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They all say it
I'll say it too
You've got a new favorite
You're old standby
your right hand guy
is nothing new
you've got a new favorite
Why do you lie about love?
I saw the light go out
(interlude)
And should I go
you won't say so
I know its true
I know you've got a new favorite
I know you've got a new favorite
You've got a new favorite
They all say it
I'll say it too
You've got a new favorite
your right hand guy
is nothing new
you've got a new favorite
I saw the light go out
you won't say so
I know its true
I know you've got a new favorite
I know you've got a new favorite
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Very, very sad song. I love the tone set by the music itself.
This song is the final realization that your relationship is over. I think it's about losing not only a lover, but a best friend (old standby, your right-hand guy is nothing new). For most people it's very hard to move on from something like that. Especially when you don't understand the reasons why.
There are similar themes in many of Krauss' songs (The Lucky One, It Doesn't Matter, That Kind Of Love, etc), but this song captures it the best in my opinion.
Makes me think the song is about finally letting go of a habitual cheater:
You're old standby your right hand guy is nothing new
and you're left with the evidence staring you in the face:
I saw the light go out
And should I go you won't say so I know its true
The song was written by David Rawlings & Gillian Welch.
It's simplest to see it from a guy's point of view of losing his old lover to someone new, but it's probably best to consider it as universal -- applying to any lost love relationship.