This is a reminder that we have been through tough times before and we're going to come through this just fine,"

Bush stated "I signed the bill on Friday. It's going to take time for the Treasury Department to put a plan in place that won't waste your money and that will achieve the objectives,"

The Federal Reserve Chairman Ben S. Bernanke and Paulson stated “It would move with substantial force on a number of fronts" with reference to the execution of the spending plans on the package.

A former Goldman Sachs executive Neel Kashkari has been named by The Treasury Department to oversee the spending for the $700 billion bail out.

The Treasury Department administration announced Neel Kashkari, who is an assistant Treasury Secretary for Internal Affairs to lead the Treasury’s new office of financial stability on an intervening basis.

The Treasury department stated that they would choose 2 groups of managers to manage the assets.  One will be for residential first mortgages that the government would possess outright, and another will be for mortgaged-backed securities.

Companies that are hired to manage these assets will be nominated as "financial agents of the United States," and not as contractors; thus giving them accountability for protecting the interests of the U.S.

The Companies that are seeking to manage these securities are to currently manage at least $100 billion in fixed-income assets to be considered as qualified for further short listing.

Companies can file applications until 2 p.m. PST until Wednesday October 08, 2008. The Treasury Department stated it would search for a more comprehensive rank in the second phase and advised that the selection procedure "may involve extremely short deadlines for submitting information and for traveling to Washington, D.C., for meetings or interviews."

Market researches state there are not more than a handful of firms that might be able to handle such a large collection of assets; however, since the plans for the bailout plan were declared, a range of institutions like large investment banks to many real-estate companies have been trying to grab a little of the advisory business.