203-700: The first inauguration of Barack Obama as the 44th president of the United States took place on Tuesday, January 20, 2009, at the West Front of the United States Capitol in Washington, D.C. The 56th inauguration, which set a record attendance for any event held in the city, marked the commencement of the first term of Barack Obama as president and Joe Biden as vice president. Based on combined attendance numbers, television viewership, and Internet traffic, it
406-683: A 21-gun salute is fired using artillery pieces from the Presidential Guns Salute Battery, 3rd United States Infantry Regiment "The Old Guard" located in Taft Park, north of the Capitol. The actual gun salute begins with the first "ruffle and flourish", and "run long" (i.e. the salute concludes after "Hail to the Chief" has ended). The Marine Band, which is believed to have made its inaugural debut in 1801 for Thomas Jefferson's first inauguration,
609-725: A federal holiday , is observed as a holiday by federal employees who would be working in the "Inauguration Day Area" and who are regularly scheduled to perform non-overtime work on Inauguration Day. There is no in-lieu-of holiday for employees or students who are not regularly scheduled to work or attend school on Inauguration Day. The Inauguration Day Area consists of the District of Columbia; Montgomery and Prince George's counties in Maryland; Arlington and Fairfax counties in Virginia (the City of Fairfax
812-489: A " perfect storm " that triggered the Great Recession , which lasted from late 2007 to mid-2009. The financial crisis began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate , as well as a vast web of derivatives linked to those MBS, collapsed in value . Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and
1015-437: A Sunday and the public inauguration ceremony took place on Monday, March 5. Since 1937, it has taken place at noon EST on January 20, the first day of the new term, except in 1957, 1985, and 2013, when January 20 fell on a Sunday. In those years, the presidential oath of office was administered on that day privately and then again in a public ceremony the next day, on Monday, January 21. Those inaugurations were all coincidentally
1218-401: A campaign speech – just a little straight talk among friends". ( Full text [REDACTED] ) Since 1937, the ceremony has incorporated one or more prayers. Since 1933 an associated prayer service either public or private attended by the president-elect has often taken place on the morning of the day. At times a major public or broadcast prayer service takes place after
1421-572: A change from business as usual, the committee set stringent guidelines for campaign contributions, barring donations from corporations, political action committees , registered federal lobbyists , labor and trade unions , registered foreign agents and non- U.S. citizens . The committee did accept donations from people with active lobbying interests before the federal government, but not registered as federal lobbyists, such as Google executive Eric Schmidt and Microsoft executive Steve Ballmer . Based on its fundraising efforts and crowd estimates for
1624-655: A country (such as the US) running a current account deficit also have a capital account (investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the U.S. to finance its imports. All of this created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend either because they had very high personal savings rates (as high as 40% in China) or because of high oil prices. Ben Bernanke referred to this as
1827-506: A crowd of about 40,000 people. During his speeches to the crowds, he emphasized the theme "A New Birth of Freedom" using phrases associated with Lincoln such as "better angels" and "a new declaration of independence". Obama referred to patriotic forebearers in his speech when he reminded the crowds that "we should never forget that we are the heirs of that first band of patriots, ordinary men and women who refused to give up when it all seemed so improbable; and who somehow believed that they had
2030-430: A forestalled release and the medals were distributed after the actual inauguration. Nonetheless, President Roosevelt was very pleased with the result. Saint-Gaudens' design, executed by Adolph A. Weinman , was cast by Tiffany & Company and was proclaimed an artistic triumph. Saint-Gaudens' practice of creating a portrait sculpture of the newly elected president is still used today in presidential medal creation. After
2233-447: A further collapse, encourage lending, restore faith in the integral commercial paper markets, avoid the risk of a deflationary spiral , and provide banks with enough funds to allow customers to make withdrawals. In effect, the central banks went from being the " lender of last resort " to the "lender of only resort" for a significant portion of the economy. In some cases the Fed was considered
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#17328582920262436-508: A generational change as the first man elected president who was born in the 1960s. He inherited the 2007–2008 financial crisis , which Peter Orszag termed an "economic mess". Obama was 47 years, 169 days old on the day of taking the office, which makes him the fifth youngest person to be inaugurated to date. The inauguration was planned primarily by two committees: the Joint Congressional Committee on Inaugural Ceremonies and
2639-432: A global economic shock, resulting in several bank failures . Economies worldwide slowed during this period since credit tightened and international trade declined. Housing markets suffered and unemployment soared, resulting in evictions and foreclosures . Several businesses failed. From its peak in the second quarter of 2007 at $ 61.4 trillion, household wealth in the United States fell $ 11 trillion, to $ 50.4 trillion by
2842-479: A housing bubble to replace the Nasdaq bubble". Moreover, empirical studies using data from advanced countries show that excessive credit growth contributed greatly to the severity of the crisis. Additional downward pressure on interest rates was created by rising U.S. current account deficit, which peaked along with the housing bubble in 2006. Federal Reserve chairman Ben Bernanke explained how trade deficits required
3045-571: A national day of community service on Martin Luther King Jr. Day , the swearing-in ceremony, luncheon and parade, inaugural balls, and the interfaith inaugural prayer service . The presidential oath as administered by Supreme Court Chief Justice John Roberts to Obama during his swearing-in ceremony on January 20 strayed slightly from the oath of office prescribed in the United States Constitution , which led to its re‑administration
3248-430: A performance of John Williams ' composition " Air and Simple Gifts ", which was both pre-recorded and performed live synched with the recording by cellist Yo-Yo Ma , violinist Itzhak Perlman , pianist Gabriela Montero and clarinetist Anthony McGill . National Public Radio described the performance by the quartet as "a transporting moment that moved many with its beauty and calm", while The New York Times called it
3451-528: A praiseworthy one of restraint and plain speaking, while others described the speech as low-brow and clichéd. Despite his optimism, Obama was critical of former presidents George W. Bush and Bill Clinton . David E. Sanger , chief Washington correspondent for The New York Times , described the speech as the harshest rebuke of an outgoing president during an inaugural address since Franklin Roosevelt 's call for restoration of American values. The Bush administration
3654-809: A range of measures intended to preserve existing jobs and create new ones. Combined, the initiatives, coupled with actions taken in other countries, ended the worst of the Great Recession by mid-2009. Assessments of the crisis's impact in the U.S. vary, but suggest that some 8.7 million jobs were lost, causing unemployment to rise from 5 percent in 2007 to a high of 10 percent in October 2009. The percentage of citizens living in poverty rose from 12.5 percent in 2007 to 15.1 percent in 2010. The Dow Jones Industrial Average fell by 53 percent between October 2007 and March 2009, and some estimates suggest that one in four households lost 75 percent or more of their net worth . In 2010,
3857-545: A really bad economy. In other words, the borrowers did not cause the loans to go bad-it was the economy. Between 1998 and 2006, the price of the typical American house increased by 124%. During the 1980s and 1990s, the national median home price ranged from 2.9 to 3.1 times median household income. By contrast, this ratio increased to 4.0 in 2004, and 4.6 in 2006. This housing bubble resulted in many homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out second mortgages secured by
4060-404: A significant increase in subprime lending . Subprime had not become less risky; Wall Street just accepted this higher risk. Due to competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts,
4263-489: A single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested. By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid
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#17328582920264466-551: A subsequent international banking crisis . The prerequisites for the crisis were complex. During the 1990s, the U.S. Congress had passed legislation intended to expand affordable housing through looser financing. In 1999, parts of the Glass–Steagall legislation (passed in 1933) were repealed , permitting institutions to mix low-risk operations, such as commercial banking and insurance , with higher-risk operations such as investment banking and proprietary trading . As
4669-426: Is carried live via the major U.S. commercial television and cable news networks; various ones also stream it live on their websites. When a president has assumed office intra-term, the inauguration ceremony has been conducted without pomp or fanfare. To facilitate a quick presidential transition under extraordinary circumstances, the new president takes the oath of office in a simple ceremony and usually addresses
4872-625: Is considered part of Fairfax County for this purpose), and the cities of Alexandria and Falls Church in Virginia. Most presidential inaugurations since 1801 have been held in Washington D.C. at the Capitol Building . Prior inaugurations were held, first at Federal Hall in New York City (1789), and then at Congress Hall in Philadelphia , Pennsylvania (1793 and 1797). Each city was, at
5075-459: Is estimated that about 160,000 people were in the National Mall areas in the hour leading up to Donald Trump 's swearing in. An additional 30.6 million people in the United States watched it on television, and more than 6.8 million worldwide streamed it live on Twitter . Among the inauguration mass communication milestones are: Inauguration procedure is governed by tradition rather than
