In 2009 it looked like 1933 again: a charismatic new President had succeeded a discredited predecessor at a time of major financial crisis.The incoming administration had significant congressional majorities. There was even a world economic conference to coordinate international recovery scheduled. This paper presented by Cambridge University Professor of American History Tony Badger asks why the high hopes of 2009 disappeared. Badger examines the lessons of the New Deal and looks at the different circumstances which made it difficult for Obama to apply the right ones.