I believe he DID violate the bounds of wisdom, decency, and common sense -- which form a far more restrictive perimeter.
Making Jennings, his managers at ABC, and his programs sponsors very uncomfortable until change comes is what is called for -- as it will come from an outraged citizenry.
Heavy-handed legal action by the Feds making a martyr out of Jennings would be unwise, and -- in my view -- less than Constitutional.
ABC's broadcast content has been in clear violation of the FCC's licensing requirements for a long time. Same with the other network channels and some of the cables. They will all continue to do this, because they know the FCC will never enforce these. The airwaves are owned by us and licensed by us on paper only.