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He plays it in the key of C with the cape on the 3rd fret, finger-picking, so relative to the capo the chords are as follows:
ATime is jammed and flying fDast EBrakes are bad the pot holes rAough I?m out here running from the pDast EWhat we had was not eAnough
F#mHeard she?s just touched down in HoEllywood DAnd her friends all say she?s lEooking good AI saw it coming from the sDtart EShe?s a moving work of Aart
But as he picks the A chord he's got his little finger on the fifth fret, relative to the capo, and when he picks the D chord he's also covering the D-string on the fourth fret As he finger-picks he alternates bass notes, from the fifth and fourth string, or 6th and 5th where applicable