'Disgraceful' University of Oklahoma fraternity shuttered after racist chant

Summary: A 9 second video was uploaded onto youtube showing a bus full of Sigma Alpha Epsilon, a fraternity at University of Oklahoma, members singing racist chants such as "There will never b a ni**** SAE. You can hang him from a tree, but he can never sign with me." The video was sent to the university's president through twitter saying "Racism is alive at The University of Oklahoma." Two of the boys were later expelled and the fraternity was shut down. Protests surfaced with the creation of the slogan "NOT ON OUR CAMPUS", written all in red except for the letters "OU", a shorthand for University of Oklahoma.

My thoughts: I was actually really shocked when I heard about this story. I saw the video of the boys chanting and it disgusted me. I was really surprise to see that racisms still exists, especially in this generation. I feel like our generation is more open with these things, such as your race and what you believe in. Even though I think that what they were saying was absolutely disgusting, I don't know how I feel about an explosion. We still have the freedom of speech and they were expressing that, but at the same time, it did sound a little like a threat, which is against the law. In my opinion, closing the fraternity and a suspension would have been appropriate. 

Question:

1. Does it shock you that racism still exists? Why or why not?

2. What do you think the appropriate punishment would have been?

Source: http://www.cnn.com/2015/03/09/us/oklahoma-fraternity-chant/index.html