Walking down the street in my solidly upper-middle-class New York City neighborhood the other day was a neatly dressed man angrily cursing into his cell phone about "Jew Wall Street bankers."

I was headed in the opposite direction and didn't stop to interview him about his particular grievances, but the brief encounter crystallized for me a foreboding that the financial crisis may trigger a new outbreak of anti-Semitism.

It is a fear that is being articulated ever more widely. President Bill Clinton's secretary of labor, Robert Reich, frets on his blog, "History shows how effective demagogic ravings can be when a public is stressed economically." He warns that Jews, along with gays and blacks, could become victims of populist rage.

In the New York Jewish Week newspaper, a column by Rabbi Ronald Price of the Union for Traditional Judaism begins, "In the 1930s, as Germany's economy collapsed, the finger was pointed at …