Nope, you are reading it correctly. They will hand over anything and everything we do on this site to anyone, including local law enforcement, or advertisers as they deem necessary for their own survival. This way, they do not suffer the cost of lawyers to defend privacy rights and can make any amount of money possible on the content herein.
I am not a lawyer. My guess is they are not a corporate entity, rather one or more guys working together who eventually want to make some money down the road. Corporations provide certain legal separations of liability between the company's interests and those managing/working the company. These guys do not have this liability protection as sole proprietors. As individuals, they can lose it all at a moments notice if some government agency goes after them, so they lay no claim to protect anything and put the legal burden on us.
Just my two cents as a disinterested user of this site. Perhaps the moderators have a different perception than mine.