There's always the legal side- libel is always arguable if you use a news item- I think it's easier to wrap up a satisfying song if you've taken ideas from all over, because the ending doesn't have to be what happened in real life. Every song I've written is in an imaginary person's shoes, because they can think what I don't and then I can explore their outlook.. can have disadvanttages, I was asked if I was depressed and needed therapy because I wrote a song from the point of view of a shepherd on Romney Marsh... I'm more likely to need it for writing Stick It Out For England...
other perspectives...
Bob