Bob Kerrey: “for most Americans a buck doesn't go very far. A dollar will not buy a cup of coffee at Starbucks, it will not buy a…”

“for most Americans a buck doesn't go very far. A dollar will not buy a cup of coffee at Starbucks, it will not buy a comic book at the 7-11, it will not buy a package of batteries at the True Value store, or even a gallon of gas at the Amoco station. But, at the FCC, a buck will buy a radio license to serve the city of St. Louis. On Friday, the FCC completed an auction of radio spectrum which should cause every American taxpayer to be concerned. This action yielded less than 1 percent of the amount anticipated. Rather than raising $1.8 billion as the Congress had expected, the FCC brought in only $13.6 million. Perhaps worse of all, several licenses were awarded to bidders for the incredible sum of $1. That's well below the bargain basement. Mike Mills of the Washington Post aptly observed that a sign should be put in front of the FCC auction headquarters advertising 'everything for a buck.' One bidder won four licenses at a dollar a piece. Those licenses combined would allow services to reach 15 million people. Another bidder won the right to serve St. Louis, one of the largest cities in America for $1. It is as if we had returned to the days of license lotteries. That's one heck of a way to stretch a dollar. Radio spectrum is a national asset. It must be prudently managed.”