Lyric discussion by synthetichuman 

This is one of the best songs ever written about waking up after a night of hard partying and feeling the damage. The restlessness, the paranoia, the way not only the night before, but your entire life is scrutinized.... It relates the self-doubt, the guilt, and the people who try to reassure you "It's nothing at all." Lou Reed was a lyrical genius, and the way he was able to capture those subtle feelings that people have but aren't necessarily proud of is one of his greatest accomplishments.

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