It, like many songs from this album, had to do with realization of alcoholism, drug addiction, and most of all, loss of relevance in music. He was always going out and running into the punk followers (and musicians) telling him he was losing relevance. He was admitting that he and his music was a casuality of change, and that other genres (like punk) were going to take over, and his own habits weren't going to help. He realized that other music is taking over, and that his efforts are no longer avant garde or cutting edge. He bemoans his group's up's and down's (we soared like a sparrow hawk flied, then we dropped like a stone). Pete's trying to deal with handing over the crown to (at that time) punk and new wave music and no longer being "important".
It, like many songs from this album, had to do with realization of alcoholism, drug addiction, and most of all, loss of relevance in music. He was always going out and running into the punk followers (and musicians) telling him he was losing relevance. He was admitting that he and his music was a casuality of change, and that other genres (like punk) were going to take over, and his own habits weren't going to help. He realized that other music is taking over, and that his efforts are no longer avant garde or cutting edge. He bemoans his group's up's and down's (we soared like a sparrow hawk flied, then we dropped like a stone). Pete's trying to deal with handing over the crown to (at that time) punk and new wave music and no longer being "important".