Obviously this is a rather controversial subject, which is kind of why I started the thread. I will answer my own questions in a while, hopefully after someone else has answered them first.
Racism is no longer a major problem in America therefore we should no longer give academic and employment preferences to racial minorities. Not that those preferences are extended equally to all minorities anyway - only to the 'underrepresented' ones (blacks, latinos). Those difficulties that minorities do face are almost always a consequence of economic hardship unrelated to racism so perhaps affirmative action based on income rather than race makes more sense.
