Olbermann got it 100% right and then some tonight:
Olbermann chose to frame his comment in terms of bad choices on the part of Senator Clinton, stopping short of calling her inherently racist, instead casting the matter in terms of her receiving bad advice from the "tone deaf" and "arrogant" members of her campaign ("they are killing your chances of becoming president...[and] slowly killing the chances for any democrat to become president"). He characterized Ferraro's remarks as "a blind accusation of sexism and dismissing Senator Obama's campaign as some equal opportunity stunt," and decried her comments both in this instance and historically, pointing to the "cheap, ignorant vile racism that underlines them."