When you promote hatred of Jews & LGBT you violate YouTube guidelines. This was not a matter of free speech as YouTube is not owned/run by the government or public. YouTube is a company that has the right to decide who will be using the company's bandwidth/services & who will not.
It is 2016, gay people can legally get married, serve openly in the military, we have a non-white president, more police officers are wearing bodycams and many other steps have been taken to reduce unfairness towards oppressed/unfairly treated groups.
Racism is unfair/hateful/wrong, homophobia is unfair/hateful/wrong & as specifically stated by YouTube's policy, you cannot promote racism or homophobia on this site.
If you still think this is a matter of free speech, you have not been paying attention.