I hate suburbia.
-Hulk Hogan, Suburban Commando (1991)
Senator Brownback's loss to President Gore in 2004 placed the Republican party in a further state of depression. They had failed to win four elections in a row, and even now when they were up against a President who was still ridiculed as stiff and boring, they came up short. They looked lost in the wilderness, with the election of Chip Saltsman as Chairman of the RNC. Gore was still unpopular, but the alternatives looked to be just as weak.
But then what became known as the 'credit crunch' hit in 2006 across the world. All of a sudden, Afghanistan wasn't the only stick with which to beat the president with, as house prices went up in smoke in quick succession, and many banks came close to collapse. Gore attempts a swift response, but his stimulus act is rejected by congressional Republicans. The watered down equivalent that comes later is seen as too little, too late. The Republicans retake both houses of congress in 2006, and make hefty gains at the state level.
One of these cases would be the strange circumstances of the Florida Gubernatorial Election. Jeb Bush, noted as a potential contender in 2008, was restricted by term limits and had to forgo another term as governor. Naturally, many assumed that his successor would be Charlie Crist, who polled well compared to the other candidates. The political world was soon to be shaken up, however.
Hulk Hogan, who had become a Republican in 2002 like many of his colleagues, announced his run for governor in front of a crowd of his fans and bemused spectators. Vince McMahon immediately announced his support, as did Donald Trump. Hogan took the field by storm, announcing his support for a flat tax rate across the board to the delight of Norquist. Crist attacked him for his showmanship, as well as his strongman tactics during his wrestling career, but it was to no avail, as Hogan's anti establishment campaign caught on with Republican voters, who narrowly propelled him over Crist.
Crist ran as a write in candidate in the general, but a weak Democratic nominee in Rod Smith allowed Hogan to squeak through on a 47-40-8 margin.
Hogan's gubernatorial term wouldn't be markedly different from Bush's, to the surprise of many. His actions with regards to the cleanup of Miami following a devastating hurricane there won him plaudits from all corners of the political aisle. Florida seemed to be generally prosperous, at least in comparison to the nation at large. Many wanted Hogan to run for president, but he convinced himself that November 2007 was far too soon into his term. Eight months later, when the RNC in Reno was deadlocked, he had warmed to the idea. He was convinced by the men in grey suits to stand. He was quickly confirmed as the GOP's nominee to surprisingly little anger. Pawlenty and Allen agreed to step aside for Hogan, who selected Maryland Governor Bob Ehrlich as his vice presidential nominee.
Initially, the 2008 race looked to be close, or 'down to the wire' as commentators called it. Democratic nominee Rod Blagojevich looked to be a sound, almost Kennedy-esque candidate, and the economy was entering the first signs of an economy. However, revelations about Blagojevich's less than legal dealings came out, and he became toxic. Attempts to replace him with primary runner-up Brian Schweitzer failed, and VP nominee Evan Bayh was unwilling to take the spot at the top. Hogan utterly dominated Blago at the debates, and went on to crush him in the general.
Hogan's election was met with shock and curiosity from the world at large, with Brown and Putin giving very awkward welcome calls. Hogan would relax the US's involvement with NATO, choosing not to impose sanctions on Russia for its forcible invasion of Georgia. The Arab Spring of 2007 had finally come to a close with many democratic but unstable governments taking power across the Middle East, but Hogan himself wasn't closely affiliated with that.
Domestically, the President set out on a series of Town Halls to explain his policies. His fabled flat tax never came to pass, even as taxes were cut as part of the 'reinvestment program'. Medicare reform was headed in a market-based direction, and the state exchanges of the Gore days were scrapped. Education was deregulated, and extended powers were given to the states. Tort reform, while considered as a potential policy goal, was abandoned due to lack of public interest. While Democrats took back the senate in 2010, the congressional agenda overall stalled. President Hogan's divorce in 2011 took up much of the headlines, while bill after bill either died in committee or was vetoed. The divorce proved to be near-fatal to his popularity among Republican voters, and the President's ensuing stress episodes meant that he had to be out of the press' eye for most of the time. A primary challenge from Jerry Falwell Junior fizzled out, but it proved that the President no longer had his finger on the pulse of the nation.
He was defeated by longtime New York Senator Hillary Clinton in 2012 by a decent margin (50-45).
EDIT: oh and credit to
@Nofix, who came up with this idea many moons ago.