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It was at this point in time that terms in the basic political lexicon of America were transformed -partly due to Tugwell's influence. The term 'liberal', which at one time was considered moderate and even mainstream, became a code word for '[[radical]]', and '[[socialism]]'.  The idea's formerly associated with 'liberalism' became [[conservative]], [[libertarian]], or [[classical liberalism]].
 
It was at this point in time that terms in the basic political lexicon of America were transformed -partly due to Tugwell's influence. The term 'liberal', which at one time was considered moderate and even mainstream, became a code word for '[[radical]]', and '[[socialism]]'.  The idea's formerly associated with 'liberalism' became [[conservative]], [[libertarian]], or [[classical liberalism]].
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U.S. Ambassador to Italy Breckinridge Long wrote to Tugwell, “Your mind runs along these lines [corporativism]… It may have some bearing on the code work under N.R.A.”<ref>Long to Tugwell, May 16, 1934, [http://lccn.loc.gov/mm%2078030502 Breckinridge Long Papers], Box 111, Manuscript Division, Library of Congress)</ref> Tugwell, the “most prominent of the Brain Trusters and the man often considered the chief ideologist<ref>http://www.fff.org/freedom/0201e.asp </ref> of the ‘first New Deal’ (roughly, 1933–34),” said, “I find Italy doing many of the things which seem to me necessary…. [[Mussolini]] certainly has the same people opposed to him as FDR has. But he has the press controlled so that they cannot scream lies at him daily.”<ref>Jonah Goldberg, ‘’[http://books.google.com/books?id=wHihWKJE3asC Liberal Fascism: the Secret History of the American Left, from Mussolini to the Politics of Meaning] (Random House, Inc., 2008) ISBN 0385511841, p.156</ref>
    
==Crash of 1937==
 
==Crash of 1937==
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