Lyric discussion by aubible_sigh 

this song is actually, like Boxcar, about the Berkley punk scene. specifically, it was written in anticipation of the backlash and sellout claims that the band was expecting (and had already begun getting) as a result of signing to a major label

you're right, it's about his feeling turned on by fans, or his paranoia about it, after they signed with Geffen. He says so in an interview in Punk Planet in 2003.

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