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The "Old School" referred to in this song is Bard College in Annendale, New York, where Donald Fagen and Walter Becker met. The song is at least partially inspired by an event that occurred at Bard, where both Becker and Fagen, along with their girlfriends, were arrested in a pot raid on a party that was orchestrated by an ambitious young District Attorney named G. Gordon Liddy (hence the line "Tried to warn ya about Geno and Daddy G"). Despite the fact that California has not (yet) tumbled into the sea, both Fagen and Becker have returned to Bard. (thanks, James - Lexington, KY)
The "Wolverine" is the train that went to Annendale.
Mike Watt - "History Lesson, Pt. 2"
Mike Watt of the Minutemen tells the story of the song that became an Indie Rock touchstone. It's also the story of what Mike calls "The Movement."
After studying in Paris with a famous composition teacher, Charles became the most successful writer of TV theme songs.