It's a good question and one that I have often wondered about myself. I think that actual scenario that most folks will be dealing with is exactly the scenario that happened in NO..but on a larger scale.
For example, we have all heard of the "paid for" buses that were confiscated by federal authorities, and there are several reports of citizens being ordered here or there..but the scary thing is that while America has slumbered there are a number of Executive Orders that cover the very thing we fear...and they give incredible power to organizations such as FEMA.
So you really have to ask yourself a question like...when a FEMA rep comes to you and says...we are confiscating your 4x4 truck to use in emergency operations...what do you do? and yes, there is an Executive order to cover "hoarding"..Executive Order 10998 that was eventually rolled into EO 11051. While neither of these specifically authorizes the gov't to confiscate anything...a smart person can read between the lines. I don't want this to turn political, but the Constitution is pretty clear regarding the right to keep and bear arms...but you see how it has been turned and twisted.
Here is a link to a pretty good summary of the EO's that are out there, but this is by no means a definitive list...just one that concentrates on the discussion at hand. Interesting reading.
Link to EO Summary