There is indeed a threat of a closed network.  

There is a long list of FCC violations made by internet providers.  

Most recently Comcast has been sanctioned for blocking the technologies used by BitTorrent internet sites.

Phone and cable companies are also spending millions of dollars by lobbying government officials to have the ability to charge internet sites large sums of money to use their services.  

Small internet sites would eventually die off due to outrageous costs.

If we can learn anything from the economic crisis incurred in 2008, we should note that feeding Wall Street with government funds and guarantees only profits to those who receive the incentives.  

Wall Street itself profited from government polices that enabled it to succeed, but the rest of the economy suffered greatly.  

If the government provides incentives and structures it's policies around the success of internet providers such as Verizon and AT&T like it did with Wall Street, the companies outside the internet service providers would enviably fail.