http://www.nytimes.com/2008/11...

Remarks of Senator Barack Obama--as prepared for delivery
"A Rescue Plan for the Middle-Class"
Monday, October 13th, 2008
Toledo, Ohio

We meet at a moment of great uncertainty for America. The economic crisis we face is the worst since the Great Depression. Markets across the globe have become increasingly unstable, and millions of Americans will open up their 401(k) statements this week and see that so much of their hard-earned savings have disappeared.

The credit crisis has left businesses large and small unable to get loans, which means they can't buy new equipment, or hire new workers, or even make payroll for the workers they have. You've got auto plants right here in Ohio that have been around for decades closing their doors and laying off workers who've never known another job in their entire life.

760,000 workers have lost their jobs this year. Unemployment here in Ohio is up 85% over the last eight years, which is the highest it's been in sixteen years. You've lost one of every four manufacturing jobs, the typical Ohio family has seen their income fall $2,500, and it's getting harder and harder to make the mortgage, or fill up your gas tank, or even keep the electricity on at the end of the month. At this rate, the question isn't just "are you better off than you were four years ago?", it's "are you better off than you were four weeks ago?"

I know these are difficult times. I know folks are worried. But I also know this - we can steer ourselves out of this crisis. Because we are the United States of America. We are the country that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges - not as Democrats, not as Republicans, but as Americans.

We still have the most talented, most productive workers of any country on Earth. We're still home to innovation and technology, colleges and universities that are the envy of the world. Some of the biggest ideas in history have come from our small businesses and our research facilities. It won't be easy, but there's no reason we can't make this century another American century.

But it will take a new direction. It will take new leadership in Washington. It will take a real change in the policies and politics of the last eight years. And that's why I'm running for President of the United States of America.

My opponent has made his choice. Last week, Senator McCain's campaign announced that they were going to "turn the page" on the discussion about our economy so they can spend the final weeks of this election attacking me instead. His campaign actually said, and I quote, "if we keep talking about the economy, we're going to lose." Well Senator McCain may be worried about losing an election, but I'm worried about Americans who are losing their jobs, and their homes, and their life savings. They can't afford four more years of the economic theory that says we should give more and more to millionaires and billionaires and hope that prosperity trickles down to everyone else. We've seen where that's led us and we're not going back. It's time to turn the page.

Over the course of this campaign, I've laid out a set of policies that will grow our middle-class and strengthen our economy in the long-term. I'll reform our tax code so that 95% of workers and their families get a tax cut, and eliminate income taxes for seniors making under $50,000. I'll bring down the cost of health care for families and businesses by investing in preventative care, new technology, and giving every American the chance to get the same kind of health insurance that members of Congress give themselves. We'll ensure every child can compete in the global economy by recruiting an army of new teachers and making college affordable for anyone who wants to go. We'll create five million new, high-wage jobs by investing in the renewable sources of energy that will eliminate the oil we currently import from the Middle East in ten years, and we'll create two million jobs by rebuilding our crumbling roads, schools, and bridges.

But that's a long-term strategy for growth. Right now, we face an immediate economic emergency that requires urgent action. We can't wait to help workers and families and communities who are struggling right now - who don't know if their job or their retirement will be there tomorrow; who don't know if next week's paycheck will cover this month's bills. We need to pass an economic rescue plan for the middle-class and we need to do it now. Today I'm proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities, and help struggling homeowners. It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S.

We've already lost three-quarters of a million jobs this year, and some experts say that unemployment may rise to 8% by the end of next year. We can't wait until then to start creating new jobs. That's why I'm proposing to give our businesses a new American jobs tax credit for each new employee they hire here in the United States over the next two years.

To fuel the real engine of job creation in this country, I've also proposed eliminating all capital gains taxes on investments in small businesses and start-up companies, and I've proposed an additional tax incentive through next year to encourage new small business investment. It is time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people. And we should fast track the loan guarantees we passed for our auto industry and provide more as needed so that they can build the energy-efficient cars America needs to end our dependence on foreign oil.

