For the second day in a row, the Dow Jones Industrial Average dropped more than 400 points, providing a sobering reminder of the dire economic situation awaiting the incoming administration.

Not coincidentally, one of Obama’s first moves as president-elect was to assemble an economic transition team, which is scheduled to meet with Obama and Vice President-elect Joe Biden tomorrow in Chicago. The team will include numerous heavyweights from government, business and academia. Here they are:

· David Bonior (member House of Representatives, 1977-2003)

· Warren Buffett (chairman and CEO, Berkshire Hathaway)

· Roel Campos (former SEC commissioner)

· William Daley (chairman of the Midwest, JP Morgan Chase; former secretary, U.S. Dept of Commerce, 1997-2000)

· William Donaldson (former chairman of the SEC, 2003-2005)

· Roger Ferguson (president and CEO, TIAA-CREF and former vice chairman of the Board of Governors of the Federal Reserve)

· Jennifer Granholm (governor, state of Michigan)

· Anne Mulcahy (chairman and CEO, Xerox)

· Richard Parsons (chairman of the board, Time Warner)

· Penny Pritzker (CEO, Classic Residence by Hyatt)

· Robert Reich (University of California, Berkeley; former secretary, U.S. Dept of Labor, 1993-1997)

· Robert Rubin (chairman and director of the executive committee, Citigroup; former secretary, U.S. Dept of Treasury, 1995-1999)

· Eric Schmidt (chairman and CEO, Google)

· Lawrence Summers (Harvard University; managing director, D.E. Shaw; former secretary, U.S. Dept of Treasury, 1999-2001)

· Laura Tyson (Haas School of Business, University of California, Berkeley; former chairman, National Economic Council, 1995-1996; former chairman, President’s Council of Economic Advisors, 1993-1995)

· Antonio Villaraigosa (mayor, City of Los Angeles)

· Paul Volcker (former chairman, U.S. Federal Reserve 1979-1987)