5278-697: Is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability. In the table, the names of emerging and developing economies are shown in boldface type, while the names of developed economies are in Roman (regular) type. The twenty largest economies contributing to global GDP (PPP) growth (2007–2017) The expansion of central bank lending in response to
5481-494: Is made around this date as well (which happened in 1957, 1985, and 2013). This resulted in several anomalies. It has been alleged that in 1849, Senate President pro tempore David Rice Atchison was president for a day, although all scholars dismiss that claim. In 1877, due to the controversy over the Compromise of 1877 , Rutherford B. Hayes was sworn in secretly on March 3 before Ulysses S. Grant 's term ended on March 4—raising
5684-480: Is overseen by the U.S. Senate Committee on Rules and Administration . The Joint Congressional Committee on Inaugural Ceremonies chose the inaugural theme, "A New Birth of Freedom", a phrase from Abraham Lincoln's Gettysburg Address from the Civil War era. The theme, which was selected by the committee to mark the inaugural occasion and honor the 200th anniversary year of Lincoln's birth, expressed "Lincoln's hope that
5887-454: Is required of us now is a new era of responsibility—a recognition, on the part of every American" and "those of us who manage the public's dollars will be held to account." Obama quoted the lyrics of the Jerome Kern and Dorothy Fields song " Pick Yourself Up " from the musical comedy Swing Time , saying that "starting today, we must pick ourselves up, dust ourselves off, and begin again
6090-403: Is the only musical unit to participate in all three components of the presidential inauguration: the swearing-in ceremony, the inaugural parade, and an inaugural ball. During the ceremony, the band is positioned directly below the presidential podium at the U.S. Capitol. Newly sworn-in presidents usually give a speech referred to as an inaugural address. As with many inaugural customs, this one
6293-460: The 1981 inauguration of Ronald Reagan , the ceremony has been held at the west front of the United States Capitol facing the National Mall with its iconic Washington Monument and distant Lincoln Memorial . From 1829 through 1977, most swearing-in ceremonies had taken place on a platform over the steps at the Capitol's east portico. They have also been held inside the Old Senate Chamber ,
First inauguration of Barack Obama - Misplaced Pages Continue
6496-512: The 280-millimeter atomic cannon . In 1977, Jimmy Carter became the first president to set out by foot for more than a mile on the route to the White House. The walk has become a tradition that has been matched in ceremony if not in length by the presidents who followed. Twice during the 20th century, an inaugural parade down Pennsylvania Avenue was not held. In 1945, at the height of World War II , Franklin D. Roosevelt 's fourth Inauguration
6699-675: The Armed Forces , the Capitol Police , the United States Park Police (USPP), and the Metropolitan Police Department of the District of Columbia (MPDC). Federal law enforcement agencies also sometimes request assistance from various other state and local law-enforcement agencies throughout the United States. Beginning with George Washington, there has been a traditional association with Inauguration festivities and
6902-520: The Bible , which was used by Abraham Lincoln at his 1861 inauguration, as Barack Obama placed his hand on the Bible and recited the presidential oath. Nearly four years earlier, then-Senator Obama had been one of 22 senators to vote against Roberts during Roberts' Supreme Court nomination ; the inauguration marked the first time a chief justice administered the oath to a president-elect who had previously voted against
7105-731: The Chief Justice of the United States . Others have administered the oath on occasions when a new president assumed office intra-term due to the incumbent's death or resignation. William Cranch , chief judge of the U.S. Circuit Court, administered the oath of office to John Tyler in 1841 when he succeeded to the presidency upon William Henry Harrison 's death, and to Millard Fillmore in 1850 when Zachary Taylor died. In 1923, upon being informed of Warren Harding 's death, while visiting his family home in Plymouth Notch, Vermont , Calvin Coolidge
7308-460: The Continental Army , local militia units and Revolutionary War veterans escorted George Washington to his first inauguration ceremony. Their participation traditionally includes musical units, color guards , salute batteries and honor cordons . Military support to the inauguration honors the new president, who is commander-in-chief of the armed forces, and recognizes civilian control of
7511-575: The Dodd–Frank Wall Street Reform and Consumer Protection Act was passed, overhauling financial regulations. It was opposed by many Republicans , and it was weakened by the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018. The Basel III capital and liquidity standards were also adopted by countries around the world. The recession was a significant factor in the 2010s European debt crisis . The crisis sparked
7714-475: The Electoral College on December 15, 2008. The results were certified by a joint session of Congress on January 8, 2009. Obama, who originally campaigned using the slogan "Change We Can Believe In" and later "Change We Need", was widely celebrated as the first African American president of the United States and a symbol of change from his Republican predecessor, George W. Bush . Obama also represented
7917-643: The Federal Reserve ("Fed") lowered the federal funds rate from 2000 to 2003, institutions increasingly targeted low-income homebuyers, largely belonging to racial minorities , with high-risk loans; this development went unattended by regulators. As interest rates rose from 2004 to 2006, the cost of mortgages rose and the demand for housing fell, causing property values to decline. In early 2007, as more U.S. mortgage holders began defaulting on their repayments, subprime lenders went bankrupt, culminating in April with
8120-469: The Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 11 attacks , as well as to combat a perceived risk of deflation . As early as 2002, it was apparent that credit was fueling housing instead of business investment as some economists went so far as to advocate that the Fed "needs to create
8323-602: The George Washington Inaugural Bible . Barack Obama placed his hand upon the Lincoln Bible for his oaths in 2009 and 2013, as did Donald Trump in 2017. Joe Biden placed his hand upon a large leather-bound family Bible. Immediately after the presidential oath, the United States Marine Band will perform four "ruffles and flourishes", followed by " Hail to the Chief ", while simultaneously,
First inauguration of Barack Obama - Misplaced Pages Continue
8526-659: The Great Depression . This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 ... While many banks are obviously at
8729-667: The Great Recession , which, at the time, was the most severe global recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in Greece in late 2009, and the 2008–2011 Icelandic financial crisis , which involved the bank failure of all three of the major banks in Iceland and, relative to the size of its economy, was the largest economic collapse suffered by any country in history. It
8932-547: The Lincoln Memorial . The concert featured performances and readings of historical passages by more than three dozen celebrities. Attendance at the concert was free to the public, and HBO broadcast the concert live on an open feed, enabling anyone with cable television to watch the event. An estimated 400,000 people attended the concert at the Lincoln Memorial. The Washington Metro recorded 616,324 passenger trips during
9135-593: The Twentieth Amendment to the United States Constitution . After he completed the presidential oath, Obama received in his honor as the new president the 21-gun salute , and the first playing of four ruffles and flourishes and the march " Hail to the Chief " by members of the armed forces. Obama delivered his inaugural address to the crowds as the president of the United States following his swearing-in ceremony. Poet Elizabeth Alexander then delivered
9338-417: The United States Capitol to the Lincoln Memorial , as the public viewing area for the swearing-in ceremony. The presidential committee set aside a section of the mall close to the U.S. Capitol for people holding reserved tickets for the inaugural event. The committee directed the opening of the entire National Mall to make the event "'the most open and accessible in history,' allowing those who [could not] get
9541-545: The United States House Committee on Financial Services held a hearing, at the urging of the administration, to assess safety and soundness issues and to review a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of
9744-553: The Washington Navy Yard , accompanied by military music, marched with the president on foot as he rode on horseback from the Capitol to the White House. By the time of William Henry Harrison 's inauguration in 1841, political clubs and marching societies would regularly travel to Washington for the parade. That year was also the first in which floats were part of the parade. It was at Lincoln's second inauguration, in 1865, that Native Americans and African Americans participated in
9947-476: The chief justice of the United States typically administers the presidential oath of office. Since 1789, the oath has been administered at 59 scheduled public inaugurations, by 15 chief justices, one associate justice , and one New York state judge. Others, in addition to the chief justice, have administered the oath of office to several of the nine vice presidents who have succeeded to the presidency upon their predecessor's death or resignation intra-term. Since
10150-414: The global financial crisis ( GFC ), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression . Causes of the crisis included predatory lending in the form of subprime mortgages to low-income homebuyers and a resulting housing bubble , excessive risk-taking by global financial institutions , and lack of regulatory oversight, which culminated in
10353-498: The mortgage-backed security and the collateralized debt obligation that were assigned safe ratings by the credit rating agencies . In effect, Wall Street connected this pool of money to the mortgage market in the US, with enormous fees accruing to those throughout the mortgage supply chain , from the mortgage broker selling the loans to small banks that funded the brokers and the large investment banks behind them. By approximately 2003,
