I'll bet you missed this on May 9th. I did. I'll quote part of an opinion piece from the Chattanoogan.com, a Tennessee newspaper.

Bush Makes Power Grab

President Bush, without so much as issuing a press statement, on May 9 signed a directive that granted near dictatorial powers to the office of the president in the event of a national emergency declared by the president. The "National Security and Homeland Security Presidential Directive," with the dual designation of NSPD-51, as a National Security Presidential Directive, and HSPD-20, as a Homeland Security Presidential Directive, establishes under the office of president a new National Continuity Coordinator. That job, as the document describes, is to make plans for "National Essential Functions" of all federal, state, local, territorial, and tribal governments, as well as private sector organizations to continue functioning under the president's directives in the event of a national emergency. The directive loosely defines "catastrophic emergency" as "any incident, regardless of location, that results in extraordinary levels of mass casualties, damage, or disruption severely affecting the U.S. population, infrastructure, environment, economy, or government functions."When the President determines a catastrophic emergency has occurred, the President can take over all government functions and direct all private sector activities to ensure we will emerge from the emergency with an "enduring constitutional government. "Translated into layman's terms, when the President determines a national emergency has occurred, the President can declare to the office of the presidency powers usually assumed by dictators to direct any and all government and business activities until the emergency is declared over. . .

A Congressional Research Service study notes that under the National Emergency Act, the President "may seize property, organize and control the means of production, seize commodities, assign military forces abroad, institute martial law, seize and control all transportation and communication, regulate the operation of private enterprise, restrict travel, and, in a variety of ways, control the lives of United States citizens."

Read it all here.