“When he took over, the country was in very very difficult straits. We were in the one of the worst recessions we had seen in recent times, close to a depression. The fiscal system was collapsing. Wall Street was in chaos, we had 800,000 jobs lost in that first month of the Obama administration and unemployment peaked a few months later at 10 percent. So we were in real trouble. The auto industry was collapsing, the housing was starting to collapse and we were in very difficult straits. And I saw over the next several years, stabilization come back in the financial community, housing is now starting to pick up after four years, it’s starting to pick up. Consumer confidence is rising.” – Former Secretary of State Colin Powell, announcing his endorsement of President Obama.