The Fool is one of the Major Arcana in the Tarot deck. This is the only Major Arcanum of which a vestige survives in modern standard playing cards, as the Joker. Usually given the number zero, it is variously counted as the first or the last of the Major Arcana. Traditional interpretations often take note that the young man on the card is richly attired, and the bindle he carries is a heavy, expensive purse. This is not a true hobo but someone privileged, playing at being a hobo.
MS: For me there's no better way to understand this card than Rocky and Bullwinkle. There's Bullwinkle J. Moose, about to walk off a cliff! "Dum de doo, what a nice day." At his heels, Rocky the Flying Squirrel is freaking out, trying to get his attention. "Bullwinkle, Bullwinkle, look out!" But Bullwinkle isn't paying attention to his friend or to anything. It is inevitable that he will walk right off. And, as viewers of the show know, when he does that he's not going to just fall and be killed. Maybe he'll continue walking out into thin air and stand there, looking at the pleasant scenery. Maybe something else even more unexpected will happen. But if Rocky (who, remember, is a flying squirrel and need not worry about falling, himself) does manage to get the message through about the terrible danger Bullwinkle is in, well... that's when physics will kick in.
The Fool is naive, stupid, and innocent; he walks into danger and and is protected from it by his own pure Foolish nature.