Ballmer: 'The world borrowed too much money'

C|Net | at | by Mike

Microsoft CEO Steve Ballmer began his talk at Stanford University by offering a quick course in economics.

Explaining the economic crisis that has slowed business worldwide and caused Microsoft to have its first companywide layoffs, Ballmer told the crowd at the school's packed Memorial Auditorium, "The world borrowed too much money."

Then he went back to his obligatory chat about the early days at Microsoft, including when he dropped out of Stanford's business school to join the software maker. He noted that he knew how to read a balance sheet, but not much else.