True, I totally agree on the privacy issue. However, when running for President, I firmly believe that all cards must be on the table. You are going to be in the highest position of the country and are going to represent the country. If you don't want your laundry done in public, then perhaps running for President isn't the best thing to do.
I think the people have a right to know about you because of what you will encompass as a person. Being President, you cease to be a citizen and are now answerable to the Citizens of America. The populace is your BOSS and if your boss wants to know about you and your past it should be out in the open.
Even for me when I got hired on with the City of CS, I had to pass a rather vigorous background check(meaning credit check, citizenship, criminal records, etcetera). I'm sure it's the same for many many companies.
Yeah too bad about Arnold, I'd probably vote for him just cause he is the Terminator HAHA. Also Chuck Norris should run, maybe him and Arnie could be on one ticket.
Only one problem with Chuck Norris running for President:
Chuck Norris doesn't run for the presidency, the presidency runs for Chuck Norris.
On foreign policy:
Chuck Norris' foreign policy would consist of PAIN. HAHA