If misery loves company, Americans are about to find a laugh at the financial doom and gloom thanks to Ed McMahon, in his new incarnation as a rapping pimp.

In attempt to educate the public about the importance of monitoring their own finances, the 85-year-old comedian and former television host taped two viral rap videos for the financial website FreeCreditReport.com. The videos are reportedly scheduled to appear on the Internet in October. In one of the videos, the former "Tonight Show" sidekick and "Star Search" host is wearing a leopard tracksuit, Kangol hat and an oversized alarm clock necklace (made famous by rapper Flavor Flav).

At a time when the nation’s economy is in turmoil, with home foreclosures at an all-time high, and talks of the government finalizing the biggest financial bailout in history, many Americans want the reassurance that their finances are protected. And, surprisingly, the legendary sidekick of Johnny Carson, who was in the media spotlight years before Britney Spears was even born, can relate.

According to the Associated Press, in June, funnyman McMahon was fighting foreclosure on his Beverly Hills home after falling $644,000 behind in mortgage payments. McMahon appeared with his wife, Pamela, on "Larry King Live" to talk about the situation. CNN reported that McMahon’s wife said that people assumed they’re millionaires because of her husband’s successful career, but explained that they too are sharing — along with the rest of the country — sudden financial woes.

FreeCreditReport.com is owned by the credit bureau Experian, which provides credit reports, credit scores, credit monitoring and other credit-related information.