ABC’s Jake Tapper has a good recap of the highlights of Powell’s interview on Meet the Press.

As I said before – this will dominate the news cycle for one or two days. Pundits in the blogosphere and the major media will be aflutter talking about this. Obama clearly controlled the narrative yesterday with the carefully timed announcement of his $150 million fundraising figure and the nod from Powell.

McCain’s problem is that he is running out of time. He has about two weeks to go and not many ways to change or control the media narrative before Election Day. Barring a drastic change in the underlying fundamental dynamic of this election (which happened when the financial crisis hit on September 15), the political environment will continue to favor Obama.

Update: Former McCain adviser Mike Murphy weighs in at TIME’s Swampland Blog. His analysis: “Colin Powell’s endorsement of Obama today is a real sledgehammer blow to the already staggering McCain campaign.” The rest of it is not pretty.

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