In his recent column, "Obama: The conservative in 2012", E.J. Dionne says:
Obama is defending a tradition that sees government as an essential actor in the nation’s economy, a guarantor of fair rules of competition, a countervailing force against excessive private power, a check on the inequalities that capitalism can produce, and an instrument that can open opportunity for those born without great advantages.
Obama will thus be the conservative in 2012, in the truest sense of that word. He is the candidate defending the modestly redistributive and regulatory government the country has relied on since the New Deal, and that neither Ronald Reagan nor George W. Bush dismantled.
If anything, we can now confuse and annoy the Right, the regressive conservatives, by claiming to be “progressive conservatives”.
I think I like this new brand we have here. I hereby welcome you all to the Progressive Conservative Movement. Let’s conserve what’s best about America, and not sell it all off to the corporate and economic elite highest bidders.