Lyric discussion by sonatina 

It's about a man who is rich and impressionable and has everything money can buy, but he's completely miserable. And then this woman comes into his life, and she is "so happy that she could sing," even though she's not at all rich. And he must be rejecting her, because she keeps repeating, "Who are you kidding? I can give you everything...you're kidding nobody but yourself."

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