This song is about a relationship between an older man and a 19 year old girl. The telling lyrics as to this fact are as follows:
"Way back when in '67 the singer was "the dandy of Gamma Chi". Thus if he was an upper classman in college (note a freshman couldn't have been a "dandy" at a college fraternity), in 1967, he would have been born around 1946-1948. Given that Fagan was born in 1948, he well may be the male subject in this song. As the song was recorded in 1978, the man would have been 30-32 on the date he's on with a 19 year old girl he describes as "so young and willing".
The 19 year old girl doesn't remember "Retha Franklin" which is the perfect reference as notwithstanding her tremendously successful career, Aretha had a dry spell after her 1973 #3 hit "Until You Come Back to Me" (her next big hit didn't come 'till 1982 with "Jump To It". Fagan also references the Soul Survivors who would have been at their peak in 1967 with their breakout hit "Expressway to Your Heart". Clearly the girl "thinks he's crazy but he's just growing old".
The date doesn't go all bad as the "Cuervo Gold" and "Fine Colombian" "make tonight a wonderful thing". Well recall that at the beginning of the song this 19 year old girl was "so young and willing". Thus, while they "had nothing in common" and "can't talk at all" she did "take him along" when she did finally "slide on down".
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