Dov,
You are correct except for one glaring inaccuracy:
President Bush did not create, nor did he propose the TSA. President Bush and the Republicans in congress wanted stronger federal oversight of private screeners. Senator Daschle (D) and Representative Gephardt (D) and the rest of the Democrats saw a golden opportunity to create yet another workfare program and to put another 100,000 plus people in the "Dependant on the Government" column. Both of these con men then stonewalled any attempt to pass legislation that did not include "Federal" screeners. Remember Daschle's now infamous (and inaccurate) comment that you could not "Professionalize, until you federalize"?
Once created by congress, the TSA was formed at the hand of yet another Democrat, Norman (moron) Minetta. Under Minetta's "brilliant" leadership, the TSA blew through money like drunken sailors. In retrospect, this was fitting since he filled the upper management of the TSA with Coast Guard washouts.
I'll be the first to admit that the current administration has many flaws, but the TSA and it's idiotic leadership is not one of them.