Obama's speech was possibly the greatest speech on race and class in modern politics, highlighting the inextricable link between the two in America where each has shaped the other in our history. Instead of simplistic "can't we all get along" messages or [Bill] Clintoneseque statements about "strength through diversity", Obama took head on the festering anger fueling racism and racial resentment, brilliantly juxtaposing black anger and white anger and the way the privileged corporate class has exploited that racial division. The key paragraphs in Obama speech were these:

Anger over welfare and affirmative action helped forge the Reagan Coalition. Politicians routinely exploited fears of crime for their own electoral ends...white resentments distracted attention from the real culprits of the middle class squeeze – a corporate culture rife with inside dealing, questionable accounting practices, and short-term greed; a Washington dominated by lobbyists and special interests; economic policies that favor the few over the many...

This time we want to talk about the shuttered mills that once provided a decent life for men and women of every race, and the homes for sale that once belonged to Americans from every religion, every region, every walk of life.  This time we want to talk about the fact that the real problem is not that someone who doesn’t look like you might take your job; it’s that the corporation you work for will ship it overseas for nothing more than a profit.

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