Senators, representatives and presidential candidates have been busy calling for more government oversight of the financial industry. And maybe Congress will settle on Paulson’s idea as its “savior” in the current camera-mugging opportunity.

Oh, good, I was worried there for a minute. But the government says it’s going to make sure we never have another mortgage crisis. Hoorah!

And how, exactly, is it going to do that? Well, Treasury Secretary Mark Paulson has an idea: Shuffle oversight entities around to cut out redundancy.

Yes, dear friends, we don’t have to worry about securitization or evil banks trying to turn a profit when you borrow money from them ever again because Paulson is making sure that the SEC joins forces with the Commodities Futures Trading Commission (CFTC), and he wants to unite the Office of Comptroller of the Currency and the Office of Thrift Supervision to fight crime and inhibit the amassing of wealth.

Office of What?

If you’re like me, you didn’t even know we had an Office of Thrift Supervision. And isn’t an office full of salaried employees all there to ensure thrift contrary to the object of thrift?

Maybe I don’t understand the true purpose of this office. But I find that I don’t really have a desire to learn its function. Generally speaking, when I find out about the everyday functions of a government organization, I find myself more annoyed at the waste than illucidated into passive acceptance.

According to Paulson, combining the offices will actually cut down on redundancy in government. In fact, we may only have one regulator covering each regulation after he gets done.

Congressional approval

Unfortunately, to do his little regulatory shuffle, Paulson will have to ask Congress for approval. And efficiency doesn’t get you reelected. But pointless grand gestures and adding more useless doodles and curlicues on top of our economic regulations during a market crisis does (Just look at the farcical waste of Congress’s time and our money that happened with the defense bill “debate” before the last general election if you want to know what I’m talking about.).

Senators, representatives and presidential candidates have been busy calling for more government oversight of the financial industry. And maybe Congress will settle on Paulson’s idea as its “savior” in the current camera-mugging opportunity. It could actually save money and provide a simpler system for companies trying to follow the ornate business laws already in place in the U.S.But I’m afraid the public, or at least the public as it is seen by the press and elected government, will require a whipping boy after watching their home values collapse and inflation destroy their savings. Someone must be slapped about by a Congressional committee or, preferably, jailed in a comfortable resort-like low-security prison for several months to satisfy the blood-lust incited by the real estate collapse.

We’ll have to wait and see if Paulson can win the day or if we’re in for a nice thick layer of new regulations spread on top of the country’s financial laws in coming months.