I'm with you, Loam. After taking a gander at the latest markets abroad, he'll probably do that as well as suspend all trading.
Originally posted by loam
I like to think of myself as a fairly rational individual, but I'd be lying if I didn't expect a declaration of National Emergency in the morning.
Originally posted by Benarius
....how you do that ?
The National Emergencies Act (50 U.S.C. 1601-1651) is a United States federal law passed in 1976 to stop open-ended states of national emergency and formalize Congressional checks and balances on Presidential emergency powers. The act sets a limit of two years on states of national emergency. It also imposes certain "procedural formalities" on the President when invoking such powers, and provides a means for Congress to countermand a Presidential declaration of emergency and associated use of emergency powers.
There were 32 declared national emergencies between 1976 and 2001.
EXECUTIVE ORDER 11921 allows the Federal Emergency Preparedness Agency to develop plans to establish control over the mechanisms of production and distribution, of energy sources, wages, salaries, credit and the flow of money in U.S. financial institution in any undefined national emergency. It also provides that when a state of emergency is declared by the President, Congress cannot review the action for six months. The Federal Emergency Management Agency has broad powers in every aspect of the nation.
EXECUTIVE ORDER 11051 specifies the responsibility of the Office of Emergency Planning and gives authorization to put all Executive Orders into effect in times of increased international tensions and economic or financial crisis.
Originally posted by trek315
I agree with the article saying that the markets will have wild swings as investors get nervous over negative news and optimistic when some positive move is made. I also agree with what another poster said he/she believes Pres Bush will announce tomorrow but only up to the part where he is disappointed. I believe that rather than declaring Martial Law, he will attempt to "calm" the public or, more accurately, suggest that investors not panic while other measures are attempted to help quell the blood letting. He's been routinely criticized for taking a "background" approach to the financial crisis so I believe he will attempt to step a bit more into the spotlight by continuing to offer "encouragement" via these types of national addresses. What impact, if any, his words might have remains to be seen.