We will also save one million jobs by creating a Jobs and Growth Fund that will provide money to states and local communities so that they can move forward with projects to rebuild and repair our roads, our bridges, and our schools. A lot of these projects and these jobs are at risk right now because of budget shortfalls, but this fund will make sure they continue.

The second part of my rescue plan is to provide immediate relief to families who are watching their paycheck shrink and their jobs and life savings disappear. I've already proposed a middle-class tax cut for 95% of workers and their families, but today I'm calling on Congress to pass a plan so that the IRS will mail out the first round of those tax cuts as soon as possible. We should also extend and expand unemployment benefits to those Americans who have lost their jobs and are having a harder time finding new ones in this weak economy. And we should stop making them pay taxes on those unemployment insurance benefits as well.

At a time when the ups and downs of the stock market have rarely been so unpredictable and dramatic, we also need to give families and retirees more flexibility and security when it comes to their retirement savings.

I welcome Senator McCain's proposal to waive the rules that currently force our seniors to withdraw from their 401(k)s even when the market is bad. I think that's a good idea, but I think we need to do even more. Since so many Americans will be struggling to pay the bills over the next year, I propose that we allow every family to withdraw up to 15% from their IRA or 401(k) - up to a maximum of $10,000 - without any fine or penalty throughout 2009. This will help families get through this crisis without being forced to make painful choices like selling their homes or not sending their kids to college.

The third part of my rescue plan is to provide relief for homeowners who are watching their home values decline while their property taxes go up. Earlier this year I pushed for legislation that would help homeowners stay in their homes by working to modify their mortgages. When Secretary Paulson proposed his original financial rescue plan it included nothing for homeowners. When Senator McCain was silent on the issue, I insisted that it include protections for homeowners. Now the Treasury must use the authority its been granted and move aggressively to help people avoid foreclosure and stay in their homes. We don't need a new law or a new $300 billion giveaway to banks like Senator McCain has proposed, we just need to act quickly and decisively.

I've already proposed a mortgage tax credit for struggling homeowners worth 10% of the interest you pay on your mortgage and we should move quickly to pass it. We should also change the unfair bankruptcy laws that allow judges to write down your mortgage if you own six or seven homes, but not if you have only one. And for all those cities and small towns that are facing a choice between cutting services like health care and education or raising property taxes, we will provide the funding to prevent those tax hikes from happening. We cannot allow homeowners and small towns to suffer because of the mess made by Wall Street and Washington.

For those Americans in danger of losing their homes, today I'm also proposing a three-month moratorium on foreclosures. If you are a bank or lender that is getting money from the rescue plan that passed Congress, and your customers are making a good-faith effort to make their mortgage payments and re-negotiate their mortgages, you will not be able to foreclose on their home for three months. We need to give people the breathing room they need to get back on their feet.

Finally, this crisis has taught us that we cannot have a sound economy with a dysfunctional financial system. We passed a financial rescue plan that has the promise to help stabilize the financial system, but only if we act quickly, effectively and aggressively. The Treasury Department must move quickly with their plan to put more money into struggling banks so they have enough to lend, and they should do it in a way that protects taxpayers instead of enriching CEOs. There was a report yesterday that some financial institutions participating in this rescue plan are still trying to avoid restraints on CEO pay. That's not just wrong, it's an outrage to every American whose tax dollars have been put at risk. No major investor would ever make an investment if they didn't think the corporation was being prudent and responsible, and we shouldn't expect taxpayers to think any differently. We should also be prepared to extend broader guarantees if it becomes necessary to stabilize our financial system.

I also believe that Treasury should not limit itself to purchasing mortgage-backed securities - it should help unfreeze markets for individual mortgages, student loans, car loans, and credit card loans.. And I think we need to do even more to make loans available in two very important areas of our economy: small businesses and communities.

On Friday, I proposed Small Business Rescue Plan that would create an emergency lending fund to lend money directly to small businesses that need cash for their payroll or to buy inventory. It's what we did after 9/11, and it allowed us to get low-cost loans out to tens of thousands of small businesses. We'll also make it easier for private lenders to make small business loans by expanding the Small Business Administration's loan guarantee program. By temporarily eliminating fees for borrowers and lenders, we can unlock the credit that small firms need to pay their workers and keep their doors open. And today, I'm also proposing that we maintain the ability of states and local communities that are struggling to maintain basic services without raising taxes to continue to get the credit they need.

