Live blog: Obama inauguration

WRAP-UP: As far as economics goes, we got just the basics, with no specific plans or rallying cries. Even so, you can be sure that more regulation and a more activist government is on the way. Interesting to see the market's reaction -- more regulation is always painful in the short run, but good for everyone in the long run. We'll see if traders see the wisdom of that idea...

FAVORITE QUOTE: "In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of shortcuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom."

12:18 - A stirring invocation of America the Builder - a nation of workers and creators who have their fate in their own hands. [This could be read as a rebuke to the more recent model of America the Consumer or America the Banker -- a nation that makes little more than paper and bubbles as it sits on the couch watching a wide screen TV made in China.]

12:16 - the market is powerful but if left alone can spin out of control... [Read: more regulation on the way.]

12:15 - Does our government work? is a more important question than Is our government too large or too small? ... [Read: a pretty clear rejection of right wing criticism of larger, more activist government.]

12:11 - The state of our economy calls for action - and we will act - create jobs and build infrastructure - improve healthcare, education, energy production...

12:08 - "gathering storms... we are in the midst of crisis ... our economy is badly weakened..."

12:07 - Obama speaking . . .

12:05 - Chief Justice Roberts is swearing in Obama. Interesting to note that a Harvard (Law) man is swearing in another Harvard (Law) man, to take over from yet another Harvard (Business) man.
It sounded like Roberts bungled the oath. Did he? Or was it Obama?

12:01: Apparently Obama is in now too - even without the swearing in, he's presdient as of 12:00 pm.

11:58 - Biden's in! So long Cheney. (The oil industry weeps . . . and Exxon-Mobil is down 13 cents.)

11:56 - CNN factoid: Obama is 5th youngest president.

11:44 - Obama steps out onto the podium, tremendous cheering.

11:30 - Obama is now walking to the podium. Will he announce a new plan? Does he have a new name for his proposed programs, similar to FDR's New Deal?

11:00 am - Bush and Obama are riding together to the inauguration. What are they talking about? Chit chat?