No, he was addressing students on a college campus. Don't recall what college and don't really care myself.
And it certainly was a formal speech. His own speechwriters have said that. He was speaking from a script - dunno if he had it in front of him or memorized (though he looked down enough for me to think he had a written script or notes). If it was extemporaneous then I'd be much more inclined to believe what he said is how he feels than if he just botched a line.
In either case, it's good old John Kerry who seems to think using a bunch of one-liners before college students is an appropriate way to discuss the War in Iraq and the Presidency.
That's fine for SNL, not for someone who ran for President.