While calling BBT "nerd black face" is over-the-top and inaccurate (see subthread above), what does privilege have to do with offensive stereotypes? Are you claiming that, for groups above a certain level of privilege, there is no such thing as an offensive caricature?
Not exactly but sort of. Think of the effect the caricatures have. Caricatures that are punching up (making fun of rich people, tech geeks, etc) affect people in a way different way than caricatures that are punching down (making fun of the poor, and racial and sexual minorities, etc).
It's similar to the difference between being called the n-word vs cracker.