Once upon a time you dressed so fine
Threw the bums a dime in your prime, didn't you?
Back in her prime she was beautiful and wealthy.
The song concerns Bob Dylan’s relationship with Edie Sedgewick.
Edie was briefly in a relationship with Dylan, but cheated on him, with a number of people, while he was an up and coming musician, and eventually left him for the acclaimed artist Andy Warhol.
Their lives went different ways, with Dylan moving on to fame and fortune, and Palmer becoming destitute, and dying a homeless drug addict. Unfortunately, the song uses black humour on Dylans part, mocking the girl after she was dumped by Warhol, and quickly lost the brief fame she had as his girlfriend.
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