If Snowden is to be believed, then Obama may as well have said that the NSA doesn't have time to listen to your phone calls and will not, unless it has reason and gets a warrant.
The problem is the retroactive profiling possible by fishing through a citizen's recorded history. If they want to build a case against you for something, and go through your history of phone calls, locations, emails, IMs, etc. with a bias toward connecting you to a crime or conspiracy, they'll undoubtably find something that helps them assassinate your character enough to convince the public you are a bad person and deserve what's coming to you.
The problem is the retroactive profiling possible by fishing through a citizen's recorded history. If they want to build a case against you for something, and go through your history of phone calls, locations, emails, IMs, etc. with a bias toward connecting you to a crime or conspiracy, they'll undoubtably find something that helps them assassinate your character enough to convince the public you are a bad person and deserve what's coming to you.