You're right. Sometimes I'm guilty of karma grabbing, and that was an over simplification of the actual situation. (hell I should know better, I have a sociology midterm on Monday :P)
I disagree that second wave feminism was inherently racist and transphobic, because to me there's a difference between not being inclusive, and being exclusive to their version of what a woman actually is.
The TERF movement is exactly an off shoot of the second wave feminists who say that we have a definition of what a woman is and we're going to stick to that. (Now in their self contained logic, this makes sense. Especially the trans exclusion... If the oppressive institution is gender and the trans people are in a situation where their gender and sex don't match, they shouldn't be valid, because gender is entirely a social construct.) I personally disagree because while I accept that gender is mostly a social construct, it is tied heavily into sex and is not arbitrary.
Now as to why I argue that the calls for equality ended after the second wave, is because the calls for liberation of all oppressed groups that defines the inclusion of all groups yielded to an ugly mix of bitter and poorly formed opinions that is both racist and man hating and there's a shit ton of it. The third wave coupled with web 2.0 created the mess that is tumblr activism. No real leadership, just a bunch of frustrated people calling for genocide which will somehow fix the centuries of inequality for the people of colour and other oppressed groups. Which leads to nothing but resentment. It's just like the #occupy movement.
And as for why I claim the second wave did call for equality? It's because it all but died once their outcomes were met: Equality in the workforce, sexual liberation, increased agency for women...etc. And the added fact that I wasn't there to see it. Only what came out of it.