Old Laughing Lady / Neil Young

Hi all,

I have always been a fan of Neil Young. I just finished watching Heart of Gold, which I think was made in 2006. It is a documentary on Young in Nashville. Anyway, the closing song which is Old Laughing Lady, is a great song, if just for the guitar itself. However, the lyrics are quite odd.

I realize, this song might mean something different to different people. Of course it is quite subjective. Anyway, what do you think he was singing about and and who or what is "old laughing lady".

Here are the lyrics,

Don't call pretty Peggy,
she can't hear you no more
Don't leave no message
'round her back door.
They say the old laughing lady
been here before
She don't keep time,
she don't count score.

You can't have a cupboard
if there ain't no wall.
You got to move there's
no time left to stall.
They say the old laughing lady
dropped by to call
And when she leaves,
she leaves nothing at all.

See the drunkard of the village
falling on the street.
Can't tell his ankles
from the rest of his feet.
He loves his old laughing lady
'cause her taste is so sweet.
But his laughing lady's loving
ain't the kind he can keep.

There's a fever on the freeway,
blacks out the night.
There's a slipping on the stairway,
just don't feel right
And there's a rumbling
in the bedroom
and a flashing of light
There's the old laughing lady,
everything is all right.

Thanks and take care,