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Republicans are doing some bad mistakes. First off, the Republican Party should welcome hispanics. Hispanics tend to social conservatives, and 44% of them voted for Bush in 2004. However, they don't like policies that favour the rich or policies that attack hispanics. That's why Romney is such a bad candidate for the GOP. He is even worse than Bob Dole. There is no candidate who did worse among hispanics than Bob Dole. Romney is a rich Wall Street liar who is a social liberal and against Mexican immigration. Hispanics will not vote for Romney. Some of them will permanently be turned off the Republican Party.
The other problem for the GOP is the lack of intellectual support and corruption. Who are going to support a corrupt party who advocate smaller government, and smaller deficits, but then increase government by starting two wars, more government spending to lobbyists, patriot act, and a tax cut we can't afford. No intelligent person is going to be a true supporter of such a party. They will just pick it as a lesser evil, and they wont defend the party or its voters if they get attacked. This is mainly the GOP establishments fault.
The way I see it now, the GOP establishment only care about their short term jobs and not their long term progress. They also have a hard time understanding their own voters, and believe they are useful idiots. Hence, I have little faith in the viability in the Republican Party.
I do think the Republicans are going to have to start adopting some more Libertarian sensibilities in strategic fashion. Old people quoting the bible minutes after verbally assaulting some poor single-mom waitress at the diner they stop at after church is literally going to age out of fashion in relatively short succession. But, it is of course up to them if their failure to embrace Liberty ends up bequeathing Race Marxism to the nation.