Black Friday 2008:Credit limits lowered

I have it on good authority that over this past week a large number of U.S. banks have been quietly lowering the credit limit on people's cards. While its true that there are other reasons banks do this, its pretty obvious that McCain's $700 billion stimulus didn't work. Of course, Obama said it wouldn't, not until it was bolstered by his $800 billion stimulus in January. Palin may have stopped the Bridge to Nowhere, but Obama is still trying to sell it to you.

What it is, however, is another sign of the upcoming global market disaster. So far no word about Canadian credit card holders having their limits suddenly dropped, but don't be surprised.

On a side note, this is not the best time to buy an HDTV. Wait a couple months, people!