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I've known it since I read the lyrics when I bought the album when it was almost new. Steinman was the first lyricist I really paid closely attention to and made an effort to understand the lyrics to. Other composers would make up almost non sense phrases to get metric or rhymes, but with Steinman every word seemed intentional (and when he succumbed to tentation at least looks like he felt ashamed of it - there's an entire awkward verse of Making Love Out Of Nothing At All that is missing from all versions after the original which is a shame because it climaxed with "I can make all stadiums rock" which is such a Steinman line)I’ve actually known the truth since 1999, when Meat revealed it on VH1: Storytellers,
...because that's not the order of the song? The verse goes:"I would do anything for love, but I'll never forget the way you feel right now."
"I would do anything for love, but I'll never forgive myself if we don't go all the way tonight."
"I would do anything for love, but I'll never do it better than I do it with you.”
"I would do anything for love, but I'll never stop dreaming of you every night of my life."
I think the problem is that none of those sentences actually make any sense. The word "but" doesn't actually seem to fit any of those sentences because the latter parts don't contrast with the former; none of those are mutually exclusive with a profession of doing anything for love. They're not even a thing one does for love at all, arguably. They're complete non-sequiturs!
FixedThis song, like 90% of rock 'n' roll, takes place in the back seat of a parked car and is sung by a horny 17-year-old boy.