Congress should pass this emergency rescue plan as soon as possible. If Washington can move quickly to pass a rescue plan for our financial system, there's no reason we can't move just as quickly to pass a rescue plan for our middle-class that will create jobs, provide relief, and help homeowners. And if Congress does not act in the coming months, it will be one of the first things I do as President of the United States. Because we can't wait any longer to start creating new jobs; to help struggling communities and homeowners, and to provide real and immediate relief to families who are worried not only about this month's bills, but their entire life savings. This plan will help ease those anxieties, and along with the other economic policies I've proposed, it will begin to create new jobs, grow family incomes, and put us back on the path to prosperity.

I won't pretend this will be easy or come without cost. We'll have to set priorities as never before, and stick to them. That means pursuing investments in areas such as energy, education and health care that bear directly on our economic future, while deferring other things we can afford to do without. It means scouring the federal budget, line-by-line, ending programs that we don't need and making the ones we do work more efficiently and cost less.

It also means promoting a new ethic of responsibility. Part of the reason this crisis occurred is that everyone was living beyond their means - from Wall Street to Washington to even some on Main Street. CEOs got greedy. Politicians spent money they didn't have. Lenders tricked people into buying home they couldn't afford and some folks knew they couldn't afford them and bought them anyway.

We've lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save.

Now, I know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity. People have been forced to turn to credit cards and home equity loans to keep up, just like our government has borrowed from China and other creditors to help pay its bills.

But we now know how dangerous that can be. Once we get past the present emergency, which requires immediate new investments, we have to break that cycle of debt. Our long-term future requires that we do what's necessary to scale down our deficits, grow wages and encourage personal savings again.

It's a serious challenge. But we can do it if we act now, and if we act as one nation. We can bring a new era of responsibility and accountability to Wall Street and to Washington. We can put in place common-sense regulations to prevent a crisis like this from ever happening again. We can make investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. We can restore a sense of fairness and balance that will give ever American a fair shot at the American dream. And above all, we can restore confidence - confidence in America, confidence in our economy, and confidence in ourselves.

This country and the dream it represents are being tested in a way that we haven't seen in nearly a century. And future generations will judge ours by how we respond to this test. Will they say that this was a time when America lost its way and its purpose? When we allowed our own petty differences and broken politics to plunge this country into a dark and painful recession?

Or will they say that this was another one of those moments when America overcame? When we battled back from adversity by recognizing that common stake that we have in each other's success?

This is one of those moments. I realize you're cynical and fed up with politics. I understand that you're disappointed and even angry with your leaders. You have every right to be. But despite all of this, I ask of you what's been asked of the American people in times of trial and turmoil throughout our history. I ask you to believe - to believe in yourselves, in each other, and in the future we can build together.

Together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can't afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves.
We can do this. Americans have done this before. Some of us had grandparents or parents who said maybe I can't go to college but my child can; maybe I can't have my own business but my child can. I may have to rent, but maybe my children will have a home they can call their own. I may not have a lot of money but maybe my child will run for Senate. I might live in a small village but maybe someday my son can be president of the United States of America.

Now it falls to us. Together, we cannot fail. Together, we can overcome the broken policies and divided politics of the last eight years. Together, we can renew an economy that rewards work and rebuilds the middle class. Together, we can create millions of new jobs, and deliver on the promise of health care you can afford and education that helps your kids compete. We can do this if we come together; if we have confidence in ourselves and each other; if we look beyond the darkness of the day to the bright light of hope that lies ahead. Together, we can change this country and change this world. Thank you, God bless you, and may God bless America.

Never in living memory has an election been more critical than the one fast approaching-that's the quadrennial cliché, as expected as the balloons and the bombast. And yet when has it ever felt so urgently true? When have so many Americans had so clear a sense that a Presidency has-at the levels of competence, vision, and integrity-undermined the country and its ideals?

