Oberst told MTV News: "This is a pun, and I don't typically like puns. But it was almost, like, too good to pass up. That's actually the one song that was written start to finish down there (at Valle Mistico studio in Mexico). Just kind of jamming. I'm very fond of the drum take in that song, 'cause it was the second time we'd ever played the song and we recorded it. That's always, I think, there's something fresh about it for that reason, because we didn't really know how it went when we recorded it."
The TV show Cheers was nearly canceled after its first season, but the theme song, "Where Everybody Knows Your Name," was very popular. To satisfy viewer demand, the theme was made into a full song and released as a single.
Who writes a song about a name they found in a phone book? That's just one of the everyday things these guys find to sing about. Anything in their field of vision or general scope of knowledge is fair game. If you cross paths with them, so are you.