Basically what I believe he is saying is that the media poisons black youth with stereotypes and the idea that life is about materialistic things such as cars money and women. The cop I belive either arrests him because he pursues those things through ways the media portrays black people as (gangsters, drug dealers, pimps, etc.) Or that the cop is tricked into believing that black people are criminals because that's how the media portrays them.

I think the white kid was supposed to show how the media portrays white people as politicians, artists, etc. thus telling the white youth that they have the ability to be or do anything.

The last part is a bunch of respected figures becoming concerned by the results and a bunch of hated figures celebrating the results but they are all the same;

Old people are really racists
Preachers are really business executives
Conservatives are really gangsters
Teachers are really con men

Just what I believe Lupe is trying to portray in this video, not saying I completely agree with it.