The incumbent Administration has distinguished itself for the ages. The Presidency of George W. Bush is the worst since Reconstruction, so there is no mystery about why the Republican Party-which has held dominion over the executive branch of the federal government for the past eight years and the legislative branch for most of that time-has little desire to defend its record, domestic or foreign. The only speaker at the Convention in St. Paul who uttered more than a sentence or two in support of the President was his wife, Laura. Meanwhile, the nominee, John McCain, played the part of a vaudeville illusionist, asking to be regarded as an apostle of change after years of embracing the essentials of the Bush agenda with ever-increasing ardor.

The Republican disaster begins at home. Even before taking into account whatever fantastically expensive plan eventually emerges to help rescue the financial system from Wall Street's long-running pyramid schemes, the economic and fiscal picture is bleak. During the Bush Administration, the national debt, now approaching ten trillion dollars, has nearly doubled. Next year's federal budget is projected to run a half-trillion-dollar deficit, a precipitous fall from the seven-hundred-billion-dollar surplus that was projected when Bill Clinton left office. Private-sector job creation has been a sixth of what it was under President Clinton. Five million people have fallen into poverty. The number of Americans without health insurance has grown by seven million, while average premiums have nearly doubled. Meanwhile, the principal domestic achievement of the Bush Administration has been to shift the relative burden of taxation from the rich to the rest. For the top one per cent of us, the Bush tax cuts are worth, on average, about a thousand dollars a week; for the bottom fifth, about a dollar and a half. The unfairness will only increase if the painful, yet necessary, effort to rescue the credit markets ends up preventing the rescue of our health-care system, our environment, and our physical, educational, and industrial infrastructure.

At the same time, a hundred and fifty thousand American troops are in Iraq and thirty-three thousand are in Afghanistan. There is still disagreement about the wisdom of overthrowing Saddam Hussein and his horrific regime, but there is no longer the slightest doubt that the Bush Administration manipulated, bullied, and lied the American public into this war and then mismanaged its prosecution in nearly every aspect. The direct costs, besides an expenditure of more than six hundred billion dollars, have included the loss of more than four thousand Americans, the wounding of thirty thousand, the deaths of tens of thousands of Iraqis, and the displacement of four and a half million men, women, and children. Only now, after American forces have been fighting for a year longer than they did in the Second World War, is there a glimmer of hope that the conflict in Iraq has entered a stage of fragile stability.

The indirect costs, both of the war in particular and of the Administration's unilateralist approach to foreign policy in general, have also been immense. The torture of prisoners, authorized at the highest level, has been an ethical and a public-diplomacy catastrophe. At a moment when the global environment, the global economy, and global stability all demand a transition to new sources of energy, the United States has been a global retrograde, wasteful in its consumption and heedless in its policy. Strategically and morally, the Bush Administration has squandered the American capacity to counter the example and the swagger of its rivals. China, Russia, Iran, Saudi Arabia, and other illiberal states have concluded, each in its own way, that democratic principles and human rights need not be components of a stable, prosperous future. At recent meetings of the United Nations, emboldened despots like Mahmoud Ahmadinejad of Iran came to town sneering at our predicament and hailing the "end of the American era."

The election of 2008 is the first in more than half a century in which no incumbent President or Vice-President is on the ballot. There is, however, an incumbent party, and that party has been lucky enough to find itself, apparently against the wishes of its "base," with a nominee who evidently disliked George W. Bush before it became fashionable to do so. In South Carolina in 2000, Bush crushed John McCain with a sub-rosa primary campaign of such viciousness that McCain lashed out memorably against Bush's Christian-right allies. So profound was McCain's anger that in 2004 he flirted with the possibility of joining the Democratic ticket under John Kerry. Bush, who took office as a "compassionate conservative," governed immediately as a rightist ideologue. During that first term, McCain bolstered his reputation, sometimes deserved, as a "maverick" willing to work with Democrats on such issues as normalizing relations with Vietnam, campaign-finance reform, and immigration reform. He co-sponsored, with John Edwards and Edward Kennedy, a patients' bill of rights. In 2001 and 2003, he voted against the Bush tax cuts. With John Kerry, he co-sponsored a bill raising auto-fuel efficiency standards and, with Joseph Lieberman, a cap-and-trade regime on carbon emissions. He was one of a minority of Republicans opposed to unlimited drilling for oil and gas off America's shores.

