Lyric discussion by jknewcastle 

To take this song literally, it's a song about him watching a show with a drag queen, and ends up pining after 'her' forever more. As Stephin Merritt is gay, maybe it's written from a straight man's perspective, 'I've always been a ladies man' etc.

There a lot of other subtleties in this song, though. Notice the speaker talks about giving away his "trust fund" and "sign away the jag."

It's clearly a young man's song, and so it reminds me of a student production at (for example) Yale, before there were women, and men had to dress up to play the part of the women. It all seems very 1960's Ivy League hush-hush queer.

Great song.

I really like that interpretation. The confused feelings of a young 1960s Yale hotshot. Excellent imagery.

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