Wall Street may be losing faith in Barack, but the fashionistas are not so skeptical—Obamamania's all over the runways. At Milan's fashion week in February, designer Gattinoni showed off a kaftan gown with a head-to-toe portrait of the commander in chief (the slogan CHANGE ran along the hemline), while Italian Vogue showcased campaign T shirts paired with feather headpieces. New York fashion week also peddled the Obama magic: Jason Wu, who crafted Michelle Obama's inauguration dress, was one of the hottest tickets in town; the African Fashion Collective Show culminated with a white, body-hugging dress by Xuly Bet, who silk-screened a red, white and blue Obama portrait onto the sheer material. And whether or not it's a true supposition, fashion insiders credit the larger presence of models of color this year to the new first family. Hold onto your Manolos—there's a new tastemaker in town.