Tony Crescenzi
Chief Bond Market Strategist
Miller Tabak + Co

No matter the policy, whether it is higher taxes or lower taxes, or more or less regulation, there is an intangible in every president that affects the lives of every American. I strongly believe that Barrack Obama's intangibles are superior to John McCain's and are set to lift the mood of the nation.

John McCain has many favorable intangibles, too, but I feel that Obama's are extraordinary and far superior to McCain's. Have no doubt: no matter who wins, the percentage of Americans who support their president will increase from current levels, perhaps doubling, because George Bush has such a small fan base. So no matter what happens, confidence amongst the electorate will increase, say from about 25% to at least 50%, although probably higher. Barrack Obama, who has an ability to electrify crowds, will probably see even better numbers.

The importance of this change should not be understated. Think back to when Ronald Reagan, whom I have always had great affection for, took office. The nation was downright despondent after many bad years, yet the moment Reagan took office there was a palatable sense of change, a feeling of moving forward and past dark times. While there will always be only one Ronald Reagan, I believe that Barrack Obama possesses similar traits capable of boosting the mood of the nation, just as John F. Kennedy did. Like Kennedy and Reagan, Obama has a remarkable alacrity about himself that people latch onto, partly because they want such cheerful readiness and a sense of purpose and confidence.

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Confidence is an intangible that in these times we have found is crucially important for the proper functioning of our financial markets and the economy. Confidence is something that Barrack Obama exudes. Confidence will return when Obama is elected and Obama will help lift the spirit of our nation, the intangible that has made this nation great since its beginning.

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Tony Crescenzi is the Chief Bond Market Strategist at Miller Tabak + Co., LLC where he advises many of the nation's top institutional investors on issues related to the bond market, the economy and other macro-related issues. Crescenzi makes regular appearances on financial television stations such as CNBC and Bloomberg, and is frequently quoted across the news media. He is also the author of the forthcoming book, "Investing from the Top Down," "The Strategic Bond Investor," and co-author of the 1200-page book "The Money Market." Crescenzi is a contributor to RealMoney.com."

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