There is still much more weight when it comes to insults against people of color, because those insults had been used as part of the oppression those people faced for years.
For example, when someone put up an Obama effigy hanging on a noose, that had racial overtones due to the lynchings of blacks that occurred for years. On the other hand, when someone else hung up a Palin effigy, it lacked those overtones. While both were rather disrespectful things to do, the hanging of the black man will always have more meaning, because of that history.
And reverse racism is a bad argument. You cannot give someone the opportunity to become equal, without letting them have the means to do so. It would be like inviting a man who has been in chains his entire life into a sprint. Sure, he's been given an opportunity, but he can never match the other sprinters if he isn't given other things such as a trainer, clothes, shoes, a place to work out, etc.
So I agree with Fraser.J.A wholeheartedly. I think he is trying to point out that white people are still in power. Sure, Obama got elected, but look at his credentials! If a person of color with George Bush's intelligence got elected, then we'd be on to something.