- What happened?
- I blacked out.

3 seconds sound clip from the Old School movie soundboard.

You can hear this line at 01:15:22 in the Blu-ray version of the movie.

Quote context

[...]

- Recent research has shown the empirical evidence for globalization of corporate innovation is very limited. And as a corollary, the market for technologies is shrinking.

- As a world leader, it is important for America to provide systematic research grants for our scientists.

- I believe strongly there will always be a need for us to have a well-articulated innovation policy with emphasis on human resource development. Thank you.

(Crowd clapping) (2)

- Where'd that come from?

- What happened?

- I blacked out.

- It was awesome.

- That was interesting. Thank you very much.

- And your rebuttal, Mr. Carville?

- We have no response. That was perfect.

[...]