Bush or Obama will have to decalare a national emergency before anything happens. The groundwork has been layed. All they have to do is pull the trigger.
Presidential Directive 51 President Bush signed NSPD-51 (National Security Presidential Directive 51) and HSPD-20 (Homeland Security Presidential Directive 20) on May 9, 2007, allowing the president to declare a "national emergency" and take over the direction of all federal state, local, territorial and tribal governments, as well as private sector organizations, to continue functioning under the president's directives, without specifically requiring the approval of Congress.
These two presidential directives contain language that would give the president dictatorial powers in the event of a self-declared national emergency. The president alone has the power to define what a national emergency is.
YouTube - King Bush Declares Martial Law Due to Economic Crisis
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