At face value, this song reflects a woman's (hinted by "babe" and "oh girl") recurring on-and-off relationship with a "loser" who has severed their relationship on at least one instance, hinted by the first line, "look whose come back home again".
Although it is not explicitly mentioned, one can infer from the somber tone of vocalist Thurston Moore that the content of the song is particularly unsettling. My hunch is that this is because the lyrics suggest that the "loser" does not concern himself with their relationship, and will unexpectedly call it off again sooner or later - which can be gathered from the last few lines "Cause now that you're in his arm babe, you know you're just in his way", as well as the earlier mention of him being a "hit-and-run lover". The woman seems to deserve a more committed partner.
At face value, this song reflects a woman's (hinted by "babe" and "oh girl") recurring on-and-off relationship with a "loser" who has severed their relationship on at least one instance, hinted by the first line, "look whose come back home again".
Although it is not explicitly mentioned, one can infer from the somber tone of vocalist Thurston Moore that the content of the song is particularly unsettling. My hunch is that this is because the lyrics suggest that the "loser" does not concern himself with their relationship, and will unexpectedly call it off again sooner or later - which can be gathered from the last few lines "Cause now that you're in his arm babe, you know you're just in his way", as well as the earlier mention of him being a "hit-and-run lover". The woman seems to deserve a more committed partner.