I think this song is about being cocky and overly confident, and then finally getting kicked in the butt for it. Specifically it refers to time passing by and being more and more cocky over time. "Where do the dreams of babies go" refers to, in my perception, how babies are so innocent, but they will grow up and deviate from such innocence--Chan Marshall is wondering where those innocent dreams went, basically.
I think this song is about being cocky and overly confident, and then finally getting kicked in the butt for it. Specifically it refers to time passing by and being more and more cocky over time. "Where do the dreams of babies go" refers to, in my perception, how babies are so innocent, but they will grow up and deviate from such innocence--Chan Marshall is wondering where those innocent dreams went, basically.