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Stepping into history, Barack Hussein Obama grasped the reins of power as America's first black president on Tuesday, declaring the nation must choose "hope over fear, unity of purpose over conflict and discord" to overcome the worst economic crisis since the Great Depression.

In frigid temperatures, an exuberant crowd of more than a million packed the National Mall and parade route to celebrate Obama's inauguration in a high-noon ceremony. Waving and cheering in jubilation, they stretched from the inaugural platform at the U.S. Capitol toward the Lincoln Memorial in the distance.

With 11 million Americans out of work and trillions of dollars lost in the stock market's tumble, Obama emphasized that his biggest challenge is to repair the tattered economy left behind by outgoing President George W. Bush.

"Our time of standing pat, of protecting narrow interests and putting off unpleasant decisions — that time has surely passed," Obama said. "Starting today, we must pick ourselves up, dust ourselves off and begin the work of remaking America."

Obama wove a thread of personal responsibility and accountability through the address. He spoke of a "new era of responsibility" and alluded to the inability — or unwillingness — of Americans to adjust to the passing of an industrial-based economy. "Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age," he said.

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