first a disclaimer, my sister is a lesbian and you would be hardpressed to find someone more accepting of alternate lifestyles than me......but.....i think we may be losing track here........this wasnt about the "what" was said it was about the "who" that said it..........a black person can say it but not a white person.....so........let me ask this.....those of you who happen to be homosexual?............do you use the term f****T around each other? i would guess you do.................and if so why is that ok? i am aware that this goes on in all walks, if we think a co worker is a jerk and someone not associated with us calls him one we will come to his defense............he may be a jerk but he's our jerk so to speak. i love the term "perception is reality" and i think that is what we have here.
Not all gay people use that slur. Not all black people use the N word.
The difference between people using it among themselves is the context.
That dingbat Sherry is getting upset with Barbara for no reason. Barbara meant nothing by it. It's about context.
Words used as insults sting. Used in a different context, not so much.
I have a very close friend who is gay. I never called him the gay F word because it isn't a word I've ever used and it won't roll off my tongue. I did once say, "Oh, my God, you are so gay" and he almost spit his drink out...it was appropriate, in that context and because we're friends and he knew what I meant.
A very close friend of mine calls everyone she doesn't like or who inconveniences her in any way a (bad word) behind their back. She calls me that same word on occasion and I reciprocate. We don't actually mean it - it's a joke. And we'd never call anyone that for real...certainly not people who actually are that thing (or, rather, do that thing for a living.

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If someone uses the N word or the gay F word as a slur, they ought to be socked hard in the nose. As a juror, I wouldn't find anyone guilty if they broke the nose of someone who said something so vile. BUT, if they're using it with their best friend, not so much.
Context. It's just not that hard a concept.
eta: I also think it is about time we stopped referring to gay people as "living an alternate lifestyle." Being gay, per se, doesn't make your lifestyle different. But that's another subject, I guess.