In responding to the economic emergency, Mr Obama has again impressed – not by advancing solutions of his own, but in displaying a calm and methodical disposition, and in seeking the best advice. Mr McCain’s hasty half-baked interventions were unnerving when they were not beside the point.

On foreign policy, where the candidates have often conspired to exaggerate their differences, this contrast in temperaments seems crucial. For all his experience, Mr McCain has seemed too much guided by an instinct for peremptory action, an exaggerated sense of certainty, and a reluctance to see shades of grey.

He has offered risk-taking almost as his chief qualification, but gambles do not always pay off. His choice of Sarah Palin as running mate, widely acknowledged to have been a mistake, is an obtrusive case in point. Rashness is not a virtue in a president. The cautious and deliberate Mr Obama is altogether a less alarming prospect.

While criticizing Obama's trade policy and warning that Obama is sure to disappoint many of his supporters given the size of the mess he is expected to clean up, the FT comes to the obvious conclusion.

The challenges facing the next president will be extraordinary. We hesitate to wish it on anyone, but we hope that Mr Obama gets the job.