Answer:
Little Nancy Etticote in a white petticoat. With a red nose; the longer she stands the shorter she grows.
I am the black child of a white father a wingless bird flying even to the clouds of heaven. I give birth to tears of mourning in pupils that meet me even though there is no cause for grief and at once on my birth I am dissolved into air.
When set loose I fly away. Never so cursed as when I go astray.
I am full of holes but still holds water.
When you stop and look you can always see me. If you try to touch you cannot feel me. I cannot move but as you near me I will move away from you.
When someone uses this acronym, you know you've got to pick up the pace