Lyric discussion by Evl 

Cover art for Portland lyrics by Replacements, The

Sounds like a bands tour recollection. From sitting on an airplane wasting time playing cards and drinking:

Shared a cigarette for breakfast Shared an airplane ride for lunch Sitting in between a ghost And a walking bowl of punch Can you play a little hunch?

Predicting a delay on landing Well I predict we'll have a drink Lost my money on the first hand Got burned on a big fat king

To landing and seeing a beggar or maybe a baggage handler:

Sitting like a backwoods junkie Caught down in a servant trust Look at the funny monkey Putting silver in his cup

To seeing another band doing the same thing(touring)or just regular people Traveling, living on credit.

Shared a cigarette for breakfast Shared a pack of lies for lunch Credit card almighty Bringing in the next little bunch.