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President Joe Biden speaks at his inauguration: "Democracy has prevailed"

President Joe Biden sought to sooth a nation riven by political divisions and a global pandemic, but warned that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

The big picture: Moments after taking the oath of office, Biden spoke on the Capitol’s West front, from the very steps that a pro-Trump mob launched an assault on Congress two weeks earlier. They were attempting to overturn an election where Biden defeated former President Donald Trump by more than 7 million votes.


  • "American has been tested anew and America has risen to the challenge," Biden said. "Democracy has prevailed."
  • Biden vowed the "confront domestic terrorism," and channelled former President Abraham Lincoln to help "bring America together and united our nation."
  • Trump, breaking with tradition, did not attend his successor's inauguration.
  • "This is a great nation. We are good people." Biden said. "But victory is never assured."
  • Biden directly addressed Trump’s supporters and asked them to “hear me out” before vowing to be “a president for all Americans.” "We must end this uncivil war."

Why it matters: While Biden's speech included olive branches to Trump supporters, his immediate actions are aimed at reversing many of the policies that Trump imposed in the opens days of his presidency.

  • After the speech, Biden will return to the White House, where he served as vice president just 8 years ago, with 15 executive orders, awaiting his presidential signature.
  • His flurry of executive actions is the start of an ambitious agenda to reverse Trump’s policies from energy to energy, banning drilling in the Arctic National Wildlife Reserve and wiping to a travel ban from mostly Muslim countries that Trump imposed on his first weeks in office.

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Retail investors’ battle against short sellers who had bet against GameStop and AMC— and other heavily shorted stocks with depressed share prices — offers a window into what happens when Reddit culture spills out into the real world.

The big picture: Reddit is a microcosm of mainstream internet culture, a massive clearinghouse for all sorts of interests that's populated mostly by young men with a vaguely anti-establishment bent. That's caused major trouble at times, but is now propelling a populist-progressive unity movement that's rattling Wall Street.

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Why it matters: Republicans view Sinema and her moderate Democratic colleague Sen. Joe Manchin of West Virginia as their last line of defense against sweeping progressive laws — ranging from a $3.5 trillion social welfare bill to potentially irreversible structural changes like eliminating the filibuster and adding new states to the union.

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House progressives are getting fed up with efforts to accommodate Republican senators — and Joe Manchin. Look for them to start demanding swift action — and threatening payback.

Why it matters: The White House is under growing pressure to accede to the left's demand to bust the filibuster. That rule effectively requires the support of 10 Republicans for most measures in this 50-50 Senate, rather than the simple majority that most Democrats want.

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