The inauguration speech: Obama’s “come and have a go” moment

Since December's school shooting in Connecticut, the President's voice has a new edge to it - a hardness, a determination, an aggression and a volume.

You can read the full text of Obama's inauguration speech and watch the video here

In the freezing cold, in front of 800,000 people lined along the Mall which stretches from the Capitol Building to the Washington Monument, President Barack Obama gave his inaugural address. He seemed very small and very human, dwarfed against the Capitol Building and the crowd – smaller than 2009's several million people, but still sizeable – but his voice, amplified a thousand-fold, boomed with what sounded like renewed vigour: this was a new President.

Sitting near the front, I could turn around and hear and almost see the President's voice as it travelled outwards in a wave, its echoes coming decreasingly back to me as the voice spread further from speaker bank to speaker bank. When he paused, the silence spread out the same way; the President watching it spread, enjoying the entropy.

The view down the Mall from the Capitol Building as Obama was sworn in for the second time. Photograph: Getty Images

His voice had an edge to it, that new edge that it's had only since December's school shooting: a hardness, a determination, an aggression and a volume; though it was also as rhetorically polished as we've come to expect, steeped in historical cliché and rising patterns of pairs – “blood drawn by lash and blood drawn by sword,” “youth and drive; diversity and openness,” and so on.

Though echoes of terrible gunfire could be discerned behind Obama's new-found anger, echoes that ring from Connecticut, guns and gun control were themselves notably absent from the speech. Only an oblique reference to the shooting – “our journey is not complete until all our children, from the streets of Detroit to the hills of Appalachia to the quiet lanes of Newtown, know that they are cared for, and cherished, and always safe from harm” – hinted that anything was different at all, though the President has outlined his legislative agenda on guns already a few days ago.

Other divisive issues were notably present, though: by no means was this an inaugural address of platitudes. Obama seems to be looking to pick fights even this early in his second term. First came a long passage about climate change. “We will respond to the threat of climate change, knowing that the failure to do so would betray our children and future generations,” said the President. “Some may still deny the overwhelming judgement of science, but none can avoid the devastating impact of raging fires, and crippling drought, and more powerful storms,” has already set the deniers yapping. Step forward James Delingpole, of course, who in this particularly strange piece of writing entitled “Obama declares war on reality” appears to compare himself to Galileo.

This was not the only “come and have a go” to conservative talking heads, however. In fact, this was a pretty bullish speech all around. Here is Obama jabbing at his Republican opponents, both in Congress and in last year's presidential race: “We cannot mistake absolutism for principle, or substitute spectacle for politics, or treat name-calling as reasoned debate.” Ouch.

More important was Obama's vow to take action on gay marriage; the first time the issue has ever been mentioned in an inaugural address. “...Our journey is not complete until our gay brothers and sisters are treated like anyone else under the law – for if we are truly created equal, then surely the love we commit to one another must be equal as well.” Probably the most important line in the speech, this is a solid mandate and signal that executive action on the issue may well be to follow.

After the speech was over, Beyoncé sang the Stars and Stripes with extraordinary gusto, and it clearly mellowed Obama's mood into nostalgia. As he turned to leave the stage, the President turned and gazed back out at the crowd. “I want to look out one more time,” he said to the secret service detail trying to hurry him along. “I'm not going to see this again.”

President Obama steps out onto the platform in front of the Capitol Building for his second inauguration. Photograph: Getty Images

Nicky Woolf is a writer for the Guardian based in the US. He tweets @NickyWoolf.

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I was wrong about Help to Buy - but I'm still glad it's gone

As a mortgage journalist in 2013, I was deeply sceptical of the guarantee scheme. 

If you just read the headlines about Help to Buy, you could be under the impression that Theresa May has just axed an important scheme for first-time buyers. If you're on the left, you might conclude that she is on a mission to make life worse for ordinary working people. If you just enjoy blue-on-blue action, it's a swipe at the Chancellor she sacked, George Osborne.

Except it's none of those things. Help to Buy mortgage guarantee scheme is a policy that actually worked pretty well - despite the concerns of financial journalists including me - and has served its purpose.

When Osborne first announced Help to Buy in 2013, it was controversial. Mortgage journalists, such as I was at the time, were still mopping up news from the financial crisis. We were still writing up reports about the toxic loan books that had brought the banks crashing down. The idea of the Government promising to bail out mortgage borrowers seemed the height of recklessness.

But the Government always intended Help to Buy mortgage guarantee to act as a stimulus, not a long-term solution. From the beginning, it had an end date - 31 December 2016. The idea was to encourage big banks to start lending again.

So far, the record of Help to Buy has been pretty good. A first-time buyer in 2013 with a 5 per cent deposit had 56 mortgage products to choose from - not much when you consider some of those products would have been ridiculously expensive or would come with many strings attached. By 2016, according to Moneyfacts, first-time buyers had 271 products to choose from, nearly a five-fold increase

Over the same period, financial regulators have introduced much tougher mortgage affordability rules. First-time buyers can be expected to be interrogated about their income, their little luxuries and how they would cope if interest rates rose (contrary to our expectations in 2013, the Bank of England base rate has actually fallen). 

A criticism that still rings true, however, is that the mortgage guarantee scheme only helps boost demand for properties, while doing nothing about the lack of housing supply. Unlike its sister scheme, the Help to Buy equity loan scheme, there is no incentive for property companies to build more homes. According to FullFact, there were just 112,000 homes being built in England and Wales in 2010. By 2015, that had increased, but only to a mere 149,000.

This lack of supply helps to prop up house prices - one of the factors making it so difficult to get on the housing ladder in the first place. In July, the average house price in England was £233,000. This means a first-time buyer with a 5 per cent deposit of £11,650 would still need to be earning nearly £50,000 to meet most mortgage affordability criteria. In other words, the Help to Buy mortgage guarantee is targeted squarely at the middle class.

The Government plans to maintain the Help to Buy equity loan scheme, which is restricted to new builds, and the Help to Buy ISA, which rewards savers at a time of low interest rates. As for Help to Buy mortgage guarantee, the scheme may be dead, but so long as high street banks are offering 95 per cent mortgages, its effects are still with us.