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#173285829202610556-403: The "buyer of last resort". During the fourth quarter of 2008, these central banks purchased US$ 2.5 (~$ 3.47 trillion in 2023) trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action in world history. Following a model initiated by the 2008 United Kingdom bank rescue package ,
10759-438: The "classical-music equivalent of lip-syncing". Aretha Franklin made a fashion statement by wearing a hat with a distinctive Swarovski crystal-studded bow. Vice President‑elect Biden took his oath from Associate Justice John Paul Stevens . After he completed his oath of office, Biden received in his honor as the new vice president the first playing of four ruffles and flourishes and the march " Hail, Columbia " by members of
10962-722: The 2008 financial crisis, consumer regulators in America have more closely supervised sellers of credit cards and home mortgages in order to deter anticompetitive practices that led to the crisis. At least two major reports on the causes of the crisis were produced by the U.S. Congress: the Financial Crisis Inquiry Commission report, released January 2011, and a report by the United States Senate Homeland Security Permanent Subcommittee on Investigations entitled Wall Street and
11165-671: The 2009 Presidential Inaugural Committee. Although the election was scheduled for November 4, 2008, the congressional committee began constructing the inaugural platform on September 24, 2008. The swearing-in ceremony and the inaugural luncheon for President-elect Obama and Vice President-elect Biden were planned by the Joint Congressional Committee on Inaugural Ceremonies, a committee composed of United States Senators Dianne Feinstein , committee chair, Bob Bennett and Harry Reid , and United States Representatives John Boehner , Steny Hoyer and Nancy Pelosi . The committee
11368-519: The CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the ultra-low interest rates initiated by the Federal Reserve after the terrorist attack on September 11, 2001. Both causes had to be in place before the crisis could take place. Critics also point out that publicly announced CRA loan commitments were massive, totaling $ 4.5 trillion in
11571-485: The Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter. So help me God. At noon, the new presidential and vice presidential terms begin. At about that time,
11774-484: The Constitution, the only constitutionally required procedure being the presidential oath of office (which may be taken anywhere, with anyone in attendance who can legally witness an oath, and at any time prior to the actual beginning of the new president's term). Traditionally, the president-elect arrives at the White House and then proceeds to the Capitol Building with the out-going president. Around or after 12 noon,
11977-480: The Financial Crisis: Anatomy of a Financial Collapse , released April 2011. In total, 47 bankers served jail time as a result of the crisis, over half of which were from Iceland , where the crisis was the most severe and led to the collapse of all three major Icelandic banks. In April 2012, Geir Haarde of Iceland became the only politician to be convicted as a result of the crisis. Only one banker in
12180-483: The LMI borrowers targeted by the CRA, especially in the years 2005–2006 leading up to the crisis, nor did it find any evidence that lending under the CRA rules increased delinquency rates or that the CRA indirectly influenced independent mortgage lenders to ramp up sub-prime lending. To other analysts the delay between CRA rule changes in 1995 and the explosion of subprime lending is not surprising, and does not exonerate
12383-571: The Obama inauguration, the presidential committee set its budget at $ 160–$ 170 million for the inauguration, including about $ 45 million for the gala events. The federal government contributed about $ 49 million, including $ 1.2 million to cover the actual swearing-in ceremony. The District of Columbia and the neighboring states of Maryland and Virginia projected costs to provide support for inaugural events at more than $ 75 million alone for police, fire and medical services. To help fund
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#173285829202612586-589: The SEC's December 2011 securities fraud case against six former executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $ 2 trillion. In the early and mid-2000s, the Bush administration called numerous times for investigations into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003,
12789-652: The Sasha Bruce House homeless shelter for teens to participate with others in service activities. Joe Biden hung drywall at a Habitat for Humanity home in N.E. Washington, D.C. Biden's wife, Jill , their daughter, Ashley Biden, Michelle Obama and the Obamas' daughters, Malia and Sasha, spent the morning at Robert F. Kennedy Stadium where they helped thousands of volunteers prepare more than 85,000 care packages destined for U.S. troops overseas. Later that evening, Obama hosted three separate bipartisan dinners to honor
12992-552: The Supreme Court because she did not file her claim within 180 days of the discriminatory act. Nine days after his inauguration, Obama as president signed into law the Lilly Ledbetter Fair Pay Act , allowing claims filed against employers not only within 180 days of the pay discrimination, but also restarting the 180-day period for claims upon receiving any paycheck based on a discriminatory pay action. Obama commenced
13195-472: The U.S. Capitol, President Obama, First Lady Michelle Obama , Vice President Joe Biden and Dr. Jill Biden escorted former President George W. Bush and former First Lady Laura Bush to the honorary departure ceremony on the east side of the U.S. Capitol. Before the luncheon and in keeping with tradition, President Obama signed his first presidential orders in the President's Room at the Capitol, and then signed
13398-531: The U.S. Capitol. Guests included top Washington lawmakers as well as former presidents and vice presidents. Commemorating the Abraham Lincoln Bicentennial , the red and white china used during the luncheon were replicas of those used in the Lincoln White House. United States presidential inauguration Between 73 and 79 days after the presidential election , the president-elect of
13601-512: The U.S. Congress for its approval. The Obamas and Bidens then attended an inaugural luncheon at the U.S. Capitol before traveling from there to the presidential reviewing stand at the White House to watch the parade. As former President George W. Bush and former First Lady Laura Bush began their journey to their Texas home, the Obamas and Bidens joined several congressional guests for the inaugural luncheon in National Statuary Hall at
13804-463: The U.S. Constitution in 1789. The exception to this pattern was those years in which March 4 fell on a Sunday. When it did, the public inauguration ceremony would take place on Monday, March 5. This happened on four occasions, in 1821, 1849, 1877, and 1917. Inauguration Day moved to January 20, beginning in 1937, following ratification of the Twentieth Amendment to the Constitution , where it has remained since. A similar Sunday exception and move to Monday
14007-545: The U.S. to borrow money from abroad, in the process bidding up bond prices and lowering interest rates. Bernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $ 650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were mainly the emerging economies in Asia and oil-exporting nations. The balance of payments identity requires that
14210-435: The United States is inaugurated as president by taking the presidential oath of office . The inauguration takes place for each new presidential term, even if the president is continuing in office for a second term. The first inauguration of George Washington took place on April 30, 1789. All subsequent public inaugurations from 1793 until 1933 were held on March 4, except in 1821, 1849, 1877, and 1917, when March 4 fell on
14413-409: The United States did not have wealth declines at all during the crisis because they generally did not own financial investments whose value can fluctuate. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined in that period and 77% of the richest families had a decrease in total wealth, while only 50% of those on the bottom of
14616-480: The United States served jail time as a result of the crisis, Kareem Serageldin , a banker at Credit Suisse who was sentenced to 30 months in jail and returned $ 24.6 million in compensation for manipulating bond prices to hide $ 1 billion of losses. No individuals in the United Kingdom were convicted as a result of the crisis. Goldman Sachs paid $ 550 million to settle fraud charges after allegedly anticipating
14819-402: The United States' religious diversity, referring to the country's "patchwork heritage" as a strength and saying, "We are a nation of Christians and Muslims, Jews and Hindus and non-believers." This was the first time a United States president acknowledged American non-believers in an inaugural address. Obama's inaugural address received mixed reviews, with some describing the tone of the speech
15022-411: The United States, and an additional nine marking the start of a partial presidential term following the intra-term death or resignation of an incumbent president. With the 2021 inauguration of Joe Biden , the oath has been taken 73 different times by 45 people. This numerical discrepancy results chiefly from two factors: a president must take the oath at the beginning of each term of office, and, because
15225-537: The West Front of the United States Capitol on January 20, 2009. The ceremony opened with the playing of pre‑recorded music and a live performance by "The President's Own" United States Marine Band , followed by live performances by the San Francisco Boys Chorus and San Francisco Girls Chorus . Courtney Williams, Senior Chief Musician and concert moderator for the U.S. Navy Concert Band , served as
15428-418: The [reserved] tickets to the swearing-in ceremony on the Capitol grounds to fill the mall". To enable people in attendance to see and hear the swearing-in ceremony, the committee arranged for placement of JumboTrons at points along the entire mall. Despite criticism that such a large event could not be carbon-friendly , the presidential committee incorporated environment-friendly measures in its planning of
