Fair use and parody is definitely a valid excuse to get out of a potential libel suit in almost all cases. Without parody and fair use, we could have no Saturday Night Live or Weird Al. I think it is important to our culture that we are able to make fun of these things and parody them.
Even though people might say that we should all just create our own original stuff, I think that some of the best ideas have come from people who have taken something and made it better. That is what fair use and parody allow us to do. Taking that away from Americans would be a terrible thing and limit our freedoms as a society.
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