Don't call pretty Peggy
She can't hear you no more
Don't leave no message 'round her back door
They say the old laughing lady been here before
She don't keep time
She don't count scores

You can't have a cupboard if there ain't no walls
You got to move, there's no time for you to stall
They say the old laughing lady dropped by to call
And when she leaves she leaves nothing at all

See the drunkard of the village falling off the street
Can't tell his ankles from the rest of his feet
He loves his old laughing lady
'Cause the taste is so sweet
But the laughing lady's loving
Ain't the kind he can keep

There's a fever on the freeway
Blacks out tonight
There's a slipping on the stairway
That don't feel right
There's a rumbling in the bedroom
And a flashing light
There's the old laughing lady
Everything is alright
There's the old laughing lady
Everything is alright