Do you consider this racist?

It's a Korean music group and they sing in blackface in this video. I wanted to get other opinions on this video

http://www.zippyvideos.com/4319604811144776/8._bubble_sisters_video/

I can't understand a thing they're saying.

I don't think it has anything to do with systemic oppression of other people. It's racism more along the Avenue Q variety.

Everyone's A Little Bit Racist

Princeton:
Oh, Christ do I feel good.

Gary Coleman:
Now there was a fine upstanding black man!

Princeton:
Who?

Gary Coleman:
Jesus Christ.

Kate Monster:
But, Gary, Jesus was white.

Gary Coleman:
No, Jesus was black.

Kate Monster:
No, Jesus was white.

Gary Coleman:
No, I'm pretty sure that Jesus was black-

Princeton:
Guys, guys...Jesus was Jewish!

Brian:
Hey guys, what are you laughing about?

Gary Coleman:
Racism!

Brian:
Cool.

Christmas Eve:
BRIAN! Come back here!
You take out lecycuraburs!

Princeton:
What's that mean?

Brian:
Um, recyclables.
Hey, don't laugh at her!
How many languages do you speak?

Kate Monster:
Oh, come off it, Brian!
Everyone's a little bit racist.

Brian:
I'm not!

Princeton:
Oh no?

Brian:
Nope!

How many Oriental wives
Have you got?

Christmas Eve:
What? Brian!

Princeton:
Brian, buddy, where you been?
The term is Asian-American!

Christmas Eve:
I know you are no
Intending to be
But calling me Oriental -
Offensive to me!

Brian:
I'm sorry, honey, I love you.

Christmas Eve:
And I love you.

Brian:
But you're racist, too.

Christmas Eve:
Yes, I know.
The Jews have all
The money
And the whites have all
The power.
And I'm always in taxi-cab
With driver who no shower!

Princeton:
Me too!

Kate Monster:
Me too!

Gary Coleman:
I can't even get a taxi!

All:
Everyone's a little bit racist
It's true.
But everyone is just about
As racist as you!

Christmas Eve:
Evlyone's a ritter bit lacist!

But just off the top of my head I have to say they do not share the same cutlure and history as we do. So the intent and meaning may have a comlpetely different impact.