15631-439: The armed forces. After the performance of "Air and Simple Gifts", Chief Justice John Roberts administered the oath of office to President‑elect Obama shortly after noon. The inaugural ceremony ran longer than scheduled, which delayed the administering of the oath so that it finished around 12:05 pm EST (17:05 UTC). However, Obama officially assumed the presidency at the expiration of President Bush's term at noon under
15834-485: The auspices of a Presidential Inaugural Prayer Committee based at Old St. George's. The first Inaugural Ball was held on the night of James Madison 's first inauguration in 1809. Tickets were $ 4 and it took place at Long's Hotel. The security for the inaugural celebrations is a complex matter, involving the Secret Service , Department of Homeland Security , Federal Protective Service (DHS-FPS), all five branches of
16037-554: The bailout to Fannie Mae and Freddie Mac exceeds $ 300 billion (c. $ 401 billion in 2023 ) (calculated by adding the fair value deficits of the entities to the direct bailout funds at the time). Economist Paul Krugman argued in January 2010 that the simultaneous growth of the residential and commercial real estate pricing bubbles and the global nature of the crisis undermines the case made by those who argue that Fannie Mae, Freddie Mac, CRA, or predatory lending were primary causes of
16240-527: The bailouts, such as in the case of the AIG bonus payments controversy , leading to the development of a variety of "decision making frameworks", to help balance competing policy interests during times of financial crisis. Alistair Darling , the U.K.'s Chancellor of the Exchequer at the time of the crisis, stated in 2018 that Britain came within hours of "a breakdown of law and order" the day that Royal Bank of Scotland
16443-552: The bankruptcy of New Century Financial . As demand and prices continued to fall, the contagion spread to worldwide credit markets by August, and central banks began injecting liquidity . By July 2008, Fannie Mae and Freddie Mac , companies which together owned or guaranteed half of the U.S. housing market, were on the verge of collapse; the Housing and Economic Recovery Act enabled the government to take over and cover their combined $ 1.6 trillion debt on September 7. In response to
16646-464: The bill to die in the closing days of the lame duck legislative session. On January 17, 2009, Obama hosted a whistle stop train tour in honor of the 200th anniversary of the birth year of Abraham Lincoln. Obama reenacted the final part of Lincoln's 1861 train tour from Philadelphia, Pennsylvania, to Washington, D.C. to capture the mood of the 1861 Springfield to Washington train tour traveled by Lincoln to his own inauguration . For his train ride to
16849-726: The brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $ 6 trillion in housing wealth and an even larger amount of stock wealth. ... the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity
17052-690: The bubble burst, Australian economist John Quiggin wrote, "And, unlike the Great Depression, this crisis was entirely the product of financial markets. There was nothing like the postwar turmoil of the 1920s, the struggles over gold convertibility and reparations, or the Smoot-Hawley tariff , all of which have shared the blame for the Great Depression." Instead, Quiggin lays the blame for the 2008 near-meltdown on financial markets, on political decisions to lightly regulate them, and on rating agencies which had self-interested incentives to give good ratings. Lower interest rates encouraged borrowing. From 2000 to 2003,
17255-406: The ceremony carefully. However, a memo noting his planned pauses in the recitation of the oath failed to reach Obama's staff before the swearing-in. As a result, Obama inadvertently interrupted Roberts during the first phrase, stating "I, Barack" while Roberts was finishing "do solemnly swear". Obama then correctly repeated the entire phrase "I, Barack Hussein Obama, do solemnly swear." Roberts, who
17458-617: The ceremony. All pending events were cancelled so preparations for Johnson's state funeral could begin. Because of the construction work on the center steps of the East Front, Johnson's casket was taken up the Senate wing steps of the Capitol when taken into the rotunda to lie in state . When it was brought out, it came out through the House wing steps of the Capitol. In 2021, due to the COVID-19 pandemic,
17661-617: The chamber of the House of Representatives , and the Capitol rotunda . The most recent regularly scheduled inauguration not to take place at the Capitol was the fourth inauguration of Franklin D. Roosevelt in 1945, which was held at the White House . Over the years, various traditions have arisen that have expanded the inauguration from a simple oath-taking ceremony to a day-long event, including parades and multiple social gatherings. The ceremony itself
17864-463: The chief justice's confirmation. Roberts and Obama made several mistakes as they recited the oath. The proper wording for the oath of office is prescribed in the Constitution : I do solemnly swear that I will faithfully execute the office of President of the United States and will to the best of my ability preserve, protect, and defend the Constitution of the United States. Roberts had practiced for
18067-496: The committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some, such as Wallison, believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded. A 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $ 467 billion of mortgage lending
18270-472: The committee's concerns, StubHub and eBay agreed to ban ticket sales for the swearing-in ceremony on all of its sites. Senator Feinstein re-introduced legislation in December 2008 to ban ticket sales for the swearing-in ceremony after amending the bill to exempt tickets issued by official presidential inaugural committees for inaugural event fundraising. The U.S. Senate failed to pass the final bill, which caused
18473-553: The committee. The Joint Task Force National Capital Region , composed of service members from all branches of the United States Armed Forces , including Reserve and National Guard components, is responsible for all military support to ceremonies and to civil authorities for the inaugural period (in 2017, January 15–24). U.S. military personnel have participated in Inauguration Day ceremonies since 1789 when members of
18676-403: The crisis and selling toxic investments to its clients. With fewer resources to risk in creative destruction, the number of patent applications was flat, compared to exponential increases in patent application in prior years. Typical American families did not fare well, nor did the "wealthy-but-not-wealthiest" families just beneath the pyramid's top. However, half of the poorest families in
18879-446: The crisis in commercial real estate and related lending took place after the crisis in residential real estate. Business journalist Kimberly Amadeo reported: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects." Denice A. Gierach, a real estate attorney and CPA, wrote: ... most of the commercial real estate loans were good loans destroyed by
19082-437: The crisis was not only confined to the Federal Reserve 's provision of aid to individual financial institutions. The Federal Reserve has also conducted a number of innovative lending programs with the goal of improving liquidity and strengthening different financial institutions and markets, such as Freddie Mac and Fannie Mae . In this case, the major problem among the market is the lack of free cash reserves and flows to secure
19285-513: The crisis. As part of national fiscal policy response to the Great Recession , governments and central banks, including the Federal Reserve , the European Central Bank and the Bank of England , provided then-unprecedented trillions of dollars in bailouts and stimulus , including expansive fiscal policy and monetary policy to offset the decline in consumption and lending capacity, avoid
19488-509: The crisis. In other words, bubbles in both markets developed even though only the residential market was affected by these potential causes. Countering Krugman, Wallison wrote: "It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 1997–2007 period" but "the losses associated with mortgage delinquencies and defaults when these bubbles deflated were far lower than
19691-429: The current procedure, where both the chief justice and the president speak the oath, is unknown. The oath of office was administered to Washington in 1789 by Robert Livingston , Chancellor of New York State. Four years later, the oath was administered by Supreme Court associate justice William Cushing . Since the 1797 inauguration of John Adams , it has become customary for the new president to be sworn into office by
19894-417: The day of inauguration has sometimes fallen on a Sunday, five presidents have taken the oath privately before the public inaugural ceremonies. There is no requirement that any book, or in particular a book of sacred text, be used to administer the oath, and none is mentioned in the Constitution. By convention, incoming presidents raise their right hand and place the left on a Bible or other book while taking
20097-507: The day, breaking the old Sunday ridership record of 540,945 passenger trips set on July 4, 1999. The eve of the Inauguration Day, January 19, 2009, fell on Martin Luther King Jr. Day, a U.S. federal holiday in recognition of Dr. King 's birthday. Obama called upon communities everywhere to observe the King Day of Service, a day of citizen volunteer service honoring the human rights leader. More than 13,000 community service events took place across
20300-527: The death or resignation of a president) have traditionally been outdoor public ceremonies. In 1909, William H. Taft 's inauguration was moved to the Senate Chamber due to a blizzard. Then, in 1985, the public second inauguration of Ronald Reagan was held indoors in the Capitol Rotunda because of harsh weather conditions. The first inauguration of Andrew Jackson , in 1829, was the first of 35 held on
20503-488: The direction of the president‑elect and vice president‑elect of the United States, such as the train ride, concerts, parade, balls and prayer service. The co-chairs of the committee were William Daley , Penny Pritzker , John W. Rogers Jr. , Patrick Ryan and Julianna Smoot . For the first time in history, the Presidential Inaugural Committee opened the full length of National Mall , which extends from
20706-408: The east front of the Capitol. Since the 1981 first inauguration of Ronald Reagan, they have been held on the Capitol's west front; a move designed to both cut costs and to provide more space for spectators. Above the west front inaugural platform are five large United States flags . The current 50-star flag is displayed in the center. On either side are earlier variations of the national flag: two are