Since the 2004 election, however, McCain has moved remorselessly rightward in his quest for the Republican nomination. He paid obeisance to Jerry Falwell and preachers of his ilk. He abandoned immigration reform, eventually coming out against his own bill. Most shocking, McCain, who had repeatedly denounced torture under all circumstances, voted in February against a ban on the very techniques of "enhanced interrogation" that he himself once endured in Vietnam-as long as the torturers were civilians employed by the C.I.A.

On almost every issue, McCain and the Democratic Party's nominee, Barack Obama, speak the generalized language of "reform," but only Obama has provided a convincing, rational, and fully developed vision. McCain has abandoned his opposition to the Bush-era tax cuts and has taken up the demagogic call-in the midst of recession and Wall Street calamity, with looming crises in Social Security, Medicare, and Medicaid-for more tax cuts. Bush's expire in 2011. If McCain, as he has proposed, cuts taxes for corporations and estates, the benefits once more would go disproportionately to the wealthy.

In Washington, the craze for pure market triumphalism is over. Treasury Secretary Henry Paulson arrived in town (via Goldman Sachs) a Republican, but it seems that he will leave a Democrat. In other words, he has come to see that the abuses that led to the current financial crisis--not least, excessive speculation on borrowed capital--can be fixed only with government regulation and oversight. McCain, who has never evinced much interest in, or knowledge of, economic questions, has had little of substance to say about the crisis. His most notable gesture of concern-a melodramatic call last month to suspend his campaign and postpone the first Presidential debate until the government bailout plan was ready-soon revealed itself as an empty diversionary tactic.

By contrast, Obama has made a serious study of the mechanics and the history of this economic disaster and of the possibilities of stimulating a recovery. Last March, in New York, in a speech notable for its depth, balance, and foresight, he said, "A complete disdain for pay-as-you-go budgeting, coupled with a generally scornful attitude towards oversight and enforcement, allowed far too many to put short-term gain ahead of long-term consequences." Obama is committed to reforms that value not only the restoration of stability but also the protection of the vast majority of the population, which did not partake of the fruits of the binge years. He has called for greater and more programmatic regulation of the financial system; the creation of a National Infrastructure Reinvestment Bank, which would help reverse the decay of our roads, bridges, and mass-transit systems, and create millions of jobs; and a major investment in the green-energy sector.

On energy and global warming, Obama offers a set of forceful proposals. He supports a cap-and-trade program to reduce America's carbon emissions by eighty per cent by 2050-an enormously ambitious goal, but one that many climate scientists say must be met if atmospheric carbon dioxide is to be kept below disastrous levels. Large emitters, like utilities, would acquire carbon allowances, and those which emit less carbon dioxide than their allotment could sell the resulting credits to those which emit more; over time, the available allowances would decline. Significantly, Obama wants to auction off the allowances; this would provide fifteen billion dollars a year for developing alternative-energy sources and creating job-training programs in green technologies. He also wants to raise federal fuel-economy standards and to require that ten per cent of America's electricity be generated from renewable sources by 2012. Taken together, his proposals represent the most coherent and far-sighted strategy ever offered by a Presidential candidate for reducing the nation's reliance on fossil fuels.

There was once reason to hope that McCain and Obama would have a sensible debate about energy and climate policy. McCain was one of the first Republicans in the Senate to support federal limits on carbon dioxide, and he has touted his own support for a less ambitious cap-and-trade program as evidence of his independence from the White House. But, as polls showed Americans growing jittery about gasoline prices, McCain apparently found it expedient in this area, too, to shift course. He took a dubious idea-lifting the federal moratorium on offshore oil drilling-and placed it at the very center of his campaign. Opening up America's coastal waters to drilling would have no impact on gasoline prices in the short term, and, even over the long term, the effect, according to a recent analysis by the Department of Energy, would be "insignificant." Such inconvenient facts, however, are waved away by a campaign that finally found its voice with the slogan "Drill, baby, drill!"

