After hearing it a few (hundred) times, I realized that it wasn't poking fun at any one thing; it was poking fun at everything, and it was doing so using this grab bag of misfit motifs in a way that masked just how intelligent Beck was. (More on that in a sec.)
Story is, the song came about by chance. Back in the early 90s, Beck moved to L.A. after a stint in New York, where he'd spent several years trying to make it as a folk/punk musician. He was living hand-to-mouth, working odd jobs for very little money and then playing acoustic shows at bars and coffeehouses in between, whenever someone was willing to let him on stage. In order to get people's attention, he'd make up bizarre stuff on the spot, just to see if people were listening.
As he told Rolling Stone in 1994, "I would always sing my goofy stuff, because everybody was drunk, and I'd only have two minutes."
Anyway, in 1992, his goofing around caught the attention of Tom Rothrock of indie label Bong Load Records, who ended up inviting Beck to hang out with hip-hop producer Karl Stephenson. Long story short, Beck and Stephenson came up with "Loser" at the latter's house by fooling around with different sounds, loops, and improvised lyrics.
The song sat on the shelf for well over a year (Beck didn't think it was particularly noteworthy), when Bong Load finally released it in 1993. To Beck's surprise (and eventual dismay), it took off as a "slacker anthem" on West Coast indie radio, which drew the attention of music mogul David Geffen, who came calling with an offer to sign Beck to his DGC label. In 1994, DGC re-released the single, and it famously became a hit across the country.
The feeling at the time (and I admit, I felt this way, too) was that Beck was some jokey one-hit-wonder who had nothing else to say. Apparently, he also knew the public's perception, and it bothered him. A lot.
As he told Entertainment Weekly in 1997, "Being attached to a highly disposable segment of the popular culture—the one-hit wonders, the cartoon slackers, the video phantoms—it's a little troublesome."
He ultimately had the last laugh by releasing the unexpected, brilliant Odelay in 1996.
In fact, if it weren't for Odelay and his consistently solid career since, I don't think I'd be able to look so fondly upon "Loser." It's kind of like being able to go back and laugh at your old, awkward photos from 7th grade because you know that everything turned out okay.
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