Google's hit on some hard times recently. The search giant's stock bottomed out yesterday at $464.19, dropping 38 percent from a record high $747.24 in November 2007. The massive downturn's tipping point came recently, though the momentum has built up for months, from a comScore report that found the company's revenue generating paid clicks remained flat in January 2008 compared with January 2007, while suffering a 12 percent sequential drop. But minimal growth in its revenue model can't be the only thing dragging Google down. Where's all that cash going? Google, according to disgraced tech trader Henry Blodget, "is moving in a thousand different directions and spending money like a drunken sailor." Blodget should know about spending money like a drunken sailor, but this time his research is right on the money, so to speak. While Google's been busy blowing through $600 million a quarter on a number of non-core projects, including it's RE<C program, the company's revenue has slowly dwindled. Though investment in the program is small - currently around $10 million - it's clearly a distraction from the company's wider, money-making program. But, so are any number of other projects - the transpacific fiber optic cable, dropping $5 billion for a chunk of bandwidth (maybe), and developing a 100 mpg hybrid. Though we'd hate to see this, a shareholder blow-up might force the company to shed some of its extracurricular activities - maybe even sell the T-Rex and Virgin Galactic spaceship hanging in the Googleplex. In the end, though, given the many months Google's had to show it's green colors, the company hasn't done very much beyond accepting meaningless awards and parading Dan Reicher around at Hannah Montana concerts. If the company really wanted to make some steps in the green direction without pissing off shareholders and blowing PR dollars, they could start with building efficiencies into data centers. Maybe also not send people to the moon. Because, WTF?