Ed McMahon on “Spending More Money Than You Make”

You didn’t think the Ed McMahon foreclosure story was just going to go away, did you?

Ed and his wife Pamela were on Larry King Live last night. Of course! They’ll be on The View next.

Here’s some of what he had to say from ET Online:

“It’s like a perfect storm. The economy problems … selling the house right now is a tremendous operation,” Ed said, admitting also: “If you spend more money that you make, this can happen.”

“I think that because you’re a celebrity, people think you have a lot more than you have,” Pamela added, attributing their troubles to “a combination of Ed working so hard and [our] not looking at proper management.”

Um….”proper management” Pamela?

Why didn’t Larry ask the REAL questions that are on everyone’s mind like:

1. “Ed, where’d all the money go?”

2. “Ed, why didn’t you save for a rainy day?”

3. “Ed, what are you going to do if you DO sell the house before foreclosure, because with that loan amount, it’s not like you have much to live on.”

I’m pleased to see that at least Ed took some of the blame for his predicament. It’s NOT about the economy and a slow housing market. It’s that he MUST sell because he has no money to make his payment.

He apparently went public with the news of pending foreclosure because, well, that’s public information (ha! ha!) and also because:

“I figured I want to speak for [them],” he said. “I want give them hope and some kind of guidance.”

He wants to give others facing foreclosure some kind of “guidance”???

I, for one, am glad he’s gone “public” and is speaking out. Look in the mirror and repeat after me:

“I will not be Ed McMahon someday. I will prepare for my retirement. I will save some money for a rainy day. I will not be Ed McMahon someday.”

But Ed is forever the optimist because some publicity is better than NO publicity (even Ed knows that):

“Now there’s all kinds of interest. I’m optimistic,” he said, adding that his experiences landing fighter jets on battleships during WWII have given him a practical life-outlook: “Once you’ve done that a couple times, this is easy.”

Stay tuned. I doubt this is the last we’re going to hear of this story.