This song describes a man and woman that had everything but lost it because of their lifestyle. Joe Walsh, who helped write this song with Don Henley and Glenn Frey explained: "Life In The Fast Lane' kind of expressed the stereotyped LA 'run around in your Porsche' 24 hour boogie mode that unfortunately is too true for a lot of people. It wasn't really a statement about the guys in the band, or about anybody in particular – just it's kind of disturbing to see the extremes that the bourgeois jet set will involve themselves in.