The song lyrics were written by the band Van Halen, as they were asked to write a song for the 1979 movie "Over the Edge" starring Matt Dillon. The movie (and the lyrics, although more obliquely) are about bored, rebellious youth with nothing better to do than get into trouble. If you see the movie, these lyrics will make more sense. It's a great movie if you grew up in the 70s/80s you'll definitely remember some of these characters from your own life. Fun fact, after writing the song, Van Halen decided not to let the movie use it.
Even now
After all these years
I think about you
With both joy and pain
Even now
I remember when you left
I walked all night
Through the rain
Broken and lost
Swearing I'd never love that way again
Even then
You were aiming much higher
Somewhere higher than you thought I could fly
Even then
You were looking for rainbows
Something more than a cloudless blue sky
Now you tell me you were wrong
You never should have left me for an empty dream
Now you spill out your regrets
A mighty river to a bitter stream
Lying awake
Thinking about all that might have been
I guess we're even now
I guess we're even now
Even now
More often than I'd like
I think about you
And the place we used to share
Even nowI remember all the songs

And the perfume in your hair

I was carried away
Until you cut me down in midair
Even then
There was something inside you
Something bright
That was burning so cold
Even then
There was something about you
Something dark that I couldn't hold
And now you tell me that your life
Has never been the free flight
You thought it would be
Now you know it's way too late
All we've got is history
You know that when I lost you
You lost me
I guess we're even now
I guess we're even now
I think we're even now
Even then
You were looking for rainbows
Even then
In a perfect blue sky
I guess we're even now
I guess we're even now
I think we're even now
Could be we're even now
I think we're even now
I think we're even now
I think we're even now
All that summer
In the moonlight
You were dreaming
I was believing
All that summer
(All the summer)
In the moonlight
(In the moonlight)
You were dreaming
(You were dreaming)
I was believing
After all these years
I think about you
With both joy and pain
Even now
I remember when you left
I walked all night
Through the rain
Broken and lost
Swearing I'd never love that way again
Even then
You were aiming much higher
Somewhere higher than you thought I could fly
Even then
You were looking for rainbows
Something more than a cloudless blue sky
Now you tell me you were wrong
You never should have left me for an empty dream
Now you spill out your regrets
A mighty river to a bitter stream
Lying awake
Thinking about all that might have been
I guess we're even now
I guess we're even now
Even now
More often than I'd like
I think about you
And the place we used to share
Even nowI remember all the songs

And the perfume in your hair

I was carried away
Until you cut me down in midair
Even then
There was something inside you
Something bright
That was burning so cold
Even then
There was something about you
Something dark that I couldn't hold
And now you tell me that your life
Has never been the free flight
You thought it would be
Now you know it's way too late
All we've got is history
You know that when I lost you
You lost me
I guess we're even now
I guess we're even now
I think we're even now
Even then
You were looking for rainbows
Even then
In a perfect blue sky
I guess we're even now
I guess we're even now
I think we're even now
Could be we're even now
I think we're even now
I think we're even now
I think we're even now
All that summer
In the moonlight
You were dreaming
I was believing
All that summer
(All the summer)
In the moonlight
(In the moonlight)
You were dreaming
(You were dreaming)
I was believing
Lyrics submitted by Netherdrake
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This is a very powerful song and very real for me at least. I suppose is pretty obvious what it is implied in the song, A man who is sort of melancholic remembering his great days with a special girl who at that time was eager to have more than what the man thought was a good relationship and when the girl notices her mistake and try to make up for her mistake, the guy just healed his wounds and tells her that they are even.
"...And now you tell me that your life has never been the free flight You thought it would be Now you know it's way too late, all we've got is history You know that when I lost you You lost me I guess we're even now..."
I particularly like this part because it reminds me about a friend that I used to like, who was really troubled with men, and when I told her what I felt about her, she turned me down and wanted to be friends with me, saying that she was looking something more for her life than a relationship... and after a while she ended up dating another dude who she just met a couple of months before and as expected, that relationship failed and she tried to come back to me, and I told her that I was no longer interested in having her as more than an acquaintance.. I really felt like we were even now... then I listened to this song, and I felt so relieved like I've made up my mind after what happened with this girl...