analysis of first verse

I interpret the first paragraph of the song as talking about a rich and popular girl. I assume she is a girl because in the third line the narrator refers to the character as "doll". Who was perfect and in her prime, and thinks it will last forever. The type of person who thinks that there better than everyone. I see her as a person who also was warned with things like it will not always be this good. I got this from lines like "you're bound to fall" Or people warning her to help out others and her never doing it because she always saw being poor as a persons own problem the same with just being on hard times. I got this sense from the second line where the narrator says "you threw a bums a dime in your prime, didn't you" I think he says "didn't you" as a way of showing that she didn't and now she can see how hard  it is. I do not think it is revealed why the narrator falls until the second verse but I believe it is because of drug use which I will go into more later.  It eventually catches up to her and she looses all confidence and sees what she really was. She realizes that those people warned her where right and now feels bad for looking down on those below her. Now she wishes she had been different, and realizes what was wrong with who she was. I ge this from the narrator saying "now you don't seem so proud".

lyrics

Once upon a time you dressed so fine

You threw the bums a dime in your prime, didnt you? 

Peopled call, say, beware doll, youre bound to fall

You thought they were all kiddin you

You used to laugh about

Everybody that was hangin out

Now you dont talk so loud

Now you dont seem so proud

About having to be scrounging for your next meal.

How does it feel

How does it feel

To be without a home

Like a complete unknown

Like a rolling stone? 

Youve gone to the finest school all right, miss lonely

But you know you only used to get juiced in it

And nobody has ever taught you how to live on the street

And now you find out youre gonna have to get used to it

You said youd never compromise

With the mystery tramp, but now you realize

Hes not selling any alibis

As you stare into the vacuum of his eyes

And ask him do you want to make a deal? 

How does it feel

How does it feel

To be on your own

With no direction home

Like a complete unknown

Like a rolling stone? 

You never turned around to see the frowns on the jugglers and the clowns

When they all come down and did tricks for you

You never understood that it aint no good

You shouldnt let other people get your kicks for you

You used to ride on the chrome horse with your diplomat

Who carried on his shoulder a siamese cat

Aint it hard when you discover that

He really wasnt where its at

After he took from you everything he could steal.

How does it feel

How does it feel

To be on your own

With no direction home

Like a complete unknown

Like a rolling stone? 

Princess on the steeple and all the pretty people

Theyre drinkin, thinkin that they got it made

Exchanging all kinds of precious gifts and things

But youd better lift your diamond ring, youd better pawn it babe

You used to be so amused

At napoleon in rags and the language that he used

Go to him now, he calls you, you cant refuse

When you got nothing, you got nothing to lose

Youre invisible now, you got no secrets to conceal.

How does it feel

How does it feel

To be on your own

With no direction home

Like a complete unknown

Like a rolling stone?

lyrics from

http://www.lyricsfreak.com/b/bob+dylan/like+a+rolling+stone_20021169.html