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The Electroencephalogram (EEG) is an important clinical and research tool in neurophysiology. With the advent of recording techniques, new evidence is emerging on the neuronal populations and wiring in the neocortex. A main challenge is to relate the EEG generation mechanisms to the underlying circuitry of the neocortex. In this paper, we look at the principal intrinsic properties of neocortical cells in layer 5 and their network behavior in simplified simulation models to explain the emergence of several important EEG phenomena such as the alpha rhythms, slow-wave sleep oscillations, and a form of cortical seizure. The models also predict the ability of layer 5 cells to produce a resonance-like neuronal recruitment known as the augmenting response. While previous models point to deeper brain structures, such as the thalamus, as the origin of many EEG rhythms (spindles), the current model suggests that the cortical circuitry itself has intrinsic oscillatory dynamics which could account for a wide variety of EEG phenomena.