Lyric discussion by ficticiousjoe 

This is about the evolution of music through the hidden, personal relationships of musicians. Specifically, this is about the end of Bob Dylan's relationship with Suze Rotolo largely due to an affair with Joan Baez as evidenced by Dylan's song "Visions of Johanna." The end of Dylan's relationship with Rotolo in 1964 ushered his introduction into an entirely new genre of music, Proto Punk which eventually influenced punk rock. Bob Dylan is, a punk.

"Johanna drove slowly into the city The Hudson river all filled with snow" Joan Baez (subject of Dylan's Visions of Johanna) drove into the city. The snow reference could represent an uncertain time or could just simply, represent mid-winter.

"a thousand years in one piece of silver she took it from his lily white hand" Symbolizes the death of the innocence in Rotolo and Dylan's relationship as Baez took the ring off of Dylan's lily white hand (lily white = pure).

"Showed no fear--she'd seen the thing In the young men's wing at Sloan-Kettering" Joan Baez's first relationship with Michael New ended as a result of cheating as well as her rise to fame which inspired the song "Michael". This could explain the above mentioned reference: "Showed no fear-- she'd seen the thing".

"Look outside at the raincoats coming" The end of Dylan's relationship with Suze Rotolo marked the beginning of the Proto Punk Period. It's also worth noting that one of Baez's songs "Famous Blue Raincoat" is likely about the end of Rotolo's relationship with Dylan.

"His Honor drove southward seeking exotica Down to the pueblo huts of New Mexico Cut his teeth on turquoise harmonicas"

His Honor, Dylan went to New Mexico (lived in gallup, new mexico growing up) and cut his teeth (cut your teeth = try something new) on turquoise harmonicas. Dylan was obviously known for his use of the harmonica.

"I saw Johanna down in the subway She took an apartment in Washington Heights Half of the ring lies here with me But the other half's at the bottom of the sea"

This transitions to Ezra's experience with Dylan, Baez and music as a whole. I saw Johanna down in the subway is likely another reference to "Visons of Johanna" as part of Dylan's work references the D train in the subway. In this instance, the ring is symbolic of the genre, where half of it is lost at the bottom of the sea and the other half is with Ezra trying to honor the music and it's hidden evolution through these inspiring relationships.

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