Brenda Rinetti were the popular steadies
and the king and the queen of the farm...
Well, they got an apartment with [mumble mumble]
and a couple of pennies from Sears
A big wad of bed that they bought with the bread

The story:

Later on in the song it says "Brenda, you know that you're
much too lazy and Eddie could never afford to live that kind of life" and one day it
suddenly occurred to me that he was talking about two people and wasn't saying
"There we were waving
Brenda Rinetti goodbye"! I had also thought they were buying a "big wad of bed" with
actual loaves of bread they had saved
for a couple of years. Increased vocabulary took care of the rest. ,)