My apologies to Frank for such a lengthy (fair use) quotation, but toreduce his writingto pith would be to excise the Borgesian absurdity that is so relevant to the landscape he describes.
Depending on the strategy, calls can be used toreduce risk (covered call-writing) or to add staggering amounts of risk ("naked" call-writing), so brokers issue options-trading permission only selectively.
At the same time, it would provide an initial effort toreduce the deficit, which the negotiators call a down payment, as Congressional tax-writing committees hash out a broad overhaul of the tax code.