The FCC exists (in part) to enforce a certain morality on public broadcasters. Whatever we think about that today, that was a core responsibility of the FCC when it started and that still exists today.
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When everyone is given a loudspeaker, and the power to create an audience of millions; when "journalism" is equivalent to any random opinion; when anyone with the will and a negligible amount of resources can promote their agenda... No amount of oversight can bring back balanced discussion about actual facts. Reversing a post-truth society cannot happen without radical disruptions to the system that got us here in the first place.