Relations between Jagger and Richards had grown tense during the 1980s as they began to disagree on the musical direction of the band; "You Don't Move Me" would be written about their feud.

Recording began in August 1987 at Le Studio in Morin Heights, Quebec, and continued sporadically until the following May with visits to Montserrat and Bermuda.

The core of the band, called the X-Pensive Winos, consisted of Waddy Wachtel, Ivan Neville, Charley Drayton and Jordan, with many guest artists taking part in the recording, including Sarah Dash, Bootsy Collins, Maceo Parker, the Memphis Horns and Patti Scialfa, and the only musician from the Stones to appear, guitarist Mick Taylor.

Released in October 1988, Talk Is Cheap was met with critical acclaim, with some reviews half-jokingly calling it the best Rolling Stones album in years.

The Houston Chronicle noted that "if Richards can't sing and his songs are unexceptional, he co-opted those potential problems by providing these sessions with a looseness that borders on the feel of a demo tape, an ingenious antidote to the day's polished pop (why eight studios then?).