The emergency economic opportunity program for New England commercial fishing industry sent to the Obama administration by seven members of Congress asks for common sense executive action to break through bureaucratic knots and dubious science that are causing what was described as unnecessary job loss within the fishing industry.
Low-balled hard catch limits are expected to ruin as many as half the family-owned fishing businesses in New England during the coming fishing year which begins May 1.
The bankruptcies would end fishing careers and put on the market their fishing permits at pennies on the dollar just as the catch share system introduces a rudimentary commodities market and privatization of the fishery designed to induce investors into the fishery.
Under these conditions, buyers could expect to buy low and quickly enjoy windfall profits as the stocks are restored and the limits are removed.
Read the complete story at The Gloucester Daily Times.