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global function namespace given too much weight perhaps?

Seems there is a hole here, or at least a gratiutious inconsistency,
in that there is a (call it) variable namespace binding construct,
LET, and a cooresponding side-effect construction, SETQ, and there
is a function namespace binding construct, FLET, but the side-effect
construction FSETQ (if you will) is missing.

Given that it is missing, can we give a reasonable justification for
that, or can we fix the inconsistency?