The former Secretary of State and chairman of the joint chiefs of staff -- who gave Obama a critical endorsement in 2008 -- says he's still on board in 2012.

In an interview on CBS This Morning, Colin Powell gave an enthusiastic review of the president's term in office.

"When he took over the country was in very, very difficult straits, we were in one of the worst recessions we had seen in recent times, close to a depression," he said. "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. So I think generally we've come out of the dive and we’re starting to gain altitude."

He noted the unemployment rate was still "too high" and there were lingering problems in the housing market, "but I see that we are starting to rise up."

He also credited Obama with ending the war in Iraq and winding down the war in Afghanistan.