My stance is they're both assholes, but obviously the black guy comes out looking worst due the fact that even though both were trash talking and throwing deliberate "Dems fightin' words" at each other, the older guy was able to back up his talk with his fist(as well as being attacked first, and being, y'know...older).
That said, stop with the selective defense just to fortify your own biases. So...old dude gets a pass for the "chinaman" remark because "Oh, he's just old, y'know, that was the norm to say in his day, old habits die hard", etc? Ok, by that same token, he knew EXACTLY what his shoe shine and "boy" remarks would mean to the black guy. He can't both be old enough for one remark to just be "dyed in the wool", yet also be innocently oblivious to how racially charged his other remarks were.