"A-Rab Money" - Racist or Not?

My brother thinks Busta Rhymes' new song "We Get A-Rab Money" is the most unapologetically stereotypical and borderline racist song he's heard in years. I kind of think in a weird way it's a compliment. Who these days gets more money than Arabs? (correction - who these days is gettin any money except Arabs).

My brother points to the chorus as the most egregious part of the song:

[Chorus: Ron Browz (an American who doesn't speak a word of Arabic)]
Shalai Lai Lai Halilili Hai Lo!
Hi Li Ba Lai Hey Hi Li Bai Lo!
We gettin' Arab money!
We gettin' Arab money!
Ha La Shiki Hai Lili Ba La!
Milli Ai Lai Shi Lili Ba La!
We gettin' Arab money!
We gettin' Arab money!

The dance to the song is amazing. It's 50% Bhangra, 50% hip hop and 100% racially insensitive. At 2:15 into the video the guy takes the dance to a new level by adding an Osama Bin Laden "gun shot to the sky" effect. Brilliant.

Thoughts?