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You said, "Fox is obviously entitled to broadcast whatever propaganda it wants...."
I must disagree. Murdock, Ailes, and Wallace are free to felate Shrub anytime on their own time, not mine.
Fox, like every other broadcaster, uses our public airwaves and agrees to serve the public good as a condition of access. While I concede that particular clause is the appendix in the body of FCC regulation, that doesn't mean they are entitled to do using the public airwaves.
Perhaps it's time to exercise that portion of the regulation with regard to their license?
JFP