Licenses and the Fake news

Is it really necessary? I understand that there is a need to keep journalists and news industries honest, but are the current checks and balances (blogs included) not doing the job? If anything I agree with Nick Gillespie in the fact that it's only become easier to watch the watchdog. Dan Rather didn't need any one to take away his licence did he? In any job, if you don't perform your duties correctly or proficiently, unless you spend your entire life brown nosing, you don't last. If a actor or actress (isn't actor the pc term for both now?) makes a horrible movie, then people are less likely to pay to go see his or her next flick. It's the same for journalist. Less trust by the people + less favor by the editor = smaller or no paycheck.