Obama is the candidate of the credentialed meritocracy, the people who I call the mandarin class. These folks believe that their educations give them the right to rule, and that not merely their knowledge and judgment but their morality is superior to that of the general run of Americans. The media (other than GOP partisans) have fallen all over themselves for him because they are of that class and identify with him. Obama respects education, he respects expertise, and he has shown himself in both foreign and domestic affairs to be a man who listens to the experts who expound the higher conventional wisdom of making things work. At the same time, he has the charisma and communications skill to successfully sell the doings of this class to the mass of the population who lack a college education.
He's different than FDR in that he's a meritocrat himself rather than a WASP patrician. But he serves the same function. The mandarins are unpopular with the general population. Like a geeky kid in middle school, they need to earn the protection of a big, strong popular guy by doing his homework. That's what Bush did for the neocons, and it is what Obama is doing for the mildly progressive, mildly ameliorationist upper middle class who are all in favor of helping the less well off as long as reform leaves them pretty much where they are. If it lowers the prestige of those who have the kind of real money mere doctors, lawyers, engineers and professors never see, so much the better.