The stock market crash of ’29 was a social leveler specifically because the richies got poorer, too. Now with the whole subprime slam-bang, we could be seeing the same kind of re-leveling. Case in point: Ed McMahon, ‘best known as Johnny Carson’s sidekick on “The Tonight Show”‘ but that us young kids know only from his ads for Publisher’s Clearinghouse, is 644 thou in arrears for his Beverly Hills home. Of course, he’s trying to sell the house and this isn’t really a market for selling, but still. If old rich guy is belly-up, that doesn’t bode well for those with smaller incomes.
I am a moral person. I’m also a person who’s worked in a bank and knows just how far she could get snatching a check worth more than I may ever make. Still, I wonder if Ed, in his little van with balloons and his giant cardboard checks, was ever tempted to just drive away?