The contrast between the candidates is even sharper with respect to the third branch of government. A tense equipoise currently prevails among the Justices of the Supreme Court, where four hard-core conservatives face off against four moderate liberals. Anthony M. Kennedy is the swing vote, determining the outcome of case after case.

McCain cites Chief Justice John Roberts and Justice Samuel Alito, two reliable conservatives, as models for his own prospective appointments. If he means what he says, and if he replaces even one moderate on the current Supreme Court, then Roe v. Wade will be reversed, and states will again be allowed to impose absolute bans on abortion. McCain's views have hardened on this issue. In 1999, he said he opposed overturning Roe; by 2006, he was saying that its demise "wouldn't bother me any"; by 2008, he no longer supported adding rape and incest as exceptions to his party's platform opposing abortion.

But scrapping Roe-which, after all, would leave states as free to permit abortion as to criminalize it-would be just the beginning. Given the ideological agenda that the existing conservative bloc has pursued, it's safe to predict that affirmative action of all kinds would likely be outlawed by a McCain Court. Efforts to expand executive power, which, in recent years, certain Justices have nobly tried to resist, would likely increase. Barriers between church and state would fall; executions would soar; legal checks on corporate power would wither-all with just one new conservative nominee on the Court. And the next President is likely to make three appointments.

Obama, who taught constitutional law at the University of Chicago, voted against confirming not only Roberts and Alito but also several unqualified lower-court nominees. As an Illinois state senator, he won the support of prosecutors and police organizations for new protections against convicting the innocent in capital cases. While McCain voted to continue to deny habeas-corpus rights to detainees, perpetuating the Bush Administration's regime of state-sponsored extra-legal detention, Obama took the opposite side, pushing to restore the right of all U.S.-held prisoners to a hearing. The judicial future would be safe in his care.

In the shorthand of political commentary, the Iraq war seems to leave McCain and Obama roughly even. Opposing it before the invasion, Obama had the prescience to warn of a costly and indefinite occupation and rising anti-American radicalism around the world; supporting it, McCain foresaw none of this. More recently, in early 2007 McCain risked his Presidential prospects on the proposition that five additional combat brigades could salvage a war that by then appeared hopeless. Obama, along with most of the country, had decided that it was time to cut American losses. Neither candidate's calculations on Iraq have been as cheaply political as McCain's repeated assertion that Obama values his career over his country; both men based their positions, right or wrong, on judgment and principle.

President Bush's successor will inherit two wars and the realities of limited resources, flagging popular will, and the dwindling possibilities of what can be achieved by American power. McCain's views on these subjects range from the simplistic to the unknown. In Iraq, he seeks "victory"-a word that General David Petraeus refuses to use, and one that fundamentally misrepresents the messy, open-ended nature of the conflict. As for Afghanistan, on the rare occasions when McCain mentions it he implies that the surge can be transferred directly from Iraq, which suggests that his grasp of counterinsurgency is not as firm as he insisted it was during the first Presidential debate. McCain always displays more faith in force than interest in its strategic consequences. Unlike Obama, McCain has no political strategy for either war, only the dubious hope that greater security will allow things to work out. Obama has long warned of deterioration along the Afghanistan-Pakistan border, and has a considered grasp of its vital importance. His strategy for both Afghanistan and Iraq shows an understanding of the role that internal politics, economics, corruption, and regional diplomacy play in wars where there is no battlefield victory.

Unimaginably painful personal experience taught McCain that war is above all a test of honor: maintain the will to fight on, be prepared to risk everything, and you will prevail. Asked during the first debate to outline "the lessons of Iraq," McCain said, "I think the lessons of Iraq are very clear: that you cannot have a failed strategy that will then cause you to nearly lose a conflict." A soldier's answer--but a statesman must have a broader view of war and peace. The years ahead will demand not only determination but also diplomacy, flexibility, patience, judiciousness, and intellectual engagement. These are no more McCain's strong suit than the current President's. Obama, for his part, seems to know that more will be required than willpower and force to extract some advantage from the wreckage of the Bush years.

