This seems to be Stipe speaking autobiographically, looking back on his teen years/early 20s with disdain now for the attitude he had then. Specifically, the younger version of the singer was self-impressed, confident that he would achieve tremendous success ("write the great American novel") and partying too hard. (I think "wake up bomb" may be referring to a hangover.)
Of course, Stipe has ended up enormously successful, but that doesn't seem to lessen his disdain for his earlier hubris. This may be because he wasn't as successful as he thought he would be (he hasn't written the "great American novel") or because he's learned that success isn't so meaningful ("I've had it all; I'm giving up").
This seems to be Stipe speaking autobiographically, looking back on his teen years/early 20s with disdain now for the attitude he had then. Specifically, the younger version of the singer was self-impressed, confident that he would achieve tremendous success ("write the great American novel") and partying too hard. (I think "wake up bomb" may be referring to a hangover.)
Of course, Stipe has ended up enormously successful, but that doesn't seem to lessen his disdain for his earlier hubris. This may be because he wasn't as successful as he thought he would be (he hasn't written the "great American novel") or because he's learned that success isn't so meaningful ("I've had it all; I'm giving up").