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Steely Dan – Do It Again Lyrics 12 years ago
Until I just read the lyrics moments ago, (funny that after listening to this song hundreds of times over the last 40 years, i had never actually read the lyrics) I had thought the whole song was about a gambler in vegas.

But it is really about repeating bad choices in all different areas of. Fagen sings about the cycle (wheel spinning round and round) that one finds themselves in when they go back and repeat them again.

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Steely Dan – Bad Sneakers Lyrics 12 years ago
I had always imagine the narrator being a sailor or soldier in New York during the Vietnam War era.

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Steely Dan – Deacon Blues Lyrics 12 years ago
Interestingly, at the start of each verse in "Deacon Blues," the protagonist hints at his own death. The first being at ground zero of a nuclear blast ("That shape is my shade, there where I used to stand"), the second is against a firing squad ("by back to the wall") and the third by hanging ("I take one last drag, as I approach the stand").

The narrator then imagines another life so far different from his current one. He, most likely, has not actually faced death, but his disappoint in life is so server that for him he is dead.

I think he is actually about to lose touch with reality, and is doing so willingly. He is ready to cross the fine line between reality and illusion.

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Steely Dan – Peg Lyrics 12 years ago
I think Woody Allen's film "The Purple Rose of Cairo" might be another interpretation of the song's lyrics.

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