Lyric discussion by TG 

Cover art for Calling It Quits lyrics by Aimee Mann

"The Diamond as Big as the Ritz" is the title of a short story by F. Scott Fitzgerald, about a man who controls the world's largest diamond and commits a number of atrocities in order to keep that information privileged. One of the measures he takes is to tell his plantation slaves that the North lost the Civil War, thus keeping them in permanent bondage. One needn't look very hard to find parallels to the label-artist relationship that Aimee's lamenting here, in her usual bemusedly bitter tone.