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1.
The term "banana republic" refers to a country dominated by corporate interests, in which income disparity between rich and poor is extremely high, to the point that the middle class has just about disappeared, and aside from the fantastically wealthy few, practically everyone is dirt poor.

A Banana Republican is a Republican who wants to lower taxes for the rich, leading to increased income disparity and bringing the USA closer to banana republic status.
The GOP is full of Banana Republicans these days.
by bluefive September 28, 2010
 
2.
A rabid, nearly defunct tribe of banana-wielding Tea-tard Tea Party Republicans that descends with high-pitched shrieks from the treetops to defend the debt ceiling from other Republicans and humans.
Those nasty Banana Republicans nearly put us out of business last week until we slipped them the Boehner.
by Politicus Maximus August 07, 2011
 
3.
A gay Republican, possibly closeted. Ironic in two senses: it's the name of a fashion company and banana is a term, albeit an immature one, for a penis.
Oh my god, Beverly Leslie on Will & Grace is SUCH a Banana Republican.
by dreamer1991 May 23, 2010
 
4.
a nick name given to Gorge Bush because of his likeness to a monkey
we had to watch the banana republican give a spaech in class today
by Kelsey W May 04, 2006