TNC reexamines the record and concludes:

??I was eight when she was nominated for vice-president, and while I could not register the full import of the thing, I understood that the world had somehow opened up, and later, more specifically, that Ferraro, herself, through dint of her own hard work, had opened the world up. From Ferraro, from someone who had likely been told she was only in the 1984 race because she was a woman, many of us, indeed, expected better. 

Ferraro's money quote:

If Obama was a white man, he would not be in this position. And if he was a woman of color, he would not be in this position. He happens to be very lucky to be who he is.