20909-604: The edge of the North Lawn , a custom begun by James Garfield in 1881. The parade, which proceeds along 1.5 miles (2.4 km) of Pennsylvania Avenue in front of the stand and the Front Lawn in view of the presidential party, features both military and civilian participants from all 50 states and the District of Columbia; this parade largely evolved from the post-inaugural procession to the White House, and occurred as far back as Jefferson's second inauguration in 1805, when workers from
21112-411: The efforts, President George W. Bush declared a federal state of emergency as a precaution so that funds could be sought from Federal Emergency Management Agency . The Presidential Inaugural Committee and members of the 111th U.S. Congress distributed invitations and color-coded tickets to both dignitaries and ordinary citizens for the reserved sections on or near the U.S. Capitol grounds to view
21315-407: The eight occasions where the new president succeeded to the office upon their predecessor's death intra-term, none gave an address, but each did address Congress soon thereafter. When Gerald Ford became president in 1974, following the resignation of Richard Nixon , he addressed the nation after taking the oath, but he characterized his speech as "Not an inaugural address, not a fireside chat , not
21518-414: The end of the first quarter of 2009, resulting in a decline in consumption, then a decline in business investment. In the fourth quarter of 2008, the quarter-over-quarter decline in real GDP in the U.S. was 8.4%. The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since
21721-488: The end of the speech, Obama referred to words written by Thomas Paine in The American Crisis , which were ordered by George Washington to be read to his troops: "Let it be told to the future world ... that in the depth of winter, when nothing but hope and virtue could survive ... that the city and the country, alarmed at one common danger, came forth to meet [it]." Because Barack Obama's campaign message focused on
21924-600: The end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying mortgage loans, using derivatives called credit default swaps, collateralized debt obligations and synthetic CDOs . By March 2011, the FDIC had paid out $ 9 billion (c. $ 12 billion in 2023 ) to cover losses on bad loans at 165 failed financial institutions. The Congressional Budget Office estimated, in June 2011, that
22127-473: The federal funds rate to drop below where it was supposed to be. However, in October 2008, the Federal Reserve was granted the power to provide banks with interest payments on their surplus reserves. This created a motivation for banks to retain their reserves instead of disbursing them, so reducing the need for the Federal Reserve to hedge its increased lending by decreases in alternative assets. Money market funds also went through runs when people lost faith in
22330-538: The festivities were scaled back. Since 1953, the president and vice president have been guests of honor at a luncheon held by the leadership of the United States Congress immediately following the inaugural ceremony. The luncheon is held in Statuary Hall and is organized by the Joint Congressional Committee on Inaugural Ceremonies, and attended by the leadership of both houses of Congress as well as guests of
22533-426: The financial system and got banks to start lending again, both to each other and to people. Many homeowners who were trying to keep their homes from going into default got housing credits. A package of policies was passed that let borrowers refinance their loans even though the value of their homes was less than what they still owed on their mortgages . While the causes of the bubble and subsequent crash are disputed,
22736-457: The government began collecting the data in 1964. The economic crisis started in the U.S. but spread to the rest of the world. U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007 and the rest of the world depended on the U.S. consumer as a source of demand. Toxic securities were owned by corporate and institutional investors globally. Derivatives such as credit default swaps also increased
22939-595: The government seized Washington Mutual (the largest savings and loan firm ). On October 3, Congress passed the $ 800 billion Emergency Economic Stabilization Act , which authorized the Treasury Department to purchase troubled assets and bank stocks. The Fed began a program of quantitative easing by buying treasury bonds and other assets, such as MBS, and the February 2009 American Recovery and Reinvestment Act , signed by newly elected President Barack Obama , included
23142-506: The governments of European nations and the United States guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $ 1.5 trillion newly issued preferred stock in major banks. The Federal Reserve created then-significant amounts of new currency as a method to combat the liquidity trap . Bailouts came in the form of trillions of dollars of loans, asset purchases, guarantees, and direct spending. Significant controversy accompanied
23345-501: The growing crisis, governments around the world deployed massive bail-outs of financial institutions and other monetary and fiscal policies to prevent a collapse of the global financial system . After the bankruptcy of Lehman Brothers , the fourth largest U.S. investment bank, on September 15, the next day the Fed bailed out the American International Group (the largest U.S. insurance company), and on September 25
23548-416: The guest book for the luncheon. The first order signed by Obama was a proclamation declaring his Inauguration Day a "National Day of Renewal and Reconciliation", in which he called "upon all of our citizens to serve one another and the common purpose of remaking this Nation for our new century". Next, Obama signed orders to officially present the nominations for his Cabinet and several sub‑Cabinet officials to
23751-421: The higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008, approximately 9% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. After
23954-555: The idea in 1989, President George H. W. Bush invited the public to a "White House American Welcome" on the day after the inaugural. Grover Cleveland ’s 1885 inaugural parade lasted three hours and showcased 25,000 marchers. Eighty years later, Lyndon Johnson ’s parade included 52 select bands. Dwight D. Eisenhower 's 1953 parade included about 22,000 service men and women and 5,000 civilians, which included 50 state and organization floats costing $ 100,000. There were also 65 musical units, 350 horses, 3 elephants, an Alaskan dog team, and
24157-402: The inaugural ceremony to the public by lottery or on a first‑come, first served basis because of overwhelming requests to attend the event. Because of high demand and limited availability of the reserved tickets, some people planned to offer their tickets for sale through ticket brokers, Internet auctions and classified listing services. Sales offers for tickets reached as high as $ 1,750 each for
24360-457: The inaugural events. The environmental measures included the use of recyclable carpet for the platform, retrieval of recyclable items from outdoor areas after an event, and the use of recycled paper for invitations and inaugural ball tickets. The 2009 Presidential Inaugural Committee attempted to raise more individual contributions in smaller dollar amounts compared with the second inauguration of George W. Bush in 2005. The 2009 contribution limit
24563-410: The inaugural parade for the first time. Women were involved for the first time in 1917. In 1829, following his first inaugural parade, Andrew Jackson held a public reception at the White House, during which 20,000 people created such a crush that Jackson had to escape through a window. Nevertheless, White House receptions continued until lengthy afternoon parades created scheduling problems. Reviving
24766-425: The inaugural platform with their successor, six did not: The way inauguration ceremony events are communicated to the public has changed over the years with each advance in technology. Improvements in mass media technologies have allowed presidents to reach substantially greater numbers of their constituents. In 1829, Andrew Jackson spoke to approximately 10,000 people at his inauguration. Most recently, in 2017, it
24969-531: The inaugural poem, " Praise Song for the Day ", and civil rights activist Joseph Lowery , minister of the United Methodist Church , delivered the benediction . The United States Navy Band "Sea Chanters" chorus concluded the ceremony with a performance of the United States national anthem, " The Star-Spangled Banner ". Chief Justice John Roberts administered the oath of office to Obama. Michelle Obama held
25172-513: The inaugural program to issues of direct concern to the gay community. In the invocation, Warren asked for "forgiveness for Americans 'when we fight each other' and 'civility in our attitudes even when we differ.'" Warren mentioned Dr. Martin Luther King and Jesus in the invocation, and he concluded the invocation with the Lord's Prayer . Lowery used humor as he delivered the benediction. One of his messages
25375-516: The inauguration marked the formal culmination of the presidential transition of Barack Obama that began when he won the United States presidential election on November 4, 2008 , and became the president-elect . In accordance with Article I, Section 6 of the United States Constitution , Obama resigned from the United States Senate effective November 16, 2008. He was formally elected by
25578-473: The inauguration of president and vice president (other than the ceremony), such as the balls and parade. Since 1901, the Joint Committee on Inaugural Ceremonies has been responsible for the planning and execution of the swearing-in ceremonies. Since 1953, it has also hosted a luncheon at the U.S. Capitol for the new president, vice president, and guests. Three senators and three representatives make up
25781-439: The inauguration to five days after. On some occasions however, either due to the preferences of the new president or to other constraining circumstances, they have been scaled back. Such was the case in 1945, because of rationing in effect during World War II . More recently, in 1973, the celebrations marking Richard Nixon's second inauguration were altered because of the death of former president Lyndon B. Johnson two days after
25984-578: The linkage between large financial institutions. The de-leveraging of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the solvency crisis and caused a decrease in international trade. Reductions in the growth rates of developing countries were due to falls in trade, commodity prices, investment and remittances sent from migrant workers (example: Armenia ). States with fragile political systems feared that investors from Western states would withdraw their money because of
