I found it interesting that a landline wiretap still requires a judge's order, but cell phone and bank info is free game for the police. This will lead into my main point.
Twenty years ago, I wrote an article about the Canadian government's attempt to create one big database:
http://www.tiereddemocraticgovernance.org/blog_details.php?blog_cat_id=18&id=8
The question should not be about whether it is right or wrong. The questions should be: Who are the people monitoring this database? What is their mandate? How are they being watched?
The paradox that starts this response shows our ineptness for finding that right balance between privacy and government efficiency. It's time for a new way.