On the federal level, you have a number of big sources of authority. The most dramatic is probably the Executive Order: the President has sat down at his sweet desk, pulled out The First Pen (ink force one?), and made some sort of Decree. He doesn’t get to make up new laws, but he does wield a lot of power. Hell, with an Executive Order, President Truman almost nationalized the steel industry.
I have to confess to being completely ignorant of how income taxes work as recently as last month. I’m still pretty ignorant, but I’m law school ignorant, which is a fair sight more educated than the guy who smells like cheese and dances for nickels on the subway. Or investors who think that a 240% interest rate signals “safe bet.”
<sidebar> The people who lost their savings were, by and large, operating through brokers. If ever there were a time when judges should consider sentencing someone to serve as the aggrieved party’s butler, (like that show within a show on Seinfeld) I think this is it. It’s not nice to throw away other peoples’ money.</sidebar>