Whatever kind of president John Edwards might have made, a decider he isn’t. The Associated Press reports that Edwards made his first public speech today since dropping out of the Democratic primaries two months ago, and the most important part of the speech was what he didn’t say.

Speaking in North Carolina one week after Bill Richardson, another former candidate, announced his support for Barack Obama, Edwards took the stage as the last former candidate of consequence yet to weigh in on either side. In a deadlocked race, his imprimatur for Obama could arguably have been the blow that ended Clinton’s campaign. (It’s not clear what impact his endorsement for Clinton might have.)

Instead, Edwards refused to come out in favour of either candidate. What’s taking him so long?

I can see a few explanations, none of which make Edwards look like a stand-up guy. First, and I think most likely, is strategic indecision: Edwards may be trying to hold out until the candidate is all but decided, minimizing his chance of alienating the eventual nominee. President would have been nice, but secretary of labour wouldn’t be all that bad.

Second: tactical indecision. With Richardson’s announcement last week, Edwards may have felt that making an announcement of his own today would have carried a hint of me-too-ism. If that’s the reason, expect word from Edwards in the next few weeks.

Third: just plain indecision. This is the least plausible explanation for Edwards’ silence so far, but I suppose it’s not impossible. After campaigning against Clinton and Obama since essentially the 2006 midterms, Edwards would have had a better chance than anyone to judge the two candidates’ strengths. If he can’t make a decision by now, it’s hard to see how the Democratic party could be expected to.

It’s not clear how much more time Edwards will have to make up his mind. There’s little doubt that the current stalemate could hurt Democrats’ chances for November, and we should expect more comments like this one, from Senator Patrick Leahy. The longer John Edwards takes to make up his mind, the less likely that the rest of the party is going to care.