This helps explain a minor puzzle of recent history. As you`ll recall, the 2004 exit poll initially reported that Bush had won 44% of the Hispanic vote. I pointed out how implausible this was from real world voting totals, and the exit poll people eventually admitted they`d messed up their methodology and the real number was around 40%.
But even 40% is pretty high for a Republican Presidential candidates. So, how did Bush and Rove get up around 40%?
Bush and Rove bought Latino votes in 2004 with Other People`s Money. Bush`s Housing Bubble was, more than anything else, a Hispanic Housing Bubble, with total mortgage dollars for Hispanic homebuyers going up an incredible 691% from 1999 to 2006. And all that cash flowing for home loans and home equity loans, whether to Hispanics or others, paid for a lot of Hispanic construction and home improvement workers.
Now, the firehose of money has been turned off because the reserves have been pumped dry, and Hispanics are flooding back to their natural home in the Democratic Party.