26187-489: The loans. The Federal Reserve took a number of steps to deal with worries about liquidity in the financial markets. One of these steps was a credit line for major traders, who act as the Fed's partners in open market activities. Also, loan programs were set up to make the money market mutual funds and commercial paper market more flexible. Also, the Term Asset-Backed Securities Loan Facility (TALF)
26390-428: The losses suffered in the United States when the 1997–2007 [bubble] deflated." According to Wallison, the reason the U.S. residential housing bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans—generally with low or no downpayments. Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy
26593-448: The main ceremony most recently on the next day. Six inaugural ceremonies since 1961 have included a reading by a poet. The following poetry readings have taken place: Over the years, various inauguration traditions have arisen that have expanded the event from a simple oath-taking ceremony to a day-long one, including parades, speeches, and balls. In fact, contemporary inaugural celebrations typically span 10 days, from five days before
26796-626: The majority report of the Financial Crisis Inquiry Commission, conservative American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the United States Department of Housing and Urban Development (HUD) in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Based upon information in
26999-590: The market. To keep it from getting worse, the Fed said it would give money to mutual fund companies. Also, Department of Treasury said that it would briefly cover the assets of the fund. Both of these things helped get the fund market back to normal, which helped the commercial paper market, which most businesses use to run. The FDIC also did a number of things, like raise the insurance cap from $ 100,000 to $ 250,000, to boost customer trust. They engaged in Quantitative Easing , which added more than $ 4 trillion to
27202-420: The military. In addition to the public, the attendees at the inauguration generally include the vice president , members of Congress, Supreme Court justices, high-ranking military officers, former presidents and vice-presidents, living Medal of Honor recipients, and other dignitaries. The outgoing president and vice president also customarily attend the ceremony. While most outgoing presidents have appeared on
27405-439: The nation afterward. This has happened nine times in United States history: eight times after the previous president had died while in office, and once after the previous president had resigned. The first inauguration , that of George Washington, took place on April 30, 1789. All subsequent (regular) inaugurations from 1793 until 1933, were held on March 4, the day of the year on which the federal government began operations under
27608-654: The nation on the day, the largest participation in the 14 years since Congress passed the King Holiday and Service Act and more than double the previous year's events. Obama spent an hour at Walter Reed Army Medical Center meeting privately with the families of troops who were recovering from wounds sustained in the Iraq War and the War in Afghanistan . After visiting the medical center, he, along with Martin Luther King, III , headed to
27811-507: The nation's capital, Obama rode in the Georgia 300 , a vintage railroad car used by past presidents and the same one he used for touring Pennsylvania during his presidential primary campaign . On the tour, Obama was accompanied by his wife Michelle, their daughters Malia and Sasha, and a host of friends and guests. For the train ride to Washington, Obama invited 41 "everyday Americans" that he met during his presidential campaign to accompany him on
28014-437: The nation's history in a speech that was understated deliberately, according to rhetoric expert James Mackin. Obama concluded the second paragraph of his address by saying, "we the people have remained faithful to the ideals of our forebears and true to our founding documents." The speech reinforced words such as "legacy" and "heritage", as well as values such as "honesty", "courage", and "patriotism", which "are old" values. Near
28217-468: The need for change, Mackin noted that Obama sought to reassure Americans that he would operate as president within the margins of the nation's traditions. Obama's goal for his Inaugural speech was to stir the following response among Americans: "This is why I want to go into public service and be a better politician. This is why I want to go home and be a better parent, better worker, better citizen." As part of Obama's call for responsibility, he said, "what
28420-424: The need for shared sacrifice and a new sense of responsibility to answer America's challenges at home and abroad. Obama and others paid homage to Lincoln in the form of tributes and references during several events, starting with a commemorative train tour from Philadelphia , Pennsylvania, to Washington, D.C., on January 17, 2009. The inaugural events held in Washington from January 18 to 21, 2009, included concerts,
28623-495: The next day. In addition to a larger than usual celebrity attendance, the Presidential Inaugural Committee increased its outreach to ordinary citizens to encourage greater participation in inaugural events compared with participation in recent past inaugurations. For the first time, the committee opened the entire length of the National Mall as the public viewing area for the swearing-in ceremony, breaking with
28826-458: The oath at the request of White House counsel Greg Craig . The second oath ceremony took place on the evening of January 21, 2009, in the Map Room of the White House before a small audience of presidential aides, reporters and a White House photographer. Craig said that the White House ultimately decided to re-administer the oath out of an abundance of caution. Craig added that "the oath of office
29029-412: The oath first, followed by the president's speech. William McKinley requested the change in 1897, so that he could reiterate the words of the oath at the close of his first inaugural address. William Henry Harrison delivered the longest inaugural address, at 8,445 words, in 1841. John Adams' 1797 address, which totaled 2,308 words, contained the longest sentence, at 737 words. In 1793, Washington gave
29232-522: The oath of office. While most have, John Quincy Adams did not use a Bible when taking the oath in 1825; neither did Theodore Roosevelt in 1901. In 1853, Franklin Pierce affirmed the oath of office rather than swear it. More recently, a Catholic missal was used for Lyndon B. Johnson's 1963 swearing in ceremony. Bibles of historical significance have sometimes been used at inaugurations. George H. W. Bush , Jimmy Carter and Dwight D. Eisenhower used
29435-445: The oath. Boston University constitutional scholar Jack Beermann suggested that while the courts would likely never even consider a challenge, he would still advise Obama to retake the oath if he were his lawyer since "the Constitution says what he's supposed to say." Although Robert Gibbs , White House press secretary , indicated at first that President Obama did not plan to retake the oath, Chief Justice Roberts agreed to re-administer
29638-522: The official flag adopted by Congress after the admission to the Union of the new president's home state and two are the 13-star flag popularly known as the Betsy Ross flag . Before Inauguration Day, the president-elect will name a Presidential Inaugural Committee. This committee is the legal entity responsible for fundraising for and the planning and coordination of all official events and activities surrounding
29841-483: The other side. Unlike his predecessor, when Theodore Roosevelt took his oath of office in 1905, he found the previous presidential medal unacceptable. As an art lover and admirer of the ancient Greek high-relief coins, Roosevelt wanted more than a simple medal—he wanted a work of art. To achieve this goal, the president hired Augustus Saint-Gaudens , a famous American sculptor, to design and create his inauguration medal. Saint-Gaudens' obsession with perfection resulted in
30044-438: The platform announcer. Senator Dianne Feinstein, chair of the Joint Congressional Committee on Inaugural Ceremonies and the first woman to preside over a U.S. presidential inauguration, acted as the day's Master of Ceremonies . Evangelical pastor Rick Warren delivered the invocation for the inaugural ceremony, followed by a performance by vocalist Aretha Franklin , who sang " My Country, 'Tis of Thee ". The program featured
30247-467: The power to make the world anew." Thousands of well‑wishers gathered at various points along the train route taking pictures, cheering and waving American flags and homemade signs, with Obama reciting his trademark rejoinder "I love you back" to the enthusiastic crowds. The one-day train tour concluded at Union Station in Washington, D.C. On January 18, 2009, the day after Obama arrived in Washington, D.C., an inaugural concert, "We Are One", took place at
30450-693: The prayer service has been held at the Washington National Cathedral . This is not the same as the Inaugural Prayer, a tradition also begun by Washington, when on June 1, 1789, Methodist bishops Francis Asbury and Thomas Coke, Rev. John Dickins, the pastor of Old St. George's (America's oldest Methodist Church) and Major Thomas Morrell, one of President Washington's former aides-de-camp called upon Washington in New York City. This tradition resumed in 1985 with President Reagan and continues under
30653-518: The precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis , which occurred due to a high default rate and resulting foreclosures of mortgage loans , particularly adjustable-rate mortgages . Some or all of the following factors contributed to the crisis: The relaxing of credit lending standards by investment banks and commercial banks allowed for
30856-468: The president and vice president. By tradition, the outgoing president and vice president will not attend. In 2021, due to the ongoing COVID-19 pandemic, the luncheon was replaced by a gift-giving ceremony. Following the arrival of the presidential entourage to the White House , it is customary for the president, vice-president, their respective families and leading members of the government and military to review an inaugural parade from an enclosed stand at
31059-440: The president recites the constitutionally mandated oath of office: I do solemnly swear (or affirm ) that I will faithfully execute the office of President of the United States, and will to the best of my ability, preserve, protect, and defend the Constitution of the United States. According to Washington Irving 's biography of George Washington, after reciting the oath at his (and the nation's) first inauguration, Washington added
