I know what your saying . I actually went and re-watched that episode again last night to maybe take a different thought on it .
I just did not interpret the symbolism of Vulcan trading (making deal) with the new gods for his forgot worship of Fire and the Forge . for new cult pop culture'ish' shallow worship with the new Gods, with him (Vulcan) and the power of the Gun, As being an Anti Firearms Vib. in that episode .
I think some of the writing in pretty killer and the (verbal ramblings) of Wednesday in that episode, along with several others are pretty profound . Some things are obvious, and somethings making you exorcise your brain some looking for meaning . and I really don't think they push one side 'New vs Old' as right or wrong.
also I see what your saying on the 'overt imaginary' and the overall symbolism with the new gods and the old Gods . Relationship with the 'New World' new settled USA. Old world forgotten gods, basic life wants of man, Respect, old worship, forgotten rituals, in-trade for favorable attentions . The new gods of the 'new world' with fast ever changing points of pop culture focus, superficial glimmer, mindless worship of the i-phone screen, ...etc.
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