In 2009, as in 1933, a charismatic president succeeded a discredited one at a time of economic crisis. Obama and his advisers explicitly looked to FDR for policy models. Despite his re-election in 2012, Obama has lost control of the House, where Republicans stymie attempts to avoid the fiscal cliff. Economic recovery is partial and largely jobless. The prospects for his second term look unpromising in a highly polarised politics. Did Obama learn the right lessons from the New Deal? Chaired by Stephanie Flanders.