There is a difference between searching the internet and keeping a running record of it. Chuck basically said that every thing every person has ever done for the past 10+ years on the internet is recorded.
The sheer magnitude of such a comprehensive record is what Sinxstar was talking about when questioned it's feasibility. Searching what exist on the internet today as well as records kept by the ISPs themselves is another thing entirely. If the NSA is as impressively efficient and advanced as you, and the movies, say then I doubt that they would be so wasteful of resources as to attempt such a record in the first place. I am sure they record quite a bit, just not everything.
Yes - there is a huge difference between keeping a record of everything everyone does - EVER (which, thanks to DHCP would be extraordinarily difficult to begin with) - and being able to use google.
I have no doubt the government has various search indexers (spiders) similar to what google has. They're not terribly difficult to create, and can be tuned for very specific purposes.
What I imagine the most likely scenario is - is that they would have some of these site crawlers (similar to what google has), along with a dictionary file of suspect words or phrases.
As the spiders crawl each site - if it comes across a suspect word - it flags it, where someone can review the content and see what's going on.
Not terribly difficult - and honestly, there's nothing really wrong with that. People seem to think that if you're typing on the internet, that somehow there's an expectation of privacy. There's not. These are public forums. You should assume that anything you write on here, could at some point be printed on the front page of the newspaper.
There's so many ways to stop search engine crawling, and prevent unwanted access to forums - it's not even funny. If people were that concerned about privacy - then those steps should be taken.
A scenario like that, and a scenario where the government has a log of every single web page visit, every single email, every phone call, etc etc etc - is VASTLY different.
As for mister NSA guy - let me ask you this.
How does the government's computer trace through proxy servers? How do they match records from IP addresses back through the private ISP records to an individual location? How do they match the billing records from the ISP to find out who that IP belonged to at any given time?
"I work in technology" is in fact a good enough reason, as if you had any fraction of clue as to how internet addressing, packet switching, routing, proxy servers, etc worked - you would understand the utter ridiculousness of some of these statements.