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Yes, I am familiar with the OED, though I'm assuming that is intended to be a withering rhetorical repost rather than a serious question. What I'm not clear on is how you have proven that the modern, 21st-century usage has no semantic connection with the offensive term for women; even if this is the case, why that connotation should be ignored; and why, assuming that you are correct and it can, conflating cowardice with being gay is any better. I nearly got there, not quite, but nearly, and then you wrote:
the modern-day thrower arounder isn't thinking about cats
So I think that rather proves my point. Also, I quite surprised that the OED has no reference at all to the offensive definition of pussy, which clearly exists. Perhaps you are using an abridged version, or an edition for young people.
Did you read this part? Are you familiar with the OED?
I don't think it is a rad term to throw around, for what it's worth. Especially since the modern-day thrower arounder isn't thinking about cats.