The one thing I do like about Cain is his views that welfare creates a dependency in its current form. Welfare has long needed reform and I would be ok with that part. Welfare should be a tool to help people when they come on hard times to get back on their feet and find jobs and not be used the way it is now.
As for the racist thing, while I don't believe most conservatives are racists, yes they are out there. I don't think racism follows any particular party lines, but it definitely exists and would come into play a little bit.