Much as I find Malema odious, one has to be fair, otherwise we lose credibility when he deserves criticism (which is often).
Look at the context in which he used the term. He was apparently saying that Black kids must be allowed to go to school with Coolie kids (ie SA Indians). If he meant this in a derogatory way, as a slur to denigrate SA Indians, then why does he want Black kids with them at their schools? I think in this case he was using the term without intending a slur. Gross, yes. Insensitive, yes. Ignorant, yes. Impolite, yes. Crude, yes. Deserving of censure? Perhaps, because those in leadership positions should evince greater sensitivity and elegance in their public utterances.
Rather than froth away as if this is as serious as calling a black person that Arabic word, we should shake our heads, wag our fingers, but please don't make such a big deal of it that these words get banned. We have banned too many things already. Let's not fall into the trap of ever-more censoriousness, where all speech must be PC. We need more liberty, not more control. Malema is an enemy because he wants more state control. I don't want to play into his hands.