This is really worth watching. It’s a nice antidote all the commentary I’ve been seeing (from intelligent but apparently blinkered people) along the lines of “I just know he’s not a racist” and “I could tell he was really sorry on Letterman.” Sinbad was in the audience that night, and here’s his eloquent take.
Michael Richards’ standup: Sinbad’s reaction on CNN (YouTube, via Racialicious)
As a bonus, you can play Spot the Racism in the YouTube comments. Besides the really obvious instances, look for the typical “double standards” red herring. (If you think you may be missing something, chances are you’re white. Hey, lucky you! But here are some things you need to understand.)

I found it interesting how Sinbad said in a matter of factly and boastful way that
everybody’s racist. Racism and greed got 24 million of your African brothers in the bottom of
the Atlantic ocean. Also there was no heckling of Richards, just people talking too loud. Once again the majority media missed the truth.