What did Quentin Tarantino mean when he said 'ghetto' in his Golden Globes speech?

It would be easy to say that director Quentin Tarantino ruined a perfectly good speech with one word, but that isn't even true. In addition to his inexplicable use of the word "ghetto," Tarantino's speech -- on behalf of the absent composer Ennio Morricone -- was factually wrong to boot.