A report by chief investigative correspondent Brian Ross on tonight’s ABC World News suggests the Department of Homeland Security has become concerned of potential attacks by insiders at American utility plants–chemical facilities, oil refineries and even nuclear plants. The threat presents al Qaeda with what Ross describes as its best opportunity for a massive attack on U.S. to mark the tenth anniversary of the September 11th attacks. “The only way you can actually kill the large scale number of Americans that [bin Laden] literally was calculating was through the use of this critical infrastructure,” former DHS chief of staff Chad Sweet tells ABC News.

Gone is the terror alert chart presenting a rainbow of colorful options for determining how alternately nervous and annoyed one should get at airports. In lieu of the older system – in place since the terror attacks on September 11 – the Department of Homeland Security is introducing a simpler, two-level alert system, which it will announce in New York City’s Grand Central Station and put into effect next week.

So it’s out with “orange,” in with “elevated” or “imminent.”

Get ready for something like this: @WhiteHouse – Terror Alert #BeScared

Ok, not really, but the government is planning on employing social media to alert citizens of danger. A 19 page document has been released detailing the new alert system that will be replacing the color code whose retirement was announced last January. The new system will only have two levels, elevated and imminent, and will be sent out only for a limited period of time.

President Obama stepped away from his Christmas vacation in Hawaii to hold a short press conference in order to address Friday’s averted terrorist attack aboard Northwest Flight 253 as well as the escalating conflict in Iran. The President appeared without tie, or teleprompter, to reassure the nation that “we will not rest until we find all who were involved and hold them accountable” and that “the American people should be assured that we are doing everything in our power to you keep you and your family safe and secure during this busy holiday season.”

This holiday weekend featured news of not just one, but two potential terror attacks. Had this happened during the Bush Administration, we would have had a steady diet of Tom Ridge and color-coded terror alert system bars. Under President Obama — we finally see him speak three days after news broke. Were we better off with or without the color bars (and all that came with it?) Or put another way, should we be freaking out right now or not?