Old Time vs Old Timey Music

My Mom gave me a CD called Old Timey Bluegrass favorites, not "Old Time" but it actually has "Old Timey" in the title. This got me to thinking. What's the difference between "Old Time" and "Old Timey". I've been a big fan of Earl Scruggs since I was a kid and I like most of the "oldies". Maybe "Old Time" music is more like Patsy Kline and Doris Day. "Old Timey" sounds like it may have more of an up tempo to it, more toe tappin, good time drunkin knee slappin, ho-down, moonshine music. Of course knee slapping is when you're too drunk to get up to slap your wife, so you just slap your knee. I think the definition of "Old Time" means when the record is over, the bottle of sleeping pills hits the floor as your forehead hits the table. And when an "Old Timey" record is over someone gets hung.