After watching the fireworks display at a friend's place on the lake the night of July 3rd, I waited about an hour for the lake traffic to subside a little and then headed for home (actually, the marina slip). There were still quite a few boats out, no moon and somewhat overcast conditions, so visibility was somewhat affected by lots of background lights from boats that were under power as well as those that were anchored and/or rafted up. (At least ten times the normal night time boat volume) Two channel markers about a quarter mile apart, with their distinct flashing reds, are located off a couple of islands in the lower part of the lake. However, I noticed that only one of the markers had a red flasher - the other had some sort of malfunction and was thus just a post sticking out of the water with the characteristic triangular plate displaying the marker number. I know that part of the lake pretty well, and it still took me a little while to find that marker - I was looking for it without a spotlight or flashlight, and was about 60' from it when I found it. Because it was the night of July 3rd, it was probably the worst night of the year for a channel marker light to inoperative, and this was a bad one to have malfunction, as it is relatively far out from any dry land in what would normally appear to be a safe, deep part of the lake to be. So my immediate concern was that someone unfamiliar with that part of the lake might run into it without any clue of its existence until the impact had occurred. Keeping my running lights on, I tied up to it and figured I'd stay there until authorities could be dispatched to deal with it. My guess was that they would attach a temporary flasher or anchor another boat next to the post through the night. After calling in a hazard on VHF and 911, I received the basic reaction that it had already been reported the previous day, attempts to repair it had not been successful, and that they would try again the next day. In other words, they already knew of it but did not have any plans to deal with it that night. My concern was that it was an immenent hazard - that anyone who didn't know there are two channel markers in that area might clear the first and think it was then safe to bear off, only to head-on the second (now unlit) one. Again, it was July 3rd, probably the day (and night) of greatest boat activity in the year, much of it rental vessels. One of the responses I received from the auxilliary patrol was that no one should be out at that hour if they weren't familiar with the lake. My questions are: 1.) Was I exaggerating the probablility of danger? 2.) If not, what should I have done to alert other boaters? 3.) Shouldn't lake patrol authorities have on hand some sort of temporary emergency lighting device that could be easily installed from a boat onto a channel marker that has non-functional lighting? 4.) If an unlit telephone-pole-sized rigid post sticking 8 to 10 feet out of the water in an otherwise open and navigable appearing area does not justify some sort of concentrated action to make it more visible at night, what is the threshold for triggering "emergency" action? 5.) What are the liabilities, if any, for authorities who have been notified but have not corrected an identifiable hazard? Against this must be weighed the knowledge that patrol authorities on the lake are volunteers and their service is greatly appreciated.