I really don't understand their reasoning

Tape Won't Raise U.S. Security Level
WASHINGTON (Jan. 20) - The United States has no plans to raise the security threat level because of a new tape of Osama bin Laden saying al-Qaida is planning attacks, counterterrorism officials said Thursday.

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OK, this is just bizarre. In 2004 - obviously, an election year - they were raising the "terror alert" everytime someone sneezed. It has been admitted that this was done for purely political reasons, but now we have the #1 terrorist in the world telling us he is going to attack us and they don't raise the level?
I guess the administration is in a quandry at this point - sure they want everyone to think about the "war on terror" and forget about the unlimited lies and corruption bush is directly involved in, but at the same time they don't want everyone to remember how useless they have really been in their self-proclaimed "WOT", since bin Laden is still free and still planning on attacking us. Especially since they have been bragging about how there have been no attacks on US soil because they are taking away all of our rights. If he does hit us, that will blow that theory out of the water, though they will still spin it to suit them and our "liberal media" will certainly go right along with it.
Wonder if we will find out just how well they have been protecting us?