"Reverse racism and reverse sexism are stupid terms. It's not a one way street. Usually when you have a moral theory that isolates one group as capable of being racist, for example, but another group cannot be, then you have a bad moral theory"

Discussing racism without considering the power dynamic is a meaningless exercise. An individual without power holding racial prejudices has a vastly different impact than an individual in a position of power holding racial prejudices (supported by societal structures that also help uphold them.) That's why there is a distinction, in academic circles, between racism and prejudice. Anyone can be prejudiced or bigoted. Only someone in a position of power can be racist.

Quibble about dictionary definitions all you want, but the point of that distinction is that simply saying "everyone can be racist; there is no such thing as "reverse racism!" solves absolutely nothing. It's about as useful as saying "I don't see color!" It does nothing to solve the actual real-life problems being faced by people because of decades of inertia driving ingrained inequalities in our society. It's nothing more than an easy way to give lip-service to egalitarian ideals without actually having to wrestle with the difficult work of actually seeing where inequalities exist and doing something tangible to combat them.