Geraldine Ferraro's problem wasn't that she wasn't telling the truth about Obama. Heck, even he knows that his blackness is an added ingredient to his general appeal as a candidate--at least for the Democrat Party.
Unfortunately, too many of Obama's critics--and his acolytes--are unable to separate his qualities/short-comings as a candidate from his personal aspects. To them, his name, color, ethnicity and background cannot be separated from his policies. So when Ferraro stated an obvious truth, the hue (sorry) and cries of racism were to be expected--especially coming out of the mouth of a white female Clinton ally--especially one who seems too arrogant to take into account the politics of it all without taking things personally. And what she said in her own defense--that anytime he's criticized the race card is played--wasn't even true: his Iraq policies and general hard Leftism are criticized all the time without the shouts of racism being heard. So basically she lost her temper and made matters worse.
I hope the McCain camp is taking notes--for their own sake.