Using the same bible Abraham Lincoln did for his inauguration and just a short distance from where Martin Luther King, Jr. delivered his "I Have a Dream" speech, Barack Obama was officially sworn in as the 44th president of the United States of America on January 20. And yet again his oratory skill wowed the millions watching the event in D.C. and people gathered in other locations across the country, like in New York's Times Square, to watch the address on jumbo screens.

As the son of a Kenyan immigrant, Obama placed his presidency in proper context.

"This is the meaning of our liberty and our creed — why men and women and children of every race and every faith can join in celebration across this magnificent mall, and why a man whose father less than 60 years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath.”

The first African American president also spoke to the international community whose opinion of the U.S. had nose-dived during the Bush administration.

"To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West — know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist."

And of the economic crisis, he said: "[O]ur time of standing pat, of protecting narrow interests and putting off unpleasant decisions — that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America."

Just two days into his presidency, Obama is taking on the daily arduous task of governing a hurting nation of 304 million and meeting the soaring expectations that he and others have put on his shoulders.

One of his first moves was to halt Bush's last-minute orders in their tracks by directing all federal agencies and departments to stop any pending regulations until they can be reviewed by incoming staff.

Federal law requires a 60-day waiting period before any major regulatory changes become law, so some presidents (like Presidents Clinton and Bush Sr. in the past) try to publish new major regulations to ensure they go into effect before the new president's inauguration on January 20.

Controversial late rules by the outgoing Bush administration include allowing the carrying of concealed weapons in some national parks and prohibiting medical facilities from receiving federal money for discriminating against doctors and nurses who refuse to assist with abortions or dispense contraceptives based on religious grounds.

If you missed the inaugural speech, watch it below and read the transcription here.