This is one of the songs Dylan wrote about Edie Sedgwick, Andy Warhol’s film muse. She was a trust fund girl with mental health issues and craved fame. She had a fortune when she arrived in New York in 1964 age 21. After her 15 minutes of fame she was discarded by Warhol. 6 years later she was dead.
Dylan did have a brief affair with her but in this song he seems bitter. He never liked Warhol or The Factory believing he was the legit artist whereas Warhol courted the media with shock.
He presents it as she used to think she was so cool, laughed at her many suiters and taken in by the mystery tramp as she stares into the vacuum of his eyes. Now she’s homeless and having to scrounge for her next meal. I don’t believe it got that bad for her as she went home after problems with drugs.
Great song but don’t kick someone when they’re down.