The euphoria about Obama’s election victory will linger on for a couple of months, but the United States’ soon-to-be first black president already got down to choosing a presidential team that would help him make the transition to power. His installment as America’s new president will be on January 20.

Leaving aside the enormous amount of enthusiasm his election gained, Obama’s administration has an enormous task ahead and a very good indicator that proves this is the fact that the Dow Jones share average plummeted nearly 500 points after the results of the elections.

"Even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime - two wars, a planet in peril, the worst financial crisis in a century," said Obama before about 240,000 people who gathered to hear his victory speech.

"But America - I have never been more hopeful than I am tonight that we will get there. I promise you - we as a people will get there."

Back to the team picking, the Democrats said that Obama has asked congressman and former Clinton White House aide Rahm Emanuel, 48, to be his chief of staff. Obama moved to start picking his team quicker that in the cases of other presidents due to the critical situation the nation is in. Time is a luxury Obama can not afford.

In an interview for CNN last week, Obama also hinted that his economic advisers include last Treasury secretary Larry Summers, former Federal Reserve chief Paul Volcker and billionare Warren Buffett. The name of Timothy Geithner, president of the New York Federal Reserve was also mentioned.

Obama’s transition office will be run by co-chairs John Podesta, Clinton’s former chief of staff, Pete Rouse, Obama's former Senate chief of staff and Valerie Jarrett.