No Justice for Cellphone Users

[Commentary] America's second- and fourth-largest cellphone companies called off their $39 billion merger , in a decision that Justice Department trustbusters will surely cheer as a victory for "competition." Consumers, shareholders and American workers might have a different reaction.

The real problem isn't AT&T's acquisition plans, but the growing demand for wireless services and the restricted supply of spectrum, which is controlled by—you guessed it—the regulators. Federal Communications Commission Chairman Julius Genachowski has acknowledged the "crunch," as he calls it, and called for new auctions, a process that could take years. Meantime, he might consider allowing current owners of unused spectrum, such as broadcasters, more leeway to use their asset as they see fit. Alas, such a move runs against the top-down economic tinkering that the Obama Administration is so fond of. The next time your cellphone is slow or your call is dropped, don't blame AT&T. Point the phone at Washington.