Picking winners and losers is bad policy. Instead, policies should empower consumers to freely choose the services and service providers they want. Competition is not improved by rules that limit auction participation, restrict spectrum and create shortages that will raise consumer prices.
In Andy Warhol's Exposures he named a chapter "The Best Family," and he began his introduction to the Beales by writing, "I think the best family in the world is the Kennedy-Onassis-Bouvier-Beale-Radziwill family."
It's a story involving bubbly prices, lax regulation and shady market practices. If this sounds like a recipe for the next financial crisis, then you are right. It does sound like that. But it's probably not.