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It seems that the term “ownership” is out of place with regard to the electromagnetic spectrum. The spectrum is a limited resource in which the species (human) holds an interest, but interest and ownership are different.
An FCC (like) organization is needed to regulate the use of the spectrum in the interest of the species, controlling frequency allocation, power levels, hazard limitations, and types of use. Content of programming to the public is another matter.
The Environmental Protection Agency is the pollution watchdog and bad programming is pollution (vast wasteland), but this idea probably amounts only to a very small but cheeky joke. Consider the Gulf.
Previously I suggested that AM, FM licenses should be locally owned and operated in the interest of the local population, but program content “left to the marketplace” is a failed system which should be obvious and having local board of gentries decide on programming will work in some cases and not in others, like jury trials.
What we need are radio geniuses who “know what to do” as a matter of their innate comprehension of community interest. True tyrant prophets who bring the radio arts to life and are given lifetime commissions to guide their stations without interference. I suspect many of these people are living now in the exile of a part 15 existence.