Learning HTML and having a problem

I am currently on the third chapter of a book I got on HTML and I was working through one of the exercises and I couldn't for the life of me get it to work like the book showed. That is until I opened the page in IE instead of firefox (the browser I use). Here is the code:

<html>
<head><title>Experiment With Fonts and Color</title></head>
<body>
<basefont face="Arial" size="5" color="blue" />
All the text on this page will display in a 
blue Arial font. The base size of the font is 5.

To change to a smaller, black Times New Roman font, use the font 
element. The -2 in the size indicated that we are reducing 
the font two settings relative to the basefont of 5.

Just for fun we're going 
to change the color of our original font. 
Also, did you notice that everything after the closing font 
tag is back to the original setting (except size of course).
</body>
</html>

Could someone help me figure out why it will work for IE and not firefox? Btw, I have checked it many times and it's verbatim to the book example.

Thanks

Learning HTML and having a problem

Page loads correctly in IE but not firefox

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