Are literary agents 'Gods'?

"Having finished your first novel, you have polished it to the best of your abilities, got rave reviews from your peer group of ‘wanna be' authors, and you think the most difficult part of your journey, of becoming an internationally published author is over. But, it is not. Before you seek an international publisher in mature markets like London or New York, you have to find a literary agent. ‘Finding a literary agent is akin to finding God [...]

Many first-time writers, especially those not familiar with the ‘behind the scenes' of publishing industry, would ask: Why do we need a literary agent in the first place? To answer this question, we need to understand what exactly an agent does. An agent, for an author, is an editorial consultant, a writing coach and a critic rolled into one. She markets your work to the right publishers. She also takes care of your financial interest. Above all, she understands the nitty-gritties of publishing, everything from e-book royalties and permission forms, to movie option agreements." source

Are literary agents Gods of the industry? Do you need a literary agent to publish a book with a 'traditional' publisher? The title says it all:

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