Internet Regulation... On What Grounds? By What Authority?

Now the government wants to move in on the Internet SEE HERE The FCC has an arguable case for regulating the airwaves which are a public trust, but by what stretch of their fevered imagination do they think they have the right to regulate the Internet. The internet is composed of a zillion private servers connected by a large and complex set of private landlines and is not in the public domain at all. So tell me again why the government has the right to regulate it at all. Freedom of speech is about "freedom" first and freedom of the press isn't restricted to print media. So the government should keep its filthy hands off the freest media yet developed by man. They have no legitimate right to do anything to it. I'm personally fed up with the government asserting its rights to any damn thing it wants as if it's our master and has to take care of us.