Obama is also better suited for the task of renewing the bedrock foundations of American influence. An American restoration in foreign affairs will require a commitment not only to international coöperation but also to international institutions that can address global warming, the dislocations of what will likely be a deepening global economic crisis, disease epidemics, nuclear proliferation, terrorism, and other, more traditional security challenges. Many of the Cold War-era vehicles for engagement and negotiation-the United Nations, the World Bank, the Nuclear Non-Proliferation Treaty regime, the North Atlantic Treaty Organization-are moribund, tattered, or outdated. Obama has the generational outlook that will be required to revive or reinvent these compacts. He would be the first postwar American President unencumbered by the legacies of either Munich or Vietnam.

The next President must also restore American moral credibility. Closing Guantánamo, banning all torture, and ending the Iraq war as responsibly as possible will provide a start, but only that. The modern Presidency is as much a vehicle for communication as for decision-making, and the relevant audiences are global. Obama has inspired many Americans in part because he holds up a mirror to their own idealism. His election would do no less-and likely more-overseas.

What most distinguishes the candidates, however, is character-and here, contrary to conventional wisdom, Obama is clearly the stronger of the two. Not long ago, Rick Davis, McCain's campaign manager, said, "This election is not about issues. This election is about a composite view of what people take away from these candidates." The view that this election is about personalities leaves out policy, complexity, and accountability. Even so, there's some truth in what Davis said--but it hardly points to the conclusion that he intended.

Echoing Obama, McCain has made "change" one of his campaign mantras. But the change he has actually provided has been in himself, and it is not just a matter of altering his positions. A willingness to pander and even lie has come to define his Presidential campaign and its televised advertisements. A contemptuous duplicity, a meanness, has entered his talk on the stump-so much so that it seems obvious that, in the drive for victory, he is willing to replicate some of the same underhanded methods that defeated him eight years ago in South Carolina.

Perhaps nothing revealed McCain's cynicism more than his choice of Sarah Palin, the former mayor of Wasilla, Alaska, who had been governor of that state for twenty-one months, as the Republican nominee for Vice-President. In the interviews she has given since her nomination, she has had difficulty uttering coherent unscripted responses about the most basic issues of the day. We are watching a candidate for Vice-President cram for her ongoing exam in elementary domestic and foreign policy. This is funny as a Tina Fey routine on "Saturday Night Live," but as a vision of the political future it's deeply unsettling. Palin has no business being the backup to a President of any age, much less to one who is seventy-two and in imperfect health. In choosing her, McCain committed an act of breathtaking heedlessness and irresponsibility. Obama's choice, Joe Biden, is not without imperfections. His tongue sometimes runs in advance of his mind, providing his own fodder for late-night comedians, but there is no comparison with Palin. His deep experience in foreign affairs, the judiciary, and social policy makes him an assuring and complementary partner for Obama.

The longer the campaign goes on, the more the issues of personality and character have reflected badly on McCain. Unless appearances are very deceiving, he is impulsive, impatient, self-dramatizing, erratic, and a compulsive risk-taker. These qualities may have contributed to his usefulness as a "maverick" senator. But in a President they would be a menace.

By contrast, Obama's transformative message is accompanied by a sense of pragmatic calm. A tropism for unity is an essential part of his character and of his campaign. It is part of what allowed him to overcome a Democratic opponent who entered the race with tremendous advantages. It is what helped him forge a political career relying both on the liberals of Hyde Park and on the political regulars of downtown Chicago. His policy preferences are distinctly liberal, but he is determined to speak to a broad range of Americans who do not necessarily share his every value or opinion. For some who oppose him, his equanimity even under the ugliest attack seems like hauteur; for some who support him, his reluctance to counterattack in the same vein seems like self-defeating detachment. Yet it is Obama's temperament-and not McCain's-that seems appropriate for the office both men seek and for the volatile and dangerous era in which we live. Those who dismiss his centeredness as self-centeredness or his composure as indifference are as wrong as those who mistook Eisenhower's stolidity for denseness or Lincoln's humor for lack of seriousness.

