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Henley's lyrics take the form of a personal remembrance of a close friend or companion, and evoke a powerful sense of nostalgia for the lost innocence of childhood. The music was written by Bruce Hornsby years earlier. Don was driving back from Bruce's ranch in Moorpark when he found out that a friend had been indicted for securities fraud---at the time the government was going after Michael Milken, thus the references to having to call the lawyers "because Daddy had to lie." The "place where we can go" refers to his 50-acre ranch outside Aspen, Colorado off Woody Creek Rd. The reflections and the emotional responses represent the end of the innocence of the baby boomers, which for some was coupled with a perception of nihilism, consumerism, and militarism during the Reagan administration. Even as they yearn for the simplicity and values of the past and the uncorrupted people they used to be, the song sees them coming to terms with the responsibilities and challenges facing Americans entering middle-age in the 1980s.