'Hispanic' Or 'Latino'?

With immigration in the news, I thought it would be worth looking at the way media outlets use the words "Hispanic" and "Latino." A cursory news search shows that many outlets use the words interchangeably. But they are not, strictly speaking, synonymous. Consider this usage note from the Yahoo! dictionary definition of "Hispanic":

Though often used interchangeably in American English, Hispanic and Latino are not identical terms, and in certain contexts the choice between them can be significant. Hispanic, from the Latin word for "Spain," has the broader reference, potentially encompassing all Spanish-speaking peoples in both hemispheres and emphasizing the common denominator of language among communities that sometimes have little else in common. Latino which in Spanish means "Latin" but which as an English word is probably a shortening of the Spanish word latinoamericano refers more exclusively to persons or communities of Latin American origin.

For a certain segment of the Spanish-speaking population, Latino is a term of ethnic pride and Hispanic a label that borders on the offensive. According to this view, Hispanic lacks the authenticity and cultural resonance of Latino, with its Spanish sound and its ability to show the feminine form Latina when used of women. Furthermore, Hispanic the term used by the U.S. Census Bureau and other government agencies is said to bear the stamp of an Anglo establishment far removed from the concerns of the Spanish-speaking community.

You can read more about the debate here and here.