12:10 p.m.: Obama referenced the speech then-candidate John F. Kennedy made 50 years ago that sparked the creation of the Peace Corps. He urged graduates to continue to shape the country. "Men and women who sat in your chairs 10 years, 50 years and 100 years ago ... they made America possible through their toil. ... The truth is, our nation's destiny has never been certain. What is certain ... is the ability to shape that destiny.

"That task is now in your hands," he concluded to loud applause and cheers.

12:05 p.m.: Obama urged civility in public discourse and encouraged the seeking of varied opinions on issues. Encouraged those who like Rush Limbaugh to take a look at the Huffington Post once in a while even if it makes "your blood boil."

11:57 a.m.: Obama acknowledged that sometimes government stumbles. "But what troubles me is when someone says all of government is bad. ... "Government is the roads you drove in on and the speeds that keep you safe."

11:50 a.m.: Obama said political rancor has been part of America's history since its founding. "We've been fighting about the proper size and role of government" for many years," he said.

But the nation has survived, and the "experiment in Democracy" has worked better than any form of government on earth. For the Class of 1010, the question is "How will you keep our Democracy going?" he said.

11:45 a.m.: Obama is talking about letters he gets. "Some express gratitude, some express anger. I'd say a good solid third call me an idiot," he said. "... One of my favorites was from a kid who wanted to know if I live next to a volcano."

11:40: Obama took the stage. He said: "It's great to be here in the Big House" and offered a Go Blue, which elicited a huge cheer from the audience. He said, "I thought I'd go for the cheap applause line early."

11:35 a.m.: Gov. Jennifer Granholm is speaking and is focusing on the positives in Michigan right now.

She thanked President Obama for his support of the auto industry and clean energy bills. She also thanked him for delivering on health care reform, which drew cheers from the crowd.

11:30 a.m.: University of Michigan President Mary Sue Coleman is addressing the crowd and highlighting the accomplishments of the graduating class of 2010.

She made particular note of the volunteer service hours given by class members.

President Barack Obama is expected to be on stage in minutes. A cheer went up from the crowd when she mentioned the spontaneous rally students participated on Election Night when it became apparent that Obama would win.

The crowd chanted "Mary Sue, Mary Sue, Mary Sue" at the conclusion of her speech.

11:10 a.m.: With the sun attempting to make an appearance, University of Michigan Provost Teresa Sullivan is speaking. She recognized the U-M Regents and is running through a list of those on stage.

10:40a.m.: Check out our live chat, which is active and will continue throughout the speech. Ask questions, leave comments and interact with our reporters and bloggers.

Down on the field, cell and Internet service is spotty, with some people easily transmitting and others getting stalled.

Students are cheering "Go Blue," as music plays.10:30 a.m.: Amid cheers and photo-taking, announcers are asking graduates to take their seats in Michigan Stadium.

The crowd also is being urged to move closer to the center seats to make room for others filtering into the stadium.

With the rain gone and the minutes ticking closer to the start time, the stadium is abuzz. Ponchos have been discarded, and caps and gowns can be seen across the field. Many in the stands are wearing maize and blue.

9:45 a.m.: Five friends from the University of Michigan Law School. Collectively, they carry $620,000 of debt. One of them has job. Another has a message: Forgive Our Loans.

Michael Sadowitz, a law student participating in the graduation ceremony today,adorned his graduation cap with that message for President Barack Obama on his graduation cap in bright white tape.

While loan forgiveness was part of the provisions in new student aid legislation passed along with healthcare, Sadowitz said it isn't enough.

"It's not really an economic stimulus driver and it doesn't compare to other programs for banks and the auto industry," said Sadowitz, who carries $165,000 in debt.

9:20 a.m.: Students who are now seated said getting through security was smooth sailing this morning.

"It moved along quickly," said Jamie Kilgore, of Coldwater, who is picking up his psychology degree today. "I thought I was going to have to wait longer.

Kilgore arrived at 8:30 a.m. and found a seat by 9 a.m.

While he's excited to see President Obama speak, it's more important to him that he's earned his college degree, he said. Kilgore is among 8,500 graduates participating in today's commencement.

8:46 a.m.: The most key graduation accessory is not the cap and gown this morning - it's the poncho.

Well-heeled graduates and their families and friends chose function over fashion, sporting an array of plastic, from garbage bags to bright yellow 'M' emblazoned ponchos over dresses and suits.

Though the rain had slowed to a trickle by 8:30 a.m., sales of ponchos remained swift. At one MGoBlue Shop inside Michigan Stadium, half of the 600 ponchos selling or $5 a pop were gone two-and-a-half hours before President Barack Obama was scheduled to begin his speech. The stadium was stocked with 3,000 of them, a worker said.

Graduates Avi Snider of Oak Park and his friend Jeff Weiner of East Lansing waited in a massive line at the MGoBlue Shop for ponchos and other supplies.

"We had known it was going to rain for a week, but were in denial," said Snider, a political science graduate who sported a white plastic bag over his graduation cap. He had brought a garbage bag for rain protection but found it "too restrictive," and decided to replace it with a proper poncho.

8:37 a.m.: While most people are dressed up, some in high heels and skirts, others are decidely more casual in Bermuda shorts and flip flops. Videos of students are back on the big screen, it looks like they are being toggled between pre-recorded videos and crowd shots.

The skies are getting brighter and the rain is slowing to a light drizzle.

8:32 a.m.: The rain is picking up again. Graduates are sitting down, and a pre-recorded video is playing of students talking about their time at U-M and thanking parents and relatives for helping them make it through graduation. Many people are soaking wet and are attempting to read printed programs in the rain.

With the videos over, music has kicked on and the projection screens are panning the crowd. Song playing is "Like a prayer" by Madonna. As students see their sections on the big screen, they erupt in cheers.

8:10 a.m.: People are filtering into the stadium, with long lines to get through metal detectors and plenty of ponchos covering many caps and gowns.

A large contingent of local and national media are setting up on the risers and a media section on the field.

Large projection screens are set up on the field. The rain is slowing and most people appear unconcerned about getting wet at this point.