You can get a lot of background on how the FCC’s power-grab has ended the Internet as we know it in a previous Somewhat Reasonable blog post. Yet is ratifying to see that on Wednesday morning, The Wall Street Journal weighed in with its always-excellent opinion on this issue.
U.S. companies are sitting on $2 trillion in cash, and the Obama Administration has just made telecommunications a less attractive place to invest. To health care and financial services, add one more industry that the federal government has drawn into that huge gray cloud called “economic uncertainty.”
Yesterday’s action is breathtaking: At a stroke, the Democratic-controlled Federal Communications Commission circumvents Congress, defies the courts and declares itself overlord of the Web. …
There is no compelling reason to subject the Internet to more regulation. New devices and applications proliferate. Competition among broadband providers is robust, barriers to market entry low, and evidence of market failure nonexistent.
What the FCC has done here is a naked lunge for political power. It forces every player in this crucially important industry to first clear what they can and can’t do with their Washington masters. Minimizing the inevitable damage ought to be a top priority of the next Congress.
Couldn’t have said it better myself.