No, government regulations for network neutrality are not necessary, because business people need to be able to have the freedom they need to make the internet commercially viable. Where there is a market for someone's idea, someone else will give it a forum. Neutrality is a nice idea, but most people don't understand that it ruins network service.
No, the free market can balance itself. Too much government interference has already crippled many industries in the United States. Survival of the fittest in a competitive market ensures that companies will regulate themselves or be pushed into bankruptcy and obscurity by competitors offering better service at better rates. It is time to stop interfering in the free market.