Well, now. You see a headline like that and the mind reels as the free word association starts with 'Proud' of Race, leaps forward to the recent slanders that had Arnold Schwarzenegger admiring Hitler, and pretty soon you're staring right at Bush = Hitler writ large, though very carefully between the (head)lines, by the freedom (of the press) fighters of Reuters (caution: may contain news-like substances).
The text helps clarify a little:
President Bush on Wednesday congratulated California's Governor-elect Arnold Schwarzenegger and said he was proud of the Republican actor's campaign in an unusual race.
Oh, I see. So the story is about President George W. Bush congratulating California Governor-elect Arnold Schwarzenegger on running a masterful race, not about George and Arnold believing in a master race. My, my, what was I thinking?