A rather old (1930's-1950's, I am fairly sure) advertising ploy (used mostly on radio) for Lucky Strikes cigarettes. LSMFT stands for "Lucky Strike Means Fine Tobacco." During a commercial break, Morse code beeping would fade in, and the announcer would cry out in a mock emergency-like tone of voice (remember, this was in the era of WWII and irrational fear of Communism), "LSMFT! LSMFT! Lucky Strike Means Fine Tobacco! ..." and then go into how wonderful the tobacco in Lucky Strikes is ("It's toasted!"). (I cannot argue with this at all, they are damned good cigarettes, especially the unfiltered variety.) You can still see evidence of this campaign imprinted on the foil of each pack of Lucky Strikes: "L.S./M.F.T."

Due to the immense popularity of this series of letters back in the day, "LSMFT" took on different, unofficial meanings in this era. For Republicans, it could mean "Look, Suckers! My Fourth Term!", in reference to FDR's unprecedented fourth presidential term. Also coming from the GOP-leaning citizens was "Lord, Save Me FromTruman!" I am sure there were numerous other versions floating around in 1940's and 50's pop culture, but those are the only ones my old man remembered. And surely, with that "MF" in there, even you can come up with fun new meanings for this acronym! That's high-quality fun for the whole family!