The thing about Dylan's music is you can read into it anything you want. People would hear something like It's a Hard Rain and assume it was about nuclear fallout but it was not. It was just his stream of consciousness writing style.
Here is a link to a good article on Dylan, from a conservative perspective.
The article is from The Weekly Standard, but you have to read it from this blog, my original link was archived and hidden.
http://blogforcuba.typepad.com/my_weblog/2006/09/what_dylan_is_n.html