31262-472: The president sits for the sculptor, the resulting clay sketch is turned into a life mask and plaster model. Finishing touches are added and the epoxy cast that is created is used to produce the die cuts. The die cuts are then used to strike the president's portrait on each medal. From 1929 through 1949, the official medal was struck by the U.S. Mint . This changed in 1953 when the Medallic Art Company
31465-521: The president takes the oath of office, usually administered by the chief justice of the United States , and then delivers the inaugural address. The vice president is sworn into office in the same ceremony as the president. Prior to 1937, the vice presidential oath was administered in the Senate Chamber (in keeping with the vice president's position as president of the Senate). The oath is administered to
31668-453: The presidential oath by appending the phrase "so help you God" to the end of the constitutionally prescribed oath, and Obama responded " so help me God " when he was prompted. Obama had asked previously to include "so help me God" after the oath. Roberts then congratulated Obama as the new president. Much public discussion arose about the errors in administering and reciting the oath. Several constitutional scholars said that Obama should retake
31871-453: The president‑elect as "Barack H. Obama", although Obama specified previously that he intended to use his full name for his swearing-in ceremony, including his middle name Hussein . Obama decided to use his full name "Barack Hussein Obama" to "follow the tradition, not trying to make a statement one way or the other" for the inaugural ceremony. During the election campaign, Obama's detractors tried to use his middle name to imply falsely that he
32074-501: The price appreciation. In a Peabody Award -winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $ 70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as
32277-435: The production of a presidential medal . With the District of Columbia attracting thousands of attendees for inauguration, presidential medals were an inexpensive souvenir for the tourists to remember the occasion. However, the once-simple trinket turned into an official presidential election memento. In 1901, the first Inauguration Committee on Medals and Badges was established as part of the official Inauguration Committee for
32480-451: The promotion of thousands of small mortgage brokers, and by their close relationship to subprime loan aggregators such as Countrywide . Depending on how "subprime" mortgages are defined, they remained below 10% of all mortgage originations until 2004, when they rose to nearly 20% and remained there through the 2005–2006 peak of the United States housing bubble . The majority report of the Financial Crisis Inquiry Commission , written by
32683-400: The pyramid suffered a decrease. The following is a timeline of the major events of the financial crisis, including government responses, and the subsequent economic recovery. There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since
32886-437: The question if the United States had two presidents at the same time for one day. In modern times, the president took the oath on a Sunday in a private ceremony and repeated it the following day with all the pomp and circumstance. In 1985 and 2013, these ceremonies were televised. Irregular inaugurations occurred on nine occasions intra-term, after the death or, in one case, resignation of a president. Inauguration Day, while not
33089-436: The re-election of President McKinley. The Committee saw official medals as a way to raise funding for the festivities. Gold medals were to be produced as gifts for the president, vice president, and committee chair; silver medals were to be created and distributed among Inauguration Committee members, and bronze medals would be for sale for public consumption. McKinley's medal was simple with his portrait on one side and writing on
33292-456: The re-inauguration of the incumbent president to a second and final term. The most recent presidential inauguration was held on January 20, 2021 , when Joe Biden assumed office. Recitation of the presidential oath of office is the only component in this ceremony mandated by the United States Constitution (in Article II, Section One, Clause 8 ). Though it is not a constitutional requirement,
33495-416: The relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators, and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The riskiest loans were originated in 2004–2007,
33698-686: The reserved standing room section behind the Capitol Reflecting Pool , $ 5,500 each for the reserved standing room section in front of the Reflecting Pool and $ 20,000 each for the VIP section on the Capitol grounds. In one case, a former legislative aide to Representative Ted Poe was exposed by a prospective buyer after the former aide used Craigslist and e‑mail to offer five tickets to the buyer for $ 4,500. Federal and state officials became concerned about ticket scalping and fraud related to sales of
33901-523: The right, let us strive on to finish the work we are in, to bind up the nation's wounds, to care for him who shall have borne the battle and for his widow and his orphan, to do all which may achieve and cherish a just and lasting peace among ourselves and with all nations." In 1933, Franklin D. Roosevelt avowed, "the only thing we have to fear is fear itself.” And in 1961, John F. Kennedy declared, "And so my fellow Americans: ask not what your country can do for you – ask what you can do for your country." On
34104-489: The sacrifice of those who died to preserve the United States would lead to 'a new birth of freedom' for the nation." In his reliance on the inaugural theme, Obama wanted "to give Americans reassurance that today, as in Lincoln's time, the country would find its way through any crisis". The congressional committee released the full schedule of the January 20 inaugural events on December 17, 2008. The inauguration schedule referred to
34307-857: The service of John McCain , Colin Powell and Joe Biden. Michelle Obama and Jill Biden hosted the "Kids' Inaugural: We Are the Future" on the evening of January 19, 2009, event at the Verizon Center . Miley Cyrus , Demi Lovato , and the Jonas Brothers honored military families in concert. The show was broadcast live on the Disney Channel and on Radio Disney . Other celebrity participants included Bow Wow , George Lopez , Corbin Bleu , Queen Latifah , Billy Ray Cyrus , Shaquille O'Neal and Jamie Foxx . In keeping with
34510-404: The service theme of the day, Michelle Obama issued a call for children to become engaged in public service by volunteering in homeless shelters, visiting elderly people or writing letters to U.S. troops. The Washington Metro recorded 866,681 passenger trips on January 19, breaking the single day ridership record of 854,638 passenger trips set on July 11, 2008. The inaugural ceremony took place at
34713-428: The shortest inaugural address on record, just 135 words. Most presidents use their inaugural address to present their vision of America and to set forth their goals for the nation. Some of the most eloquent and powerful speeches are still quoted today. In 1865, in the waning days of the Civil War , Abraham Lincoln stated, "With malice toward none, with charity for all, with firmness in the right as God gives us to see
34916-610: The six Democratic appointees, the minority report, written by three of the four Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. In his dissent to
35119-444: The speech as one that emphasized the burdens of the moment and the cloudy future whose challenges may be met with the resolve that is part of our American heritage. Obama's selections of Warren and Lowery to deliver prayers for the inaugural ceremony were controversial. Warren had a history of vocal opposition to same-sex marriage , and Lowery had a background as a civil rights activist. Neither Obama nor Warren made references during
35322-464: The supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards. The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations into
35525-404: The swearing-in ceremony. Invitations and tickets were sent to ambassadors and chiefs of diplomatic missions to the United States and their spouses, but not to other representatives of foreign countries, and invitations were distributed to U.S. politicians and an array of dignitaries across the spectrum of business and industry. House and Senate congressional members distributed free tickets for
35728-411: The tickets for the swearing-in ceremony. Senator Dianne Feinstein, chair of the Joint Congressional Committee on Inaugural Ceremonies, introduced legislation in mid-November 2008 to ban sales of tickets to the swearing-in ceremony. At the same time, the joint congressional committee contacted online auction operators, ticket resellers and classified listing services to block sales of the tickets. To address
35931-558: The time, the nation's capital . The location for James Monroe 's 1817 swearing in was moved to the Old Brick Capitol in Washington due to ongoing restoration work at the Capitol building following the War of 1812. Three other inaugurations— Franklin D. Roosevelt 's fourth (1945), Harry S. Truman 's first (1945), and Gerald Ford 's (1974)—were held at the White House . Presidential inaugurations (aside from intra-term ceremonies following
36134-665: The tour and attend other inaugural events, including the swearing-in ceremony, the parade and an inaugural ball. The group of citizens who joined the tour had shared stories with then-candidate Obama about themselves and their families during the presidential campaign, and included Matt Kuntz and Lilly Ledbetter . Kuntz, who lost his step‑brother to suicide after returning home from the Gulf War , dedicated his efforts to improve mental health screening for Iraq War veterans. Ledbetter, who learned years later that her employer had discriminated against her in pay based on gender, lost her case before
36337-598: The tour in Philadelphia by holding a town hall meeting at 30th Street Station with a few hundred supporters. At the first stop in Wilmington, Delaware Vice President‑elect Biden and his family joined the tour. Biden, dubbed "Amtrak Joe" for his daily commutes on Amtrak between Wilmington and Washington, built a reputation as a supporter of increased funding for U.S. commuter rail transportation . The train continued to Baltimore, Maryland , its second stop, where Obama spoke to
