I think you called it right. It is a code, and I think racism is at the bottom of it. It's like "law and order" was a racist code in the 70s. Now, I'm an old white guy myself, and to hear the media I'm not ready to vote for Obama. Nonetheless I am, even though I'm an Independent who votes Democratic more often than Republican.
I think there are many white people around who are looking for a smoke-screen to hide their racism behind. They don't want to come out and say they're racists (though some brag about it) so they say Obama's not ready to lead, even while waxing ecstatic about the inexperienced Mrs. Palin being a heart-beat away from the Oval Office. If Obama loses and we get four more years of Bushonomics (pamper the rich and give "values" slogans to the working class), you can't convince me it's not because of racism.
I'm voting for Obama because of the issues, not the biographies. Supporting Bush 90% of the time is not good enough for me, and continuing the Shrub's attack on the real income of working Americans is not good enough for me, though I'm now retired and out of the rat-race. I know where my sympathies lie. I was born in the working class and had to work my way up the hard way. I simply do not understand those voters who seem to ignore issues and policy positions while going ga-ga over personality trifles. This is an "informed electorate"? It seems many people think they're voting for Mr. Popularity or Mr. Congeniality instead of determining the government's actions and priorities for the next 4 years.
And if Obama loses, I'll be sad, and not because I'm some rabid fan of a political celebrity, but because of what it will say about the sorry state of our democracy. After 8 years of Republican mis-rule, the American workers should be stampeding to an alternative. The Republican party will have to get a separation from the right-wing Christian establishment and focus on their "traditional values" of justifying tax cuts by working for a smaller government. In short, they'll have to be the party of fiscal responsibility and balanced budgets that they once were. Maybe then I can cast a vote for a Republican again. But this year? I wouldn't vote for a Republican for dog-catcher, as the cliche goes. And here in New Mexico, where I live, we've got an uncompassionate oil-man trying to beat out a fabulous guy, Tom Udall (who's right on all the issues), but I don't think he'll make it, and it looks as if the national Republican party's going to desert him and give this senate seat up for lost.
But Obama? There's still a lot of bigotry around parading as patriotism. We'll find out on November 4th.