After selecting five representative European psychoanalytic thinkers, all of whom emigrated to the United States, this essay surveys their earliest perceptions and interpretations of the historical and psychological roots of Fascism, with particular emphasis on anti-Semitism. My samples almost all derive from the period before, during, and immediately after World War II. In examining the writings of Otto Fenichel, Ernst Simmel, Erik Homburger Erikson, Rudolf Loewenstein and Bruno Bettelheim, it discusses the various environmental and psychological dimensions of their understandings of racial prejudice. The paper argues that each thinker attempted to integrate historical, sociological, cultural and clinical factors into their psychodynamic formulations about the individual and group mind of the Fascist anti-Semite. This generation of psychoanalysts explained Fascist anti-Semitism by exploring the mechanisms of projection, the process of massive splitting mechanisms of the group mind, fantasies of delinquent adolescent aggrandizement in Hitler, sado-masochistic and perverse oedipal dynamics, and a macabre identification with the torturers on the part of Jewish inmates in the concentration camps, that obliterated the individual's sense of autonomy and capacity to respond morally. The paper points out the pronounced ambivalence of this generation of Jewish analysts and intellectuals toward their own Jewish backgrounds and sense of themselves as Jews. It also argues that this generation muted its left-wing and socialist political tendencies once they arrived in America, taking a turn against politics. It suggests that some of the features of this Jewish ambivalence can be seen in the exploration of a so-called "Jewish psychology," itself a disguised form of racism, a derivative of projection, which may have had rather negative and authoritarian consequences for the psychoanalytic movement in America.