The idea that anything Colin Powell says is taken seriously is a stretch. The fact that he has - to the surprise of no one - endorsed Barack Obama for president only makes his political impotence complete.

Powell has no standing in the Republican party, or the conservative movement, nor in the Democratic party for that matter (considering how they slimed him with charges of "collusion" with Bush in war crimes).

The press is making this a big story because Powell may still garner respect among some "independents." But the idea that this endorsement will help Obama is wildly overblown. It has about as much impact as an endorsement by Bruce Springsteen - which is to say little or nil.

Still, it is interesting that Powell did not endorse Obama for his foreign policy views but rather because Powell believes he would be better at handling the current economic crisis:

Obama displayed a steadiness, an intellectual curiosity, a depth of knowledge," Powell said.

"He has met the standard of being a successful president, being an exceptional president," he said.

During the campaign, Powell has met with both candidates and said he has a lot of respect for McCain. He said Sunday that he thinks both candidates are qualified to be president.

"It isn't easy for me to disappoint Sen. McCain in the way that I have this morning, and I regret that," Powell said.

Speaking on Fox News Sunday, McCain said he respects and admires Powell, and the announcement "doesn't come as a surprise."

"I'm also very pleased to have the endorsement of four former secretaries of state -- Secretaries [Henry] Kissinger, [James] Baker, [Lawrence] Eagleburger, and [Alexander] Haig -- and I'm proud to have the endorsement of well over 200 retired Army generals and admirals," McCain said.