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Overshadowing all of these policy choices may be the financial crisis and the recession it is likely to spawn. It is almost impossible to predict what policies will be called for by January, but certainly the country will want in its president a combination of nimbleness and steadfastness -- precisely the qualities Mr. Obama has displayed during the past few weeks. When he might have been scoring political points against the incumbent, he instead responsibly urged fellow Democrats in Congress to back Mr. Bush's financial rescue plan. He has surrounded himself with top-notch, experienced, centrist economic advisers -- perhaps the best warranty that, unlike some past presidents of modest experience, Mr. Obama will not ride into town determined to reinvent every policy wheel. Some have disparaged Mr. Obama as too cool, but his unflappability over the past few weeks -- indeed, over two years of campaigning -- strikes us as exactly what Americans might want in their president at a time of great uncertainty.

ON THE SECOND set of issues, having to do with keeping America safe in a dangerous world, it is a closer call. Mr. McCain has deep knowledge and a longstanding commitment to promoting U.S. leadership and values.

But Mr. Obama, as anyone who reads his books can tell, also has a sophisticated understanding of the world and America's place in it. He, too, is committed to maintaining U.S. leadership and sticking up for democratic values, as his recent defense of tiny Georgia makes clear. We hope he would navigate between the amoral realism of some in his party and the counterproductive cocksureness of the current administration, especially in its first term. On most policies, such as the need to go after al-Qaeda, check Iran's nuclear ambitions and fight HIV/AIDS abroad, he differs little from Mr. Bush or Mr. McCain. But he promises defter diplomacy and greater commitment to allies. His team overstates the likelihood that either of those can produce dramatically better results, but both are certainly worth trying.

Mr. Obama's greatest deviation from current policy is also our biggest worry: his insistence on withdrawing U.S. combat troops from Iraq on a fixed timeline. Thanks to the surge that Mr. Obama opposed, it may be feasible to withdraw many troops during his first two years in office. But if it isn't -- and U.S. generals have warned that the hard-won gains of the past 18 months could be lost by a precipitous withdrawal -- we can only hope and assume that Mr. Obama would recognize the strategic importance of success in Iraq and adjust his plans.

We also can only hope that the alarming anti-trade rhetoric we have heard from Mr. Obama during the campaign would give way to the understanding of the benefits of trade reflected in his writings. A silver lining of the financial crisis may be the flexibility it gives Mr. Obama to override some of the interest groups and members of Congress in his own party who oppose open trade, as well as to pursue the entitlement reform that he surely understands is needed.

IT GIVES US no pleasure to oppose Mr. McCain. Over the years, he has been a force for principle and bipartisanship. He fought to recognize Vietnam, though some of his fellow ex-POWs vilified him for it. He stood up for humane immigration reform, though he knew Republican primary voters would punish him for it. He opposed torture and promoted campaign finance reform, a cause that Mr. Obama injured when he broke his promise to accept public financing in the general election campaign. Mr. McCain staked his career on finding a strategy for success in Iraq when just about everyone else in Washington was ready to give up. We think that he, too, might make a pretty good president.

But the stress of a campaign can reveal some essential truths, and the picture of Mr. McCain that emerged this year is far from reassuring. To pass his party's tax-cut litmus test, he jettisoned his commitment to balanced budgets. He hasn't come up with a coherent agenda, and at times he has seemed rash and impulsive. And we find no way to square his professed passion for America's national security with his choice of a running mate who, no matter what her other strengths, is not prepared to be commander in chief.

ANY PRESIDENTIAL vote is a gamble, and Mr. Obama's résumé is undoubtedly thin. We had hoped, throughout this long campaign, to see more evidence that Mr. Obama might stand up to Democratic orthodoxy and end, as he said in his announcement speech, "our chronic avoidance of tough decisions."

But Mr. Obama's temperament is unlike anything we've seen on the national stage in many years. He is deliberate but not indecisive; eloquent but a master of substance and detail; preternaturally confident but eager to hear opposing points of view. He has inspired millions of voters of diverse ages and races, no small thing in our often divided and cynical country. We think he is the right man for a perilous moment.

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