By Alan Smithee and A. S. Atire - 11 hr 41 mins ago

CHICAGO (Reuters) - Barack Obama will meet his economic team on Friday and hold his first news conference since becoming U.S. president-elect as the country awaited signs of how he might tackle the economic crisis. Asked about his initial assesment, Obama said "Americans have enjoyed some of the lowest tax rates in the world, and now we're here to change that." He continued "Had I been working in the Senate when the bailout bill was being debated, instead of campaigning, I would have told you that is was unlikely anyone would receive a tax cut no matter who was elected. Therefore, we are carefully looking at how much we can raise taxes on everyone to cover the spending for the new programs we promised during the campaign." Obama also said, "We will expect everyone age 18 or older who is unemployed or only working part-time to report to their respective state's employment office for assignment to work as we will require. As I said on Tuesday night after the votes had been counted, 'We will rebuild this country, brick by brick, block by block, and with calloused hands.' "

Obama, who stands to inherit the worst financial crisis since the Great Depression, faced pressure to announce his picks for key economic jobs, including Treasury secretary, though there were no indications of when he might do so. Admitting the financial crisis was caused during the past two years primarily by congressional Democrats requiring mortgages be given to illegal aliens and others who could not document income, Obama said "Yes We Can" when asked if the Democrats will offer a solution to the problem they created. It wasn't immediatley clear however if he was acknowledging his administration would simply offer a solution or actually implement a solution. He did not say if he was considering the solution proposed By President Bush in 2005 which could have prevented the current crisis, had it been implemented at that time instead of being blocked by Barney Frank and Maxine Waters, as well as other congressional Democrats who stated in 2005 "There is no evidence of a crisis at Fannie Mae or Freddie Mac which would necessitate further regulation at this time".

On Wall Street, stocks closed sharply lower for a second day. The Dow Jones industrial average tumbled 443.48 points, or 4.85 percent, after plummeting almost 500 points or about 5 percent on Wednesday -- the biggest fall ever on the day after a presidential election.

Though the timing of the Treasury secretary announcement was uncertain, names being considered for the job included Timothy Geithner, president of the Federal Reserve Bank of New York, former Treasury Secretary Lawrence Summers and former Federal Reserve Chairman Paul Volcker.

Summers and Volcker were on the 17-member transition economic advisory board who will meet with Obama on Friday, a statement from the transition office said.

Obama made his first key appointment by naming U.S. Rep. Rahm Emanuel of Illinois, a brash veteran of President Bill Clinton's White House known for his take-no-prisoners style, as his chief of staff. Emanuel, a product of "The Daly Machine", is considered to be Chicago's "James Carville" who will stop at nothing to discredit those who oppose Obama's new spending programs.

"I announce this appointment first because the chief of staff is central to the ability of a president and administration to accomplish an agenda," Obama said in a statement. "And no one I know is better at getting things done than Rahm Emanuel."

The choice was quickly criticized by Republicans who accused Obama of reneging on his campaign promise that he would bring change to Washington and reach across the aisle to bridge divides between the parties.

"This is an ironic choice for a president-elect who has promised to change Washington, make politics more civil, and govern from the center," House Republican Leader John Boehner of Ohio said.

But not all Republicans viewed the appointment harshly. South Carolina Sen. Lindsey Graham, a close ally of Republican White House candidate John McCain, negotiated the terms of the presidential debates with Emanuel and said they made quick progress. Graham continued "That was to be expected however, as Obama never actually debated McCain on the facts or issues. Obama would simply look down and smile when he was asked a tough question."

"This is a wise choice by President-elect Obama," Graham said. "Rahm knows Capitol Hill and has great political skills. He can deflect criticism as well as (Bill) Clinton. He can be a tough partisan but also understands the need to work together. He is well-suited for the position."

Aides would not say if there would be any announcements about administration jobs at the news conference. It was rumored however, Bill Ayers would be in charge of Homeland Security, Barney Frank would be responible for economic policy and Jeremiah Wright would be pastor at the national cathedral.