Well, if you change some of the wording and place it in today (after the ideological shift in the South and North Easts), he's effectively talking about two parties jockeying for token support of different minorities without actually doing much for them.
In reality, both the parties are rich white parties. The vast majority of the Republican leadership is rich white people. The vast majority of the Democratic leadership is rich white people. 20 years ago, I would have said rich white men.
It's taken just under 100 years for women to get to just shy of 20% representation in both chambers of congress. The games on capitol hill are still largely games about balancing constituencies. The sheen of Ronald Reagan has faded from many Hispanics minds, and the immigration stance taken by most of the GOP (although not really McCain, interestingly enough) has pretty much scared away a generation; Obama has pretty much clinched the African American vote for a generation (although turnout will vary depending on who runs); the LGBT voters (who probably vote more than any other minority, when it gets down to it) doesn't really have a party (anti-gay marriage vs. not anti-gay marriage, but not really for it either) that fits it's "issue" well, but many LGBT individuals breakdown along more liberal lines on other issues. If either party were to man up and actually fight for LGBT rights, they'd have a big strong politically active group on their hands.
The trouble is, nobody has really done anything to win these groups. Latinos fled to the Democrats because the Republicans started taking a contrary stance to the Latino voting core. African Americans were already Democrats, but now we actually voted in big numbers. LGBT voted for Obama because they tend to lean socially liberal, not because he's going to be an ally for LGBT voters.
One of the big problems with the plurality system is that many voters aren't faced with a decision between a candidate whom they support in every way, or in a very important way, or in a way meaningful to them as a citizen and somebody else. Candidates don't have to address every issue. If for example, both candidates (MC and BO) agree (anti-gay marriage) or both candidates just ignore something (war on poverty a la Edwards) it doesn't become a factor.
They're looking at two candidates, and frequently neither has much of an opinion or REAL plan to improve your life, be you black, Latino, Asian, LGBT. It's a choice between the lesser of two evils rather than choosing to put your support behind someone who will really fight for your personal beliefs. That candidate doesn't run in this system because they'd get eaten alive. For all the problems of proportional representation, voters turn out in MUCH higher numbers, and I'd bet it's because they really can find a party that truly represents them, or at least represents them in an issue that's very important to them. Many parties in Europe are started that way. They are in support of an issue, and as a party determine their position on every other issue. If there's a big enough rift over a 2nd issue, they split, and so on. Makes for lots of parties and a need for alliances, but it does allow the actual voice of citizens often frozen out of the process to be heard. Gays, the poor, political minorities, even ethnic minorities (although ethnic parties is a whole other can of worms) all get a political voice to force issues that large, 2 or 3 part states can pretty much ignore.
As a man for whom gay marriage would be nearly and instant "I will vote for you" (I mean, I would have voted for either Obama OR McCain if they held that position, because I think very little separated them when I tallied up what I agreed and disagreed with them about), I had no candidate this election cycle. I rarely feel good about my votes, or feel that my votes will bring about new, positive things in my life. So in a sense, I think Malcolm X is right. Politicians succeed less by being the candidate who will help you than by being the candidate whose policies will hurt you the least. That's a very dangerous thing, too. It freezes people out of the process and makes them not identify as Americans. Even if I don't feel full of national fervor and the belief that I am changing my life with my vote, I at least feel connected. It must be hard to be so disillusioned that you wouldn't vote.
I've veered largely off-topic. Apologies. I hope I got things back towards the end.