. If someone tells me to do something, and I have to walk back to my desk to do it, any memory of that conversation will be gone before I get to my desk. I lose things as soon as I set them down. I can actually be holding my phone in my hand and suddenly freak out because I can't find it (even if I'm looking right at it.)
Another thing this effects is my ability to read. I forget what I'm reading as soon as I read it. I have to go back and re-read it. Or, none of the words make any sense and they all blend together. I get extremely irritated and feel panic and anxiety.
Another issue which I think has to do with cognition is I can't organize. I get very frustrated trying to put clothes in a drawer. I can't figure out how to put papers together neatly in a pile. I want to make things nice and I just can't do it. I get very frustrated (it is just like the reading but with physical objects.) I can't write properly. I try to write a simple thing like 1:00. I will write the 1 and the 00 are on top of each other, or in the wrong place. I can't dial the phone. It will take me sometimes eight or nine tries to get a phone number correctly. I am always saying "good morning" in the afternoon and "good afternoon" in the morning. People actually get upset with me over this.
Some days are fine other days are so bad I feel like I'm going insane. My long term memory isn't what it was either. I used to be an avid reader, writer, and my memory was amazing.
Now, I am not medicated and haven't been for quite some time. The longest I've ever been medicated was one year of lithium about three years ago. So, I have nothing to blame but the illness at this point. I wouldn't mind being in a study, actually, to see what they think.
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