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Tom Petty – It'll All Work Out Lyrics 8 years ago
This is about his then-wife Jane. From the liner notes to the Playback box set:

Comments: Recorded at: Sound City, Van Nuys, CA and M.C. Studios, Los Angeles, CA. Mixed at: A&M Studios, Hollywood, CA (MCA Records) "That's one of my favorites ever," Tom says. "It's a durable song." Asked what inspired it, Petty is quiet for a minute and then says, "I think Jane and I were probably fighting at the time. We had a brief separation during that album. I don't think it was about that necessarily, but that inspired it." Which adds poignance to lines like "When she needed me I let her down." Petty has always worked hard to keep his private life private. Asked about his wife, he says, "She was always there and always been a good sounding board for me. All the music's been bounced off Jane. And she's always been very supportive of the group. I didn't really have a lot of time at home for many years, yet she was still very supportive."

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