Well, technically what Axelrod said was:
I think it would be an insult to the Hispanic community to choose Senator Rubio if the thinks that that is somehow—if Governor Romney thinks that’s sort of a get-out-of-jail-free card for all of the things and the positions that he’s taken.
Sure. Just like it was an insult to the African-American community when Barack Obama got the Democratic presidential nomination, or Hillary Clinton’s campaign was an insult to women.
Axelrod’s theory is that the Republicans aren’t allowed to nominate a Hispanic because they don’t have pro-Hispanic policies like the Democrats. That only makes sense if you assume that Hispanics don’t care about such mundane things as jobs, economic growth, the national debt, national defense, and so on. Actually, I think it is Axelrod who is insulting Hispanic Americans, but his real meaning comes through loud and clear: for God’s sake, don’t choose Marco Rubio!