Lyric discussion by gilbag 

Pipe dreams are hopes that we don't truly believe will happen. He hurt her badly and is trying to make amends, but she won't even hear him out. He underappreciates her and he realizes that (the keys to the city went missing), but she reads too much into things and just doesn't get that people sometimes do bad things without alterior motives. He knows her intimately (like how he knows that she just masks her anger with laughter) and realizes that even though she is pissed at him, she really can't mean the hurtful things she is telling him.

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