Monitoring a particular conversation without a warrant might be considered illegal but monitoring ALL conversations at once might not be simply because no one is being discriminated against. When they monitor this type of traffic they are looking for particular key words or phrases that they know indicate troublesome activity. Also, laws can be changed to meet the peculiarities of the times. A writ of habeaus corpus is legal as well, but, Abraham Lincoln suspended it during the crisis of the American Civil War.
It is good to sit on the sidelines and postulate but when we are attacked again and it leads to a neocon Republican winning the White House then you will sing a far different tune. The only problem with that is it will be far too late to do anything about it then.