Nowadays, almost every politician who thinks about running for President arranges to become an author. Obama's books are different: he wrote them. "The Audacity of Hope" (2006) is a set of policy disquisitions loosely structured around an account of his freshman year in the United States Senate. Though a campaign manifesto of sorts, it is superior to that genre's usual blowsy pastiche of ghostwritten speeches. But it is Obama's first book, "Dreams from My Father: A Story of Race and Inheritance" (1995), that offers an unprecedented glimpse into the mind and heart of a potential President. Obama began writing it in his early thirties, before he was a candidate for anything. Not since Theodore Roosevelt has an American politician this close to the pinnacle of power produced such a sustained, highly personal work of literary merit before being definitively swept up by the tides of political ambition.

A Presidential election is not the awarding of a Pulitzer Prize: we elect a politician and, we hope, a statesman, not an author. But Obama's first book is valuable in the way that it reveals his fundamental attitudes of mind and spirit. "Dreams from My Father" is an illuminating memoir not only in the substance of Obama's own peculiarly American story but also in the qualities he brings to the telling: a formidable intelligence, emotional empathy, self-reflection, balance, and a remarkable ability to see life and the world through the eyes of people very different from himself. In common with nearly all other senators and governors of his generation, Obama does not count military service as part of his biography. But his life has been full of tests-personal, spiritual, racial, political-that bear on his preparation for great responsibility.

It is perfectly legitimate to call attention, as McCain has done, to Obama's lack of conventional national and international policymaking experience. We, too, wish he had more of it. But office-holding is not the only kind of experience relevant to the task of leading a wildly variegated nation. Obama's immersion in diverse human environments (Hawaii's racial rainbow, Chicago's racial cauldron, countercultural New York, middle-class Kansas, predominantly Muslim Indonesia), his years of organizing among the poor, his taste of corporate law and his grounding in public-interest and constitutional law-these, too, are experiences. And his books show that he has wrung from them every drop of insight and breadth of perspective they contained.

The exhaustingly, sometimes infuriatingly long campaign of 2008 (and 2007) has had at least one virtue: it has demonstrated that Obama's intelligence and steady temperament are not just figments of the writer's craft. He has made mistakes, to be sure. (His failure to accept McCain's imaginative proposal for a series of unmediated joint appearances was among them.) But, on the whole, his campaign has been marked by patience, planning, discipline, organization, technological proficiency, and strategic astuteness. Obama has often looked two or three moves ahead, relatively impervious to the permanent hysteria of the hourly news cycle and the cable-news shouters. And when crisis has struck, as it did when the divisive antics of his ex-pastor threatened to bring down his campaign, he has proved equal to the moment, rescuing himself with a speech that not only drew the poison but also demonstrated a profound respect for the electorate. Although his opponents have tried to attack him as a man of "mere" words, Obama has returned eloquence to its essential place in American politics. The choice between experience and eloquence is a false one--something that Lincoln, out of office after a single term in Congress, proved in his own campaign of political and national renewal. Obama's "mere" speeches on everything from the economy and foreign affairs to race have been at the center of his campaign and its success; if he wins, his eloquence will be central to his ability to govern.

We cannot expect one man to heal every wound, to solve every major crisis of policy. So much of the Presidency, as they say, is a matter of waking up in the morning and trying to drink from a fire hydrant. In the quiet of the Oval Office, the noise of immediate demands can be deafening. And yet Obama has precisely the temperament to shut out the noise when necessary and concentrate on the essential. The election of Obama-a man of mixed ethnicity, at once comfortable in the world and utterly representative of twenty-first-century America-would, at a stroke, reverse our country's image abroad and refresh its spirit at home. His ascendance to the Presidency would be a symbolic culmination of the civil- and voting-rights acts of the nineteen-sixties and the century-long struggles for equality that preceded them. It could not help but say something encouraging, even exhilarating, about the country, about its dedication to tolerance and inclusiveness, about its fidelity, after all, to the values it proclaims in its textbooks. At a moment of economic calamity, international perplexity, political failure, and battered morale, America needs both uplift and realism, both change and steadiness. It needs a leader temperamentally, intellectually, and emotionally attuned to the complexities of our troubled globe. That leader's name is Barack Obama.

-The Editors