This chapter presents and challenges another element of the myth of classical liberalism, which is that Franklin Roosevelt changed the meaning of the words “liberals” and “liberalism” so that they came to mean the opposite of what they had originally meant. Contrary to what several scholars have implied, the way in which Roosevelt used the terms “liberals” and “liberalism” in the 1930s was already well-established in England in the 1880s and well-established in America in the 1920s. This chapter, too, challenges Hayek’s claim that liberalism, as understood in the U.S. after the New Deal, was a radical departure from English liberalism of the nineteenth century.