With Colin Powell scheduled to appear on "Meet the Press" this Sunday the rumor mill is spinning furiously with questions of a possible Obama endorsement. On "Morning Joe" today, Time's Mark Halperin explained why a Powell endorsement would be big for Obama:

"I think it would do a lot of things. He's a press favorite. It would get several days worth of coverage. I think for some voters who are wary about voting for an African-American who they don't know, who doesn't have experience in national security, here is a validator who is almost unique in America today."

(I guess no one wonders if Powell might in fact endorse McCain.)

We should also remember that Powell has more or less taken himself out of the partisan game since leaving Washington. These rumors have surfaced before to no effect. And maybe that's because Powell holds an unusual spot in American politics as a respected elder statesman who was never president. Would endorsing Obama tarnish that reputation? Perhaps. Wherever his personal inclinations lie, Powell might also figure that Obama doesn't need his help right now, so why dive into it?

Still, maybe Powell has concluded that, if he was ever to get back into it, now's the time.

UPDATE: The Politico's Mike Allen has more on the endorsement rumors.