Regarding Obama's relationship with Wright: Does the saying "You're known by the company you keep" apply

People don't seem to be able to grasp the difference between knowing a person who is racist (I know racist people, that's for sure) and going to a black separatist church for 20 years, having a man who preaches hate against the U.S. as your spiritual adviser, having that same man perform you wedding ceremony and baptize your children. There is a vast difference between that and just some family member you have to put up with. I don't know if they really think there is a difference, or if that's the best they can do to justify Obama's actions (or lack therof).