Tea Party = tool of corporate interests manufactured by Fox News and the GOP fueled by racism/ignorance catering to the lowest common denominator of intelligence in this country who are foolish enough to buy their line against their own best interests.
The tea party is sort of the modern version of what racism allows.
It has most people who are not explicitly racist. Talk to individuals, and some are, and some are not. The party does not allow 'official' racist stuff that looks bad.
It's a lot better than the racist groups in the 60's, with George Wallace 'segregation forever' being their pledge equivalent to the 'no new taxes' pledge today.
It's better - times have changed (thanks mostly to liberal leadership leading the change).
The thing is too though, they don't need explicit racism. They just need to be the least hostile choice for racists. 'Keep your racist signs at home, but you are among friends'.
All they need is to seem welcoming enough to get them and their votes. It's the modern version of the southern strategy - based on fear of blacks driving whites to the party.
The truth is going to be somewhere between the Tea Party's backers saying there is no racism, and its most strident opponents painting it as a renamed KKK. It basically has a lot of people who see non-whites as one of our biggest problems, with a lot of hate - not all by any means - and that is going to color the party (no pun intended), even if the party keeps its distance officially and has many or even most members who are not that way.
The 'big tent' Republicans had no problem absorbing a racist south, and the Tea Party has no problem absorbing the racist people who find it attractive, it seems.
They have no need for a counter-product racist agenda, but you will likely find them supporting the more racist side of any 'mainstream' issue - pro-Arizona, anti-Affirmative Action, anti-poverty programs that help minorities disproportionately, anti-multi-lingual programs, etc. All they need is enough bait to catch the racist fish and their votes for their corporatist (even while some of them claim not to be corporatists) agenda, instead of joining some other group, much less finding out the left is the better side.