Lyric discussion by tripoli 

someone close to him seems to have fallen into a bout of depression or maybe just apathy ("the bleeding color gone to black, dying like a day"), and the speaker is frustrated because he doesn't know how to help bring the life back to them. "if you get a feeling next time you see me/ do me a favor and let me know/ 'cos it's hard to tell/ it's hard to say/ oh well, okay." he's saying, if you ever feel like you can tell me how to help, DO SO, because it's so hard to stand here while you're hurting and be powerless.

it's a feeling of helplessness when trying to aid those you love, but can't. one of my favorite elliott smith songs...

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