This song is basically a story about a guy meeting an old friend or lover (Franny) from college. They do some catching up and talk about some people from their group and how they have done well for themselves. The song switches speakers a lot. Both of them sing the lines "What a shame about me". I think the "What a shame about me" is more directed to the narrator than Franny. Franny has done well with her life ("We talked about her films and shows and CDs") Also, I think it's quite obvious that Franny is interested in getting back together with this guy.
This song is basically a story about a guy meeting an old friend or lover (Franny) from college. They do some catching up and talk about some people from their group and how they have done well for themselves. The song switches speakers a lot. Both of them sing the lines "What a shame about me". I think the "What a shame about me" is more directed to the narrator than Franny. Franny has done well with her life ("We talked about her films and shows and CDs") Also, I think it's quite obvious that Franny is interested in getting back together with this guy.