It's funny, as anecdotes of diminishing privacy in the electronic age continue to flow from that 'unlikely' source of government - and the Bush administration in particular, the less reasonable and precedented our expectation of privacy implicated in a certain 'breech', the more cogitated I become.
The latest foible (I hesitate to say the latest, as a putative later foible is reported here on The Volokh Conspiracy) is, ironically enough, not constitutionally invasive. So called envelope information, e.g., who you send a letter to, or who you call on the phone, is not protected by the 4th amendment, only the contents of the communication is protected constitutionally. A serious discussion of the distinctions between envelope and content information attends Orin Kerr's tour de force: Internet Surveillance Law After the USA Patriot Act: The Big Brother That Isn't.
Nontheless, libertarian shops have an expected propensity for rejecting the legitimacy of these phone record collections, but an ironic apparent affection for stautory law that appears to make phone companies the villains here (see good compilation at Reason.com).
What is distinctly lacking in prevailing libertarian analyses is a distaste for statutory liability being visited on private parties whose relationships with their customers ought to be governed by freedom of contract and not opportunistic legal activism -- even if fueled by libertarian principle.
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