Advertising should be done within some limits, and the government has had to get involved with some things, such as health-related statements on products, and with sugared cereals advertising to kids. The government also has the ability to go after companies that make outrageously untrue claims on products. Certain guidelines need to be in place to protect consumers from outright fraud, and more minor misinformation.
Controlling advertisement is not only harmful to companies it can also be quite harmful to the citizens that the advertisements are meant for. Controlling advertisements would diminish rights including free speech and others, it would also limit the amount of money that a company can make. With no advertisements consumers would not get notified on the different products that could be useful to them. You see as the consumers buy things they need the companies take that info and create ads that give us options of different products we may want or need. In wanting money companies create products that we want at a price that we can afford if they don't do that they will not be making very much money. Companies that trick people may make quite a bit of money but people will catch on and those companies will not be making money for long.