Lyric discussion by RussilloSM 

Cover art for Speedboat lyrics by Lloyd Cole & The Commotions

Not sure about meaning, per se, but seems to be, if not based on then at least inspired by Renata Adler's citylife novel Speedboat. ("You were all right there...until you lost your cool" is a line from page 4 of the paperback edition, and "...we are still friends" appears on page 38. I think that's it for any direct lyric-to-book comparison, but the vibe is unmistakably similar...a cast of young men and women wending their way through early adulthood in the city.