Data protection Act

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At the European countries it is a MUST for a country to follow the Data Protection Act.It's a legislation in which the following 8 principles take place: 1) Personal Data shall be processed fairly and lawfully. 2) Personal data shall be obtained only for one or more specified and lawful purposes, and shall not be further processed in any manner incompatible with that purpose or those purposes. 3) Personal data shall be adequate, relevant and or excessive in relation to the purpose or purposes for which they are processed. 4) Personal data shall be accurate and, where necessary, kept up to date. 5) Personal data processed for any purpose or purposes shall not be kept for longer than is necessary for that purpose or those purposes. 6) Personal data shall be processed in accordance with the rights of data subjects under this Act. 7) Appropriate technical and organizational measures shall be taken against unauthorized or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data. 8) Personal data shall not be transferred to a country or territory outside the European Economic Area unless that country or territory ensures an adequate level of protection for the rights and freedoms of data subjects in relation to the processing of personal data. Now, Europe "told" U.S. to follow Data Protection Act too, but U.S. stated a firmly NO. How do you feel about this? I mean your data can be sold, exchanged, processed without any legal punishment. Doesn't that make U.S. more vulnerable to data-theft and data-exchange thus more vulnerable to terrorists?? The reason I know such a legislation, is because I study on I.T. field.