36540-447: The tradition of past inaugurations. Selected American citizens participated in the train tour and other inaugural events. A philanthropist organized a People's Inaugural Ball for disadvantaged people who otherwise could not afford to attend the inaugural festivities. Among the celebrations for the inauguration, the committee hosted a first-ever Neighborhood Inaugural Ball with free or affordable tickets for ordinary citizens. By definition,
36743-520: The vice president first. Immediately afterwards, the United States Marine Band will perform four " ruffles and flourishes ", followed by " Hail, Columbia ". Unlike the presidential oath, however, the Constitution does not specify specific words that must be spoken. Several variants of the oath have been used since 1789. The current form, which is also recited by senators, representatives, and other government officers, has been in use since 1884: I do solemnly swear (or affirm ) that I will support and defend
36946-571: The weekend leading up to the inauguration, but with 4:00 am EST as the cut‑off for alcoholic beverage service. The Hotel Association of Metropolitan Washington agreed to pay for extended train service provided by the Washington Metropolitan Area Transit Authority on January 19 to accommodate visitors attending inaugural events and workers providing support for those events. The 2009 Presidential Inaugural Committee organized several other inauguration‑related events at
37149-429: The words "so help me God". However, the only contemporaneous source that fully reproduced Washington's oath completely lacks the religious codicil. The first newspaper report that actually described the exact words used in an oath of office, Chester Arthur's in 1881, repeated the "query-response" method where the words, "so help me God" were a personal prayer, not a part of the constitutional oath. The time of adoption of
37352-460: The work of remaking America." In an article for The New York Times , columnist and former drama critic Frank Rich noted the link to the lyric in Field's song from the movie, writing that Obama offered in his address "one subtle whiff of the Great Depression ". Obama's speech contained several biblical references and was compared to the oratory of the " black church tradition". Obama also highlighted
37555-617: The years between 1994 and 2007. They also argue that the Federal Reserve's classification of CRA loans as "prime" is based on the faulty and self-serving assumption that high-interest-rate loans (3 percentage points over average) equal "subprime" loans. Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio magazine, Michael Lewis spoke with one trader who noted that "There weren't enough Americans with [bad] credit taking out [bad loans] to satisfy investors' appetite for
37758-464: The years of the most intense competition between securitizers and the lowest market share for the GSEs. The GSEs eventually relaxed their standards to try to catch up with the private banks. A contrarian view is that Fannie Mae and Freddie Mac led the way to relaxed underwriting standards, starting in 1995, by advocating the use of easy-to-qualify automated underwriting and appraisal systems, by designing no-down-payment products issued by lenders, by
37961-400: Was a Muslim . The District of Columbia City Council passed legislation to enable bars and restaurants to stay open around‑the‑clock to provide hospitality services to the inaugural festivities attendees. After reaching an agreement with the congressional committee, District of Columbia Mayor Adrian Fenty signed legislation to temporarily allow bars and restaurants to operate 24 hours during
38164-530: Was administered effectively and ... the President was sworn in appropriately ... But the oath appears in the Constitution itself." No Bible was present during the retake of the inauguration. The central theme of President Obama's inaugural address was a call to restore responsibility—both in terms of accountability in Washington and the responsibility of ordinary people to get involved. Obama's address did not have memorable sound bite phrases. Instead, he used traditional references to connect his new administration with
38367-524: Was among the five worst financial crises the world had experienced and led to a loss of more than $ 2 trillion from the global economy. U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 (~$ 14.6 trillion in 2023) trillion. The increase in cash out refinancings , as home values rose, fueled an increase in consumption that could no longer be sustained when home prices declined. Many financial institutions owned investments whose value
38570-450: Was bailed-out. Instead of financing more domestic loans, some banks instead spent some of the stimulus money in more profitable areas such as investing in emerging markets and foreign currencies. In July 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the United States to "promote the financial stability of the United States". The Basel III capital and liquidity standards were adopted worldwide. Since
38773-542: Was based on home mortgages such as mortgage-backed securities , or credit derivatives used to insure them against failure, which declined in value significantly. The International Monetary Fund estimated that large U.S. and European banks lost more than $ 1 trillion on toxic assets and from bad loans from January 2007 to September 2009. Lack of investor confidence in bank solvency and declines in credit availability led to plummeting stock and commodity prices in late 2008 and early 2009. The crisis rapidly spread into
38976-438: Was chosen to strike Walker Hancock 's portrait of President Eisenhower. The official medals have been struck by private mints ever since. The Smithsonian Institution and The George Washington University hold the two most complete collections of presidential medals in the United States. Gerald Ford 's unscheduled inauguration also had a medal. 2007%E2%80%932008 financial crisis The 2007–2008 financial crisis , or
39179-550: Was made by Community Reinvestment Act (CRA)-covered lenders into low and mid-level income (LMI) borrowers and neighborhoods, representing 10% of all U.S. mortgage lending during the period. The majority of these were prime loans. Sub-prime loans made by CRA-covered institutions constituted a 3% market share of LMI loans in 1998, but in the run-up to the crisis, fully 25% of all subprime lending occurred at CRA-covered institutions and another 25% of subprime loans had some connection with CRA. However, most sub-prime loans were not made to
39382-457: Was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): "We find limited evidence that substantial deterioration in CMBS [commercial mortgage-backed securities] loan underwriting occurred prior to the crisis." Other analysts support the contention that
39585-471: Was not using notes, rendered the next phrase as "that I will execute the office of president to the United States faithfully," misplacing the word faithfully and saying president to instead of president of . Obama repeated, "that I will execute", then paused. Roberts attempted to correct the wording, but stumbled: "the off– faithfully the pres– the office of President of the United States." Obama then repeated Roberts' initial incorrect wording. Roberts ended
39788-501: Was one of the most-observed events ever by the global audience at the time. "A New Birth of Freedom", a phrase from the Gettysburg Address , served as the inaugural theme to commemorate the 200-year anniversary of the birth year of President Abraham Lincoln . In his speeches to the crowds, Obama referred to ideals expressed by Lincoln about renewal, continuity, and national unity. Obama mentioned these ideals in his speech to stress
39991-515: Was put in place thanks to a joint effort with the US Department of the Treasury. This plan was meant to make it easier for consumers and businesses to get credit by giving Americans who owned high-quality asset-backed securities more credit. Before the crisis, the Federal Reserve's stocks of Treasury securities were sold to pay for the increase in credit. This method was meant to keep banks from trying to give out their extra savings, which could cause
40194-420: Was set at $ 50,000 for donations by individuals, whereas individuals and companies were able to give a maximum of $ 250,000 apiece for the 2005 event. As of January 30, 2009, the presidential committee raised more than $ 53 million, with at least 458 people giving the committee-imposed maximum of $ 50,000, including celebrity donors such as George Soros , Halle Berry , Jamie Foxx and George Lucas . Emphasizing
40397-540: Was simple and austere with no fanfare or formal celebration following the event. There was no parade because of gas rationing and a lumber shortage. In 1985, with the temperature near 7 °F (−14 °C), all outdoor events for Ronald Reagan 's second inauguration were canceled or moved indoors. A tradition of an interfaith national prayer service, usually the day after the inauguration, dates back to George Washington and since Franklin Delano Roosevelt ,
40600-420: Was started by George Washington in 1789. After taking his oath of office on the balcony of Federal Hall, he proceeded to the Senate chamber where he read a speech before members of Congress and other dignitaries. Every president since Washington has delivered an inaugural address. While many of the early presidents read their addresses before taking the oath, current custom dictates that the chief justice administer
40803-399: Was sworn in as president by his father, John Calvin Coolidge, Sr. , a notary public . Most recently, federal judge Sarah T. Hughes administered the oath of office to Lyndon B. Johnson aboard Air Force One after John F. Kennedy's assassination on November 22, 1963. Since 1789 there have been 59 inaugural ceremonies to mark the commencement of a new four-year term of a president of
41006-415: Was the statement that "as we leave this mountaintop, help us to hold on to the spirit of fellowship and the oneness of our family." Lowery concluded the benediction with a humorous message of anticipation for the day "when brown can stick around, when yellow will be mellow, when the red man can get ahead man and when white would embrace what is right". After the inaugural ceremony on the west front of
41209-476: Was upset about the tone of the speech, saying that the speech veered from that of a ritualistic but respectful thanks to that of a public diatribe. Members of the Republican party viewed the speech as a missed chance to seek unity, while Rahm Emanuel , Obama's White House Chief of Staff , described the speech as a reflection of the mandate of the people. In an analysis of the inaugural address, one reporter described
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