And why hasn’t it happened yet?

Reading the question about foreign assistance for the gulf spill brought up another topic for me: why are news stations allowed to provide false news and inaccurate analyses? This is not the first time Fox News has done this and it certainly won’t be the last.

(The issue in question at the moment: http://mediamatters.org/research/201006150033
And for the skeptical:
http://www.factcheck.org/2010/06/oil-spill-foreign-help-and-the-jones-act/)

How can we make them shape up or ship out? And why haven’t we done it yet?