Rails Ruby on Rails

Here is an example query:

joins = [{:dim_locations=>[:dim_zip, {:dim_city=>{:dim_state=>:dim_country}}]}, :dim_ages, :dim_car_makes, :dim_educations, :dim_employments, :dim_foods, :dim_genders, :dim_get_aways, :dim_home_ownerships, :dim_incomes, :dim_marital_statuses, :dim_teams]

conditions = ["(dim_zips.zip_code = ? OR dim_zips.zip_code IS NULL) AND (dim_cities.city = ? OR dim_cities.city IS NULL) AND (dim_states.state_code = ? OR dim_states.state_code IS NULL) AND (dim_states.state = ? OR dim_states.state IS NULL) AND (dim_countries.country_code = ? OR dim_countries.country_code IS NULL) AND (dim_countries.country = ? OR dim_countries.country IS NULL) AND (dim_ages.age = ? OR dim_ages.age IS NULL) AND (dim_car_makes.car_make IN (?) OR dim_car_makes.car_make IS NULL) AND (dim_educations.education = ? OR dim_educations.education IS NULL) AND (dim_employments.employment = ? OR dim_employments.employment IS NULL) AND (dim_foods.food IN (?) OR dim_foods.food IS NULL) AND (dim_genders.gender = ? OR dim_genders.gender IS NULL) AND (dim_get_aways.get_away IN (?) OR dim_get_aways.get_away IS NULL) AND (dim_home_ownerships.home_ownership = ? OR dim_home_ownerships.home_ownership IS NULL) AND (dim_incomes.income = ? OR dim_incomes.income IS NULL) AND (dim_marital_statuses.marital_status = ? OR dim_marital_statuses.marital_status IS NULL) AND (dim_teams.team IN (?) OR dim_teams.team IS NULL)", "98104", "Seattle", "WA", "Washington", "US", "United States of America", "18-34", ["Ashton Martin"], "Bachelors", "Full Time", ["Brazilian"], "Male", ["France"], "Rent", "Less than 30k", "Married", ["Arizona Cardinals", "Boston Bruins"]]

Benchmark.measure do
Koupon.includes(joins).where(conditions).each end
=> 127.930000 0.390000 128.320000 (129.897278)

(I append the .each to force a query)

In Rails 2.x ActiveRecord this query was generated nearly instantaneously. I have
verified it isn't even hitting the database until the very end of that 2 minute period.