Yeah buddy, that's his own affair

The story:

The eccentricities of rich people are much more tolerated, at
least in the US, than those of poor people. So my
interpretation was that the narrator thought it OK for a
millionaire with a private jet to to wear "the earring and the
makeup", but not for somebody of ordinary means. This
interpretation agrees with Mark Knopfler's later admission
that the lyrics are an almost verbatim transcription of a
conversation he overheard between employees of an
appliance store.

Then I bought the CD and saw the actual lyric in the insert.
Instead of a socioeconomic commentary, it's just a remark
that men aren't supposed to have long hair.