Last month, Aish HaTorah was charging New York bigwigs $10,000—they call the fees “donations—for private Torah tutoring. Today they are offering free counseling to Wall Street’s former tenants.
While Merrill Lynch was saved by BofA, anybody who worked for Lehman Brothers is now out of a job. Lehman, as you may have known, was started a century and a half ago by three Jewish brothers who had just immigrated from Bavaria.
Nextbook has a short story about how Henry, Emanuel and Mayer’s business survived the Civil War. The site also has a profile of the man behind the Minsky Moment—that point in a credit cycle when spiraling debt leads to a cash-flow crisis.
The man behind this theory was Hyman Minsky, whose economic outlook was shaped by a Jewish upbringing:
