VB, it's my understanding that tailors in folk culture (not just song, note that the original peeping Tom in the Godiva story was a tailor, for example) are always stereoyped and ridiculed as tight-fisted, lecherous and leering, scheming and over-charge for their work. Why? Well, in European history Jews were prevented from owning land and thereby prevented from doing a whole host of jobs. One of the key professions Jews entered was tailoring, so it's no coincidence that the professional caricature of the tailor is identical to the anti-semitic caricature of the Jew. And that's why trad. songs invariably try to make the tailor look ridiculous, though The Tailor and the Louse does this in a rather opaque way.