Actually MS is in talks with the Fed right now (source of my info). However, my assumption is that this will be taken care of in one of two fashions:
a) The Fed applies for and receives a "wiretap" warrant due to suspicions of one person or persons.
b) The Fed hires people to play online games and listen into the banter.
I personally don't have a problem with #1 as it is targeted to specific individuals. I have mixed feelings with regards to #2, only because I want to know where to send my application!
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I don't think that Bush had much to do with this -- it's simply a matter of the ever creeping scope of the power of federal government.
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While I don't think that Bush is the one sitting in the office saying "Let's kill personal freedoms", he is the one that directly influences government policy at the time. Guilty by association!