No, that's actually one huge ribbon for a newly-approved medal, the Cluster[bleep] Medal, for outstanding achievement in FUBAR. I think Ray-Ray might actually be the first recipient. (I hear Katie Blanco has been put in as well, but her paperwork is, appropriately, I think, being held up in the bureaucracy.)
Ah yes, Gov. Blanco. The woman who refused to send in the National Guard because she "didn't want to put good people in harms way". And now Mayor Nagin mocks the National Guard.
I think he has just declared himself Generalisimo.
My eyesights not too good, but it looks like a gay pride flag from here.