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... as the result of the expiration of the PAA (Protect AT&T Act), why hasn't Homeland Security's color coded threat level been raised to Magenta or Puce or some such thing?
Very clearly, the warnings about an increased threat to the Heimat are all rhetoric (read "bullshit").
If there is actually an increased threat to the US beginning at midnight, then clearly the Hiematsicherheitdienst is remiss in its duties to ensure that the country is ready for the increased risk of attack.
Clearly the administration, despite what it says, does not believe that there is any increased risk of attack. Either that, or they are totally incompetent. Oh, wait ...