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Modest Mouse – Satin in a Coffin Lyrics 16 years ago
As a series with the rest of the album, the overall meaning is "The Good Times" have been killing Isaac. This song, I believe, takes place after partying and Isaac is drunk next to another person, who has passed out on the carpet. So he wonders "are they dead or are they sleeping?" the person responds "do you believe what your saying?".
Overall, this song is a realization for Isaac that his party life is killing him. After this song, an Interlude is played with the sound of a baby, signifying that he is reborn.

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