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Unless they reform the FCC, we might as well dump it. Its purpose is basically to manage a part of the commons, namely the airwaves and some other modes of communication. On a good day, the FCC merely mismanages the airwaves, on a bad one they don't bother to do anything. The airwaves are supposed to be for everyone, not a commodity for the rich to take over to spew propaganda and rake in even more ridiculous amounts of money.
One of my hobbies is DXing, searching for, identifying and logging AM, FM, TV and other stations. If you look at the AM band, for instance, there are rules for when stations are supposed to be on, off, what power they operate at, when they are supposed to announce their call letters and city of license. Many stations are supposed to go off, at sunset, others are supposed to drop their power, some are supposed to change the directional pattern of their signals. Often, it seems that the stations are not dropping power, or not going off the air when they are supposed to, so they interfere with one another. I hear fellow hobbyists talk about it quite a bit, but many say the FCC apparently doesn't pay much attention.
Without FCC diligence and some hard and fast rules, stations could just broadcast on whatever power they wanted. They could deliberately block other stations with less power, the more powerful signals could disrupt other forms of communication. It would be anarchy. The FCC just doesn't seem to care about this, or really anything else it is supposed to be taking care of, as in the case of the issue the OP brought up. If the FCC is not going to do its job, get rid of it and stop wasting money on it.
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