The issue isn't conservatism; it's the murky philosophy known as neo-conservatism. The neo-conservatives created a coalition between corporate interests intent on transferring wealth from the middle class to the super-rich as one part and as the other, the Religious Right, which seemed to care little about economic concerns (God will take care of His sheep, or so they think) so long as they are promised 'family values'. Effectively the more secular liberals and labor interests, who are to be shut out of the electoral coalition around Bush and Cheney and isolated in the legislative process, are treated as irrelevant. Religion is to be used as an anodyne, much as Marx said that it was, in the service of amoral and rapacious prople who care only of themselves.
Part of the unraveling of this coalition is that the neo-cons failed to deliver the cultural values of the Religious Right. There has been no ban on contraception or even abortion. Homosexuality is still at least de facto legal. School prayer has not been re-introduced, and evolution remains the norm in science teaching. The mass culture remains as depraved as ever. Meanwhile the Christian fundies recognize that they are the ones to be hit hardest due to mass layoffs, and their kids are a disproportionate part of the cannon fodder in Iraq and will be in any imperialist wars that the neo-cons choose to start. The cornerstone of propsperity becomes the more rapid exploitation of natural resources, which also implies ecological ruin.
There's just too much profit to be had from offering a depraved culture.... pornography, slasher films, violent and sex-charged television, and anti-social parts of pop music remain profitable. The corporate clique has no intention of abandoning the cash cow that is mass low culture to give the Christian fundies the culture that they want.
One can attribute the the repudiation of neo-conservatives in the 2006 election to the hypocrisy of their leadership toward the "sheep" that they promised the culture in return for economic dominion by a rapacious elite and the prospect of imperialist wars. But much as Marx was excessively simplistic about the role of religon as the opiate of the masses, so are the neo-cons who see religion as an object to be manipulated for political and economic ends. It offers means of judging amoral, rapacious, selfish, reckless, dishonest people. To be sure, secular liberals might have their own means of expressing contempt for the worst tendencies in human behavior by either rapacious elites or the garden variety of cirminals, but that takes some formality of thought that most people lack the time and cognitive ability to develop on their own.
The neo-cons have discredited themselves, but the coalition characteristic of the leadership through a 4T has yet to form. Secular liberals and religious fundies might have to agree on a few basics -- greater equity in the economic order, less consumerism in return for a sustainable environment, some sanitization of the culture, a crackdown on sexual predators and drug traffickers, more rigor in education -- while making compromises on some sexual matters. Perhaps liberals will have to sacrifice abortion for gay rights -- or vice versa. The neo-cons had their chance to establish their 4T coalition, but they ended up cheating their partners, partners that they believed were too naive to become alienated.
No two fourth turnings are alike in their causes. A regional split seems unlikely because of the presence of large 'red' areas in 'blue' zones, and vice-versa. An economic meltdown like that of 1929 remains a possibility -- but it will be different in cause and effects if it does happen. (Reforms from the 1930s prevent a speculative boom in the stock market followed by bank failures that wipe out savings; real estate valuations are far more vulnerable). Foreign control of America is a reality only to nutcases who believe that some conspiracy associated with the Mossad or the House of Rotschild really rules America. We are going into one, and nobody knows what it is. But the neo-cons aren't going to lead America through it.