Google Bubble?

Google just went over $300 a share. How much in cash flow does Google need to generate in order to justify that price? How much in cash flow per share can Google generate, based on the existing business plan for the organization and a best case scenario? Why are rational people paying $300 a share for Google stock?

And, on another front, oil prices just closed over $60 a barrel. Hmmm. How will these oil prices impact company cash flow this year (in the future)? Have rational investors in the equity markets fully priced in this impact? The impact of high oil prices, a real estate bubble (at least on either coast), American firms and consumers and governments borrowing and consuming at a pace that is far exceeding the capacity of the economy to generate value . . . Interesting. As I said back in January, this is the year of living dangerously.