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Bruce Springsteen – My Hometown Lyrics 14 years ago
I don't think it necessarily has to be about his own personal home town, just inspired by it. This song is more about how the times changed and it could be talking about almost any small(ish) town in North America. It could also echo how he sees the world with more reality and less innocence as he grows up and grows older. First he's an eight year old boy, then a high school student, then an unemployed husband and father with a son who is presumably about the age he was at the start of the song. He wants his son to remember where they were both from as the family will probably be moving away to find work somewhere else.

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Bruce Springsteen – Downbound Train Lyrics 14 years ago
In regards to jhoin's interpretation referring to a chain gang, railroad workers who repair and maintain the track have long been known as "section gangs". Chain gangs are not used on railroad tracks as the tracks are owned by the railroads which are private companies.
I think line the "Last night I heard her voice..." is speaking about a dream he had. Either that whole verse was a dream, or I think more likely he now lives somewhere else, had the dream of her telling him her "love had never died" and then he woke up and ran to where they had lived (their "wedding house"). Once he got there and went up to their room, he realized it had only been a dream, just as he heard the "long whistle whine". The whistle refers to a train horn. Many people, including the railroads themselves, still call them whistles as trains once used steam whistles.
The downbound train analogy ties the whole theme together beautifully. Masterfully written, very well sung.

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