This law is as follows;
1. Gives The President of USA (ie. Bush), the sole power to declare a national emergency. The President would NOT need approval from congress, his administration, the pentagon – or ANYONE else.
2. This “national emergency” is so broadly and vaguely defined, it could be virtually anything.
3. The national emergency powers give the president, the sole power to control ALL LEVELS OF US GOVERNMENT as well as ALL COMMERCIAL INSTITUTIONS.
I think it’s quite clear, that from this, Bush can simply take full and complete control of USA at any time he so pleases, and this is now legal.
Now this is not the newest news (~1 year old), but believe it or not – laws as extremely important and drastic as these get rushed through so quickly, it’s hard to notice them.