Of course something can be racial without being racist. This is not one of those things.
You think coded racist language gets used to disguise the race of the target? You can't be that stupid. No one is that stupid. Bolling was trying to advance his career at Fox by winking and nodding to the racists in their audience by saying, "Oh, yeah, he's one of
them. You know what
they're like, getting wasted on Midnight Dragon instead of doing their jobs.
They're all the same, and Obama's no different."
And no, it defies plausibility that Bolling meant to "mock" Obama, but inadvertently used a dog whistle to do it.
You can't produce a credible explanation for why Bolling used the phrase "chugging 40s" instead of something like "getting drunk", when Obama was not chugging anything nor drinking from a 40. Therefore, I can only conclude that you know full well what Bolling meant, and are just running cover for someone on your team no matter what vile thing they do or say.
Y'know, exactly what you always do. Only this time you're defending racism, and that's a new low even for you. And as long as you continue to do so, I will treat you like a racist, since right now you are the functional equivalent of one.