INAUGURATION LIVE BLOG: Full Coverage of the Ceremony and Its Implications for Banking

We’ll be live-blogging the Obama inauguration today with a particular eye on its implications for banking. Visit and refresh this post throughout the day for updates and commentary.

10:01 a.m. ET: Massive crowds already in place for the inauguration. Barack Obama is currently having coffee with George Bush before heading over to Capitol Hill for the swearing-in.

10:03 a.m. ET: Banking stocks plummeting as the inauguration draws near and the S&P 500 slips 5.49 points to 844.63. Bank of America shares down 18% in early trading; Northern Trust falls 12.9%; Regions Financial down 10%; JP Morgan Chase down 9%. Citigroup is in danger of falling to below $3 per share.

10:06 a.m. ET: Check out a broad survey of blog coverage of the Obama inauguration here.

11:11 a.m. ET: National colors being presented. Massive throngs of people in the crowd.

11:14 a.m. ET: All the living former presidents are in attendance.

11:19 a.m. ET: Fortress Investment Group and Discover Financial Services are the only two major public financial services in positive territory as of now. All the big banks are trading lower, most with double-digit percentage declines.

11:21 a.m. ET: Dow down 174.43 points to 8,106.79.

11:27 a.m. ET: Bush and Obama about to appear.

11:30 a.m. ET: No sign of Paulson during the ceremony.

11:32 a.m. ET: Continued downward pressure on the Dow.

11:37 a.m. ET: Obama about to appear.

11:38 a.m. ET: I wonder how long it will take for Obama to address the financial crisis in his address. While pre-inauguration reports said he would use the address to call for greater civic duty, there is no doubt in my mind that the financial crisis will be a central point of reference.

11:41 a.m. ET: “It’s Groundhog Day,” someone says as Hoyer reappears. Obama comes out.

11:46 a.m. ET: Invocation being said.

11:50 a.m. ET: Dow still trading down.

11:55 a.m. ET: Joe Biden being sworn in.

11:56 a.m. ET: Quiet from the Treasury Department. The department vacated the “Secretary’s Corner” on its web site just moments ago. The “Secretary’s Corner” is where the secretary of the Treasury posts weekly letters and updates.

12:02 p.m. ET: Obama sworn in.

12:08 p.m. ET: Obama says the financial storm is a central challenge of his presidency.

12:11 p.m. ET: “Everywhere we look there is work to be done.” Obama says government spending will revitalize the US economy. He adds that his administration will reach for accountability among its actors. The speech so far doesn’t spell out a core resolution to the financial crisis.

12:15 p.m. ET: “America is ready to lead once more.” Speech shifts to foreign policy. He lays out an agenda of interaction with other governments. He spells out the challenge facing each of the world’s constituencies, such as Muslims and enemies of the state.

12:20 p.m. ET: A call to “a new era of responsibility.”

12:22 p.m. ET: Obama calls it the “winter of our hardship.” “Let it be said by our children’s children that we did not let this journey end.”

12:26 p.m. ET: With the address over, the key question is did Obama inspire the nation enough to resuscitate consumer spending? I can’t say that’s the case. The crystallizing of the “new era of responsibility” is meaningful, and I don’t want to diminish it, but Obama practically needs a miracle. He didn’t get one today.

See the transcript of the speech here.