Google silenced its critics (see my earlier post below) and delivered yet another quarter of surging earnings growth in the face of speculation that the company's paid search revenues were withering along with a recession-bound US economy.

In the earnings conference call, Google CEO Eric Schmidt -- speaking softly but carrying a big stick -- made a few, clear points:

• "Paid click growth is much higher than has been speculated by outside parties."
• "We are showing fewer but even better ads."
• "We're well positioned for 2008 and beyond -- regardless of the business environment that we find ourselves surrounded by."

In other words? In your face!

Google shares soared 18%, past the $500 level for the first time in months.