Oil prices and fears about recession, inflation and falling earnings are suddenly on everyone’s minds. We’ve covered those in past months. But what’s been pushed off the front page that is important to everyone? The Ed McMahon problem.

“If you spend more money than you make, you know what happens,” McMahon said recently on CNN’s Larry King Live, explaining why he’s losing his home. To those of us in the baby boom, McMahon was a fixture of our formative years, as was his ebullient, “Heeeeeeere’s Johnny!” He made millions, back when a million dollars was serious money. How could he run out of money?