The one is a great inconvenience to the law-abiding folks. The other is a great inconvenience to the terrorists. If we have a list of names to match, then we also have a list of names to a.) find, b.) investigate and c.) bring to justice, as necessary and appropriate. That is where the money and effort should go.
If the effect of a passive security is simply to re-direct the terrorists to other tactics and targets, little has been accomplished.
Thus, whatever Schneier's bona fides, common sense says he's right on this issue (and that the politicians and regulators are wrong...but we already knew that).
Im sorry, but he is DEAD wrong