Honestly they'd have a tough time following through with that.
The Defense Production Act (Pub.L. 81–774) is a United States federal law enacted on September 8, 1950, in response to the start of the Korean War. It was part of a broad civil defense and war mobilization effort in the context of the Cold War. Its implementing regulations, the Defense Priorities and Allocation System (DPAS), are located at 15 CFR §§700 to 700.93. The Act has been periodically reauthorized and amended, and remains in force as of 2014.
Friend,
I have read the executive order at issue, but without my tinfoil tinted glasses. Maybe that's the problem. I have no trouble believing that President Obama will exercise as much power as he can. No argument. However, I don't see what the OP article claims.
I'll make this simple. Here is the Executive Order, no commentary on it, not speculation, not wild-eyed paranoia referencing it. Anyone, please pull out and post the specific portion of this Order that says that any person or resource can be seized at any time.
Executive Order -- National Defense Resources Preparedness | The White House