Fishy business: a bad case of crabs.

• Author: De Alessi, Michael

FISHING FOR Alaska Bering Sea crab is one of the most dangerous jobs in America. But a good haul can net each crewman $50,000 to $60,000, so wily fishermen are still eager to find ways around regulations that limit crab seasons to prevent overfishing. A more sensible approach is to divvy up the catch with tradable fishing rights, which promote conservation by tying it to the crabbers' self-interest.

In January Sen. Ted Stevens (R-Alaska) added such a measure to an appropriations bill. So far, so good. But his plan also compels the crabbers to sell nine-tenths of their catch to processors designated by the government. That's not just an egregious form of corporate welfare; it undermines the whole point of the reform. Forcing fishermen to sell at whatever price the processors set means...