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Well, there is certainly a balancing act - legitimate law enforcement goals, such as prevention of terrorism or other violent crime, have to be weighed against the likewise legitimate and constitutionally secured right of citizens to privacy ("to be secure in their persons, papers, ...."). The balance that has existed for a long time has been enforced by the general requirement that government actors must have judicial oversight through the request for and issuance of a warrant before they can legally examine those things in which you have a reasonable right of privacy.
The problem I see (and the same one most opponents seem to have) is that CISPA could allow law enforcement to gain access to your emails, text messages, photos...basically everything you do that isn't sent through the physical mail, without any limits or respect for privacy. Advocates for CISPA say that you don't have any legitimate expectation to privacy in those things anyway, since you are using a third party (your ISP, email provider, etc.) for those things. I personally think that is bogus; everyone expects those things will stay private, as indicated by the use of passwords, and the "private" setting for storage of images.
So, yeah, I think it should be vetoed by President Obama. Until there is some judicial oversight to prevent any law enforcement officer, or perhaps bored clerk, from digging through my digital communications on a fishing expedition for something I MAY have done wrong, I think the proposed law is very bad indeed. I also don't appreciate that ad hominim attack on CISPA's opponents by Congressman Rogers.