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. The paper asks why the high hopes of 2009 disappeared. The paper examines the lessons of the New Deal and looks at the different circumstances which made it difficult for Obama to apply the right ones.

This Public Lecture is a joint presentation between the University of Melbourne and La Trobe University.