Lyric discussion by asteroide 

Cover art for Deadwood lyrics by Dirty Pretty Things

My interpretation:

He feels some person (Doherty)´s wasting his life doing what he´s doing... and he feels bad for him cuz he has more than enough potential to do better... he used to feel guilty for him but not anymore, and now can clearly see it´s not his fault and he´s not to blame...

dont know... that is if he was writing about the tumultous relationship he and pete had. but who knows for sure what he could´ve been possibly writing about...