A phrase that Dave has used over the years to get his point across that no-one is going to bail you out. There is no magic pill for debt. You're not going to win the lottery. And Ed McMahon is not going to show up at your door with a big check from Publisher's Clearing house. "Ed McMahon is not coming."

How true that is. Even for Ed McMahon himself. It was announced this week that Countrywide has begun foreclosure proceedings on Mr. "You may have already won 10 million dollars!" himself, Ed McMahon. He's 85. He's been in show biz for decades, most famously as Johnny Carson's sidekick on the Tonight Show.

Shock #1: He has a mortgage?!
Shock #2: He can't pay his mortgage?!
Shock #3: He has a mortgage with Countrywide?!

He hasn't worked in 18 months since breaking his neck, in a tragic 'he-won't-say-how' accident. I'll wager that his much younger wife may have been involved (wink-wink). Forget that. How is it that this pop culture icon is at the brink of financial disaster at this point in his career? His statement to Larry King sums it up pretty well: "If you spend more money than you make, you know what happens," he said. "A couple of divorces thrown in, a few things like that."

This statement from Ed's wife is also of interest:

Asked why a multimillionaire could not make his house payments, McMahon's wife, Pamela, said, "Over the years, it's a combination of maybe Ed working so hard and not looking at proper management. We didn't keep our eye on the ball. We made mistakes."

Do you think you are immune to this stuff? Do you think you can out earn your mistakes? The simple answer is NO.

Ed found out that "Ed McMahon is not coming". Literally and figuratively - soon Ed McMahon may not be showing up at Ed McMahon's house.

***Update*** More info here from CNN
Evander Holyfield looks to be in the same boat.