What Obama might have said if he did NOT use a teleprompter:
Here's what he may have said...I don't know...this is plagiarism sprinkled with conjecture:

"My fellow subjects:

I stand here today arrogant, but completely unprepared for the task before us, grateful for your stupidity in having elected me, oblivious of the sacrifices, laws and traditions borne by our ancestors. I thank President Bush for his service to our nation, you dimwitted ninny, as well as the generosity and cooperation he has shown throughout this transition, particularly when he wouldn’t let my family move here 2 weeks early and stay in the Blair House, so we had to go homeless until now.

Forty-four Americans have now taken the presidential oath. The first 43 were just keeping the podium warm for me. The words have been spoken during rising tides of prosperity and the still waters of peace. And just about everyone of them…until me…got them right. Yet, every so often the oath is taken amidst gathering clouds and raging storms – clouds and storms that I will whip into frenzied tornadoes, hurricanes, and downpours, to flood the earth for 40 days and 40 nights. At these moments, America has usually carried on not simply because of the skill or vision of those in high office, but because We the People (except after I get done with this speech and set Rhambo to work on your freedoms) have remained faithful to the ideals of our forbearers, and true to our founding documents. Not that I know any names of our forbearers, or have read any of our founding documents.

So it has been. So it must be with this generation of Americans. Man, I watch The Ten Commandments every other week, and just LOVE the line, “So let it be written, so let it be done”…but that’s about all I know about Christian history.

That we are in the midst of crisis is now well understood – not by me, though…in fact, in March, when the Dow dives 25% from the beginning of this year, I will tell you: “The market is sort of like a tracking poll in politics. It bobs up and down, day to day, and if you spend all your time worrying about that, then you're probably going to get the long-term strategy wrong.” And I WON’T use this Golden Teleprompter right here in front of me when I do it!…(I just WISH you could hear what’s going on in my head, folks. Really. ‘Cause I just don’t got nothin’ for ya). Our nation is at war, against a far-reaching network of violence and hatred (and I’m going to ask them all to have tea and scones with Michelle and I, to settle our differences). Our economy is badly weakened, and I know it was all done by bad government policy, but I’m still going to tell you it was greedy, irresponsible bankers who did it.

Less measurable but no less profound will be a sapping of confidence across our land every time I open my mouth and tell you of a nagging fear that America's decline is inevitable, and that the next generation must lower its sights, thanks to the debt I’m going to heap upon your children.

Today I say to you that the challenges we face are real, but I don’t care. I’m just here for the stately dinners, to have my portrait on the wall, and to tick off the Brits when they come begging for my help.

On this day, we gather because we have chosen hope over fear, so that I can turn right around and take away hope by preaching fear. On this day, we come to proclaim that I am the Messiah and full of false promises, that I will renew recriminations and worn out dogmas, that I’m more than happy to strangle your freedoms.

We remain a young nation, but in the words of Scripture (some guy told me, ‘cause I read the Quran and really don’t know Scripture) the time has come to set aside childish things, unless those things are mine. The time has come to reaffirm our enduring spirit, unless I want to break it; to choose our better history, unless I haven’t learned from it.

I’m going to talk in my real speech now about the men and women who have protected our country for more than 200 years, but they’re fools…and I don’t like them, so I’ll just shut down for a few paragraphs while my zombie eyes read from the Golden Presidential Teleprompter.

This is the journey we continue today. Our workers are no less productive than when this crisis began…well…then again they WILL be when unemployment hurdles 10%. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year.

We remain the most prosperous, powerful nation on Earth until I get through with it.