This article seems to suggest that the song is about a critic who just doesn't "get it", and many of the lyrics would suggest that as well. But just what do the "gay verses" have to do with this reading? Is Dylan aligning homosexual acts with the process of artistic criticism (in a negative way) or adding another barb to his putdown (also quite unpleasant)? Basically, is Bob Dylan a homophobe?
previously, i always thought it was broadly about repressed homosexuality and cultural alienation, but upon closer inspection it's impossible to avoid the segments of lyrics where music criticism is attacked. So what does that have to do with a one eyed midget screaming now?