What a stupid, ignorant woman. She's baffled by the phrase "Sputnik moment"; she reads it over and over; it makes her vaguely uncomfortable, with that Russian sound to it; and rather than asking someone or looking it up, she decides to invent her own totally wrong definition built on false premises (the Soviet Union was bankrupted by a satellite launch in 1957? Ha ha, screw you, Ronald Reagan!), and declare it on national television? It must be bad, that commie Obama said it.
Man, if I thought the American electorate cared at all about intelligence in its presidential candidates, I'd announce that Palin is toast and we can just scrape the burnt crumbly bits into the sink, try to salvage her with some butter, take a bite, decide she's ruined, and throw her in the kitchen recycling bin for deposit in the compost heap once the snow melts.
Yeah, that metaphor ran away with me, but then I just watched the video, so I have an excuse for a little temporary brain damage.