Is the character of Apu on the Simpsons a racist stereotype?

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I am not a big Simpsons fan and have only watched a few shows, but I have always liked the character of Apu. The accent may be a bit overdone, but it indicates that he is an immigrant. His children will not have the accent, so it is not a racial stereotype. I give him credit for running a business, a much better job than Homer. I always got the impression that in a war of wits, Apu would get the better of Homer.