For teacher education, this is perhaps the best of times and the worst of times. It may be the best of times because so much hard work has been done by many teacher educators over the past two decades to develop more successful program models and because voters have just elected a president of the United States who has a strong commitment to the improvement of teaching. It may be the worst of times because there are so many forces in the environment that conspire to undermine these efforts. In this article, the author discusses the U.S. context for teacher education, the power of teacher preparation for transforming teaching and learning, and the current challenges for this enterprise in the United States.