By Anthony Burke Boylan -- So many questions exist about the state and future of the banking industry and we all want answers.

How many banks are going to fail and merge? Is the bailout money being used correctly? Is it helping? Will we need another round? Are people going to be able to find jobs and sell houses again anytime soon?

We all like to know, wouldn’t we?

Well don’t worry; the U.S. Congress is on the case.

Like me, you might have tuned into this week’s hearing featuring former U.S. Treasury Secretary Henry Paulson thinking that your duly elected Representatives were trying to get answers for you.

When I first tuned in a Representative from Ohio was  spouting a conspiracy -- staring Mr. Paulson in the lead role -- so complex it made the Kennedy Assassination look like a mere jewelry store heist.

She indicated that Mr. Paulson had not paid taxes on stock he sold when he took his job running the Treasury Department, her voice dripping in contempt as if he were not only a tax cheat, but had tortured several small kittens right in front of her.

She failed to mention that whenever someone sells off all of their assets to take a political appointment and serve their country, they aren’t taxed on the asset sale. But hey, good luck finding qualified people to leave handsomely compensated private sector jobs to work in government if they not only take a pay cut, but pay tax penalties  far in excess of the government salary they are about to earn.

No matter. The U.S. House is the branch akin to the House of Commons, and every now and again someone slip s through who doesn’t quite meet the standards set for by Jefferson, Adams, et al.

But then we heard from Diane Watson, D-CA, whose main interest seemed to be whether Mr. Paulson was some sort of high functioning illiterate. Or perhaps she just had a keen interest in his penmanship.

Her query: Would he put answers to her questions – questions she did not ask on this public floor of democracy but would submit later – in writing?

When Mr. Paulson said that he would, but indicated it may take some time because he no longer has a staff, she explained that he could write them out longhand. Yes, I’m sure he no longer has a laptop either. Perhaps Ms. Waters could have offered him a quill pen and some rolled parchment.

While these inquisitors were curious, even quirky, none could surpass U.S. Rep. Cliff Stearns, R-FL.

His “question,’’ if you call it that, explained to viewers exactly what the hearing was all about.

“Is it possible there is so much conflict of interest here that all you folks don’t even realize you are helping people that you’re associated with and you should be recusing yourself for America’s ethics?’’

Despite the lack of a clear subject or object in this sentence, Mr. Paulson began to answer. Now you might have noticed that Mr. Paulson has a bit of a stammering nature at these hearings. It takes him a few seconds to get going, but he began to give the question a serious answer.

At 14 seconds Stearns interrupted him. Mr. Paulson continued, but at 21 seconds he was interrupted by Stearns again.  He tried once again to offer an answer to this open-ended question, but at 31 seconds Rep. Stearns delivered this gem: “I don’t want you to use all my time.’’

You see, Mr. Paulson might be an accomplished man, a veteran of Wall Street and Capitol Hill, but h had failed to realize one thing: Hearings aren’t for Congressmen to actually get answers; they are to allow the Representatives to be seen asking questions.

Rep. Stearns and his colleagues aren’t trying to get to the bottom of anything, they are making sure that Joe and Edna Constituent see them beating up on someone, anyone, on television. That’s much less confusing than their actual voting record.

Silly of Mr. Paulson to think that it was his time to answer questions, or that the time belonged to the American people. It was clearly Rep. Stearns’ time to ask questions, and hang the answers.

“Our actions were not perfect, but I am confident they were substantially correct and that they saved this nation from great peril,’’ Mr. Paulson said of his work.

If only Congress had the same goal.

Anthony Burke Boylan is a financial journalist, consultant, and an advisor to Capital Insight.  Reach him at Tboylan@cap-insight.com