Did Michelle Obama Suggest Sarah Not Smart?

Check out this [emphasis added] excerpt from an LA Weekly report on Michelle Obama's appearance at a private fundraiser last Wednesday in the ritzy LA neighborhood of Holmby Hills.  Mrs. Obama was addressing a crowd that reporter Patrick Range McDonald described "heavily entertainment-industry." 
Obama then moved on to politics, where she first brought up her husband’s vice-presidential choice. “I think it was a really good pick—Senator Joe Biden,” she said, and later added, “People say they have amazing chemistry, and it’s true.”

Obama continued with talk about Biden when she said, “What you learn about Barack from his choice is that he’s not afraid of smart people.” The crowd softly chuckled.
Why would the crowd have chuckled, unless they sensed Michelle was making a little jibe at Sarah Palin's expense?  Calling on the MSM to ask Mrs. Obama just what she was implying.

Note: The article mentioned that the "minimum contribution for a guest was $1,000 to get through the door. Supporters who raised $25,000 were given access to a VIP room."  What, no Champagne Room? Thankfully, no report of any NFL players being injured in a skirmish in the parking lot after the event ;-)
Appointments Campaigns & Elections 2008 Presidential Campaign Financing Regional Media California Michelle Obama Sarah Palin