Lyric discussion by Neox22xx 

Cover art for July, July! lyrics by Decemberists, The

I think this song is really about telling stories and how time changes how you tell them. "And I'll say, "Your camisole was a sprightly light magenta" When, in fact, it was a nappy bluish grey"

And also how he says "the water rolls down the drain" but then changes it to blood to make it more exciting.