It is also worth noting that the big reason for the EPS miss in the quarter was not the weaker economy, but rather lower interest income, as the company used a substantial chunk of cash to pay for its acquisition of DoubleClick. While that’s a non-operating factor, analysts are adjusting their models for lower interest income going forward, so even some of the bulls are reducing earnings estimates as a result.

The big issue here is not really the EPS miss; it is the revelation that Google lives here in the real world with the rest of us, where businesses of every stripe are cutting back on spending in many areas – including online advertising – in response to a rough macro environment. The Internet, while an alluring advertising medium in so many ways, turns out not to be impervious to economic malaise. But here’s the good news: if you believe in Google’s long-term promise, the stock today just went on sale. Maybe you ought to stock up.

Here’s a look at some of what the Street is saying about GOOG this morning:   Read more here.