I have seen worse ones then this. I have seen cartoons showing condi and colin powell with big lips telling the President, "yes suh". Terrible.
Sounds reasonable to me. The only proof that Bush resembles 'Massah' is in his policies - personally he doesn't reveal any blatant racism. I think, however, to identify a politician's character you have to look at his constitutency, and Bush's constitutency is mostly racist. So to make fun of a minority person for cosying up to a political party that is against their group's interests (and even might be said to represent hatred for their idenity) is - well, quite clever and quite funny.
Interesting that you base one's identity and interests on their "group."