James Taylor | Fire and Rain

On the VH1 series Storytellers, Taylor said the song was about several incidents during his early recording career. The second line “Suzanne, the plans they made put an end to you” refers to Suzanne Schnerr, a childhood friend of his who died by suicide while he was in London, England, recording his first album.

In that same account, Taylor said he had been in a deep depression after the failure of his new band the Flying Machine to coalesce (the lyric “Sweet dreams and Flying Machines in pieces on the ground”; the reference is to the name of the band rather than a fatal plane crash, as was long rumored). Taylor completed writing the song while in rehab. Wiki