The Old Laughing Lady Lyrics

Lyric discussion by BusterPridmore 

Cover art for The Old Laughing Lady lyrics by Neil Young

The old laughing lady is death!

That's what I've always thought, too, although it could be addiction of one kind or another, also. We all know Neil has written about that since (Needle & the Damage Done). Maybe "Lady" was a precursor to "Needle"?