The airwaves do not belong to the federal government . Secondly, technology is so far advanced now that the problems that were occurring in the 1920's are not going to re-occur.
The airwaves are a public trust. They are a finite resource and are regulated by government for that reason and to prevent monopoly ownership of means of communication.
You might want to think twice before you start taking on the radioguy on this subject. You're outgunned. Mostly, you probably should learn your subject matter before you run around proving that a) you're a loon; and b) you really know nothing about what you're discussing.
I'd direct you to FCC v Pacifica, which dealt with this issue extensively more than 35 years ago...
In FCC v. Pacifica Foundation, the Court considered whether the Federal Communications Commission could, consistent with the First Amendment, punish a broadcaster who chose to play over the air at 2 o'clock on a weekday afternoon a twelve-minute "Filthy Words" monologue by George Carlin. In a narrow 5 to 4 decision, the Court upheld the FCC's authority to channel broadcasts containing indecent words to late-night broadcast hours when children are unlikely to comprise much of the audience.
Regulation of Indecent Speech
The Court has also found that commercial speech can be subjected to appropriate time, place and manner restrictions:
Although content-based restrictions on speech in the public forum are subject to strict judicial scrutiny (usually a requirement that the restriction serve a compelling state interest and that there is no way of serving the interest that is less speech-restrictive), content-neutral restrictions on speech are subject to only intermediate scrutiny. In general, the government must show that the law serves an important objective (not involving the suppression of speech), that the law is narrowly tailored, and that there remain ample alternative means of communication.
Time, Place and Manner Regulations and the First Amendment