While I agree that it's not generally good to use a group of people as part of a joke, the term Homophobia is one if the most over-used, and misused terms of late. I've yet to meet a single person who is "scared" of a homosexual. Being "insensitive" to Homosexuals via a joke however, is a more appropriate way to describe their actions.
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Not implying anyone is 'scared' of homosexuality, it's just always seemed like a bizarre way to insult someone - a normal peson wouldn't say 'OP is a n****r' but 'OP is a fgt' seems to be an acceptable repsonse, very rarely used in a 'joke' sense. But...that wasn't a question so I'm off-topic...I'll say 'enjoying this discussion, what's your view?' :-)
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Who needs to be "on-topic" when they are cool?
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I would have to say that I personally don't think it's appropriate to say things like that. I admit I have jokingly called my friends a "fgt" just messing around, but not in a disrespectful way. I think it's just that the term was once coloquially understood to mean "loser", and that's what people are inferring when saying that, which is insensitive. :)