I am sure Barack Obama is not anti-Semitic. But the words he is using to describe the need for the bailout legislation -- "greed," "Wall Street" -- come loaded with historical freight. Such words can be easily, if subconsciously, ascribed to Jews, hinting that Jews are the origin of the financial crisis. His choice of words, to paraphrase Larry Summers, is anti-Semitic in effect, if not intent.

The real causes are manifold: Congress is certainly to blame. State governors are to blame. Regulatory authorities are to blame. Irresponsible consumers and homebuyers are to blame. The head of Countrywide Credit (Italian heritage) is to blame. The blame is widespread; by focusing on Wall Street and bankers he may be fostering anti-Semitism.

Recall, that when he was linked to anti-Israel and anti-Semitic people during the campaign he made this rather bold statement:

"[N]obody has spoken out more fiercely on the issue of anti- Semitism than I have."