Though I cannot personally relate to this one (which is often times the very best songs!) my thought is that he seems to be distanced from someone he knew so well and though he watches her "blossom" (not into a woman but into someone he knew she would eventually become...someone he loved from the beginning and still loves her) he is but a bystander. It isn't that he wants to be part of her life nor is it that he wants and misses the past, he is.simply observing.
He feels no pain directly (though soulfully reveals he is ever standing in the rain regardless of whatever woman is present in his life) watching as the innocence from the woman is drained. Probably an innocence he once admired.and wanted for her to keep but he sees that she has turned into every other woman he has ever met. He had unrealistic dreams that she would maintain what he saw in her in the first place but he sees it fading away.
The last part really reveals that he is so disgruntled by her and more so a stranger that he doesn't even want his name to be associated with her.
A true depiction of a how fame and hollywood can wreck genuine devotions. He thought she was so grand but after they ended he gets this idea that "the only way she is even where she is because of me, but thats not how I knew her." In fact, he is a bit affected by the turn of events as he doesn't even want his name to be associated with her. She took from him much more than he had expected and is left to wonder if everything she had given him was fake in the same way she appears. Obvioulsy a hollywood complex or hollywood "issues."
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