And we can just waive laws now?

We cannot; they can. The ruling class has only practical constraints on what it can do, but in truth bears no legal obligation to anything but itself. Individuals in the ruling class may receive punishment for lawbreaking, having violated their obligation to their class, but when the ruling class moves in a unified fashion, there is no such thing as them being bound by their own laws, because they are the ones who write the laws, enforce the laws, and rule on allegations that the law was broken (or, more accurately, they own the people who do those things). In a capitalist society, what has the general support of capitalists and thereby the major parties is always going to be "legal" unless a divide forms in that coalition.