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What specifically is wrong with the net neutrality drafted under George W. Bush and ratified under Obama?

What specifically in Obama's net neutrality regulation is a scam? I am open to understanding more on the topic. I recently asked a friend what was wrong with the internet before Obama's regulation? They replied and told me that the internet had not been around long enough to implement these type of rules/regulation. I am generally against regulation so this entire issue confuses me a little bit. Were the cable companies (pre-Obama regulation) manipulating the internet speeds? Thanks!