Obama Is The New President!

We have a new President!

President Barack Hussein Obama has been sworn in as the 44th President of the United States of America.

Our first African American head of state has now taken the oath and finished his truly historic Inaugural Address.

Now he and First Lady Michelle Obama are getting ready for the parade to the White House.

Ending months of speculation, Michelle was dressed in a sparkling, mustard-yellow suit and coat by Isabel Toledo.  Now we just have to wait to see the gown tonight!

And since every star in America seems to have relocated to Washington for the Inauguration, here's some gossip from OK!'s own reporter, on the scene in what seems to have become Hollywood D.C..

Here's what we've spotted from our prime spot outside the Capitol.

Oprah wept as the new President was sworn in -- although not actually crying her eyelashes off, as she had promised she would! Her best pal Gayle King was by her side for the big moment.

We also saw the new First Daughters, Malia and Sasha, trying to take the whole thing in together.

"Malia was taking pictures with her own digital camera and tending to her sister," says an onlooker. "It was so sweet!".

Not enjoying himself quite so much, though, was President George W. Bush, who got a frosty reception to say the least.

"There was no applause for him at all," says a source on the Mall. "People were booing and singing, Hit The Road Jack.

"And when his helicopter took off, people were yelling, 'Get out of here!'," they added.

"Everyone was going nuts for Barack, of course. Before he took the stage you could here the cheers coming in waves down the Mall, getting louder and louder as it got near the front," says our source.

"It was captivating and compelling. But when he started talking, you could hear a pin drop."

Right in front of OK! -- in what we're going to call Oscar Winners' Row -- Dustin Hoffman took in the historic moment, along with fellow winners Steven Speilberg and Forrest Whitaker.

Aretha Franklin belted out a moving redition of the National Anthem, followed up by a piece by classical music masters Itzhak Perlman, Yo-Yo Ma, Gabriela Montero and Anthony McGill.

Watching President Barack Obama make his address -- along with an estimated four million others in Washington -- were long-time Obama supporters Puffy, Beyonce and Jay Z, Tatiana Ali, one of the Democratic Baldwins, Billy Baldwin, as well as Chris Tucker, Spike Lee, Jessica Alba and her husband Cash Warren.

We're also hearing rumors that J Lo  and Marc Anthony are somewhere in the throng, but haven't laid eyes on them yet.

We hear that Tyra Banks was in the thick of it with two (yes TWO!) personal bodyguards.

Have we missed something? It isn't Tyra who's getting inaugurated, is it?

She's also refused to have any pictures taken of her. But while Tyra seems to think she's important enough to warrant all that fuss amid one of the most important days of the century -- the organizers don't seem to share her view.

They lumped her in a pen marked 'general media' -- right alongside OK! -- rather than putting her in a VIP section.

"Nobody was getting special treatment," said someone sitting nearby. "That's why it looked so ridiculous her sitting there with two body guards. It was so obnoxious!"

But most swept up in the moment was Trudie Styler, who, we're told stood with hubby Sting and "dancing, singing and smiling -- she's seemed very excited!," said our source.