Tell me the point of adopting a crocodile
When you know that he's going to be flushed to the sewers down low
Slithering, writhing, wiggling
Living where the moon don't glow
El-P is referring to a New York city myth about how the city has crocodiles in its sewer system.
The tale originated in the 1930’s and claimed that rich families who lived in New York would travel to Florida and bring home crocodiles as pets for their children. The children would then play with the crocodiles until they got big enough to bite and attack, so the kids would flush them down the toilet (or plop them in a manhole) and they’d end up in the sewers.
So El-P is asking the woman he’s with why she’d want to start a relationship with him (adopting a crocodile) when she knows he’s dangerous or at least not good with relationships, which means they’re eventually going to have to break up (flushed to the sewers down low).
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