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 James Stewart on Apple Analysts James B. Stewart has a Times column complaining about stock analysts who were too optimistic about the price of Apple stock. He quotes one source insisting that government regulators should measure the performance of the stock analysts and hold them "accountable." It goes on about the conflicts of interests that afflict analysts. Entirely absent from the column is any degree of self-reflection by Mr. Stewart in regard to his own role forecasting the movements of Apple stock, or any analysis of the role of other financial journalists. In my view, they are just as bad as the stock analysts, maybe worse. Taxation Without Representation A James B. Stewart column in Saturday's New York Times proposes to increase taxes on what Mr. Stewart describes as "Ultrawealthy nonresidents who own property in New York City." Mr. Stewart tries to portray people in this category as undertaxed, but he conveniently neglects to mention the real estate transfer tax, which is paid by the people he is writing about. He also neglects to mention that America was founded on a revolution against taxation without representation. That's relevant here, because what Mr. Stewart proposes — jacking up tax rates on people who don't live in New York City and thus don't have a vote on those taxes — amounts precisely to taxation without representation. Taxation Without Representation A James B. Stewart column in Saturday's New York Times proposes to increase taxes on what Mr. Stewart describes as "Ultrawealthy nonresidents who own property in New York City." Mr. Stewart tries to portray people in this category as undertaxed, but he conveniently neglects to mention the real estate transfer tax, which is paid by the people he is writing about. He also neglects to mention that America was founded on a revolution against taxation without representation. That's relevant here, because what Mr. Stewart proposes — jacking up tax rates on people who don't live in New York City and thus don't have a vote on those taxes — amounts precisely to taxation without representation. James Stewart on Apple Analysts James B. Stewart has a Times column complaining about stock analysts who were too optimistic about the price of Apple stock. He quotes one source insisting that government regulators should measure the performance of the stock analysts and hold them "accountable." It goes on about the conflicts of interests that afflict analysts. Entirely absent from the column is any degree of self-reflection by Mr. Stewart in regard to his own role forecasting the movements of Apple stock, or any analysis of the role of other financial journalists. In my view, they are just as bad as the stock analysts, maybe worse.
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