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Eric Schmidt didn't go so far as to promise a profit, and for that matter, he never even nailed down a date.  Yet it looks like Google is attacking the problem of monetizing YouTube, and will release some tools within the next eight months.

Schmidt's interview with Maria Bartiromo should air later today, and in a transcript that's already available, Bartiromo asked, "So, as far as monetizing that business on YouTube, do you think that takes a year?  Does it take the next five years?  What's your time frame on that?"

 Eric Schmidt

Google's CEO responded, "We believe the best products are coming out this year.  And they're new products.  They're not announced.  They're not just putting in-line ads in the things that people are trying.  But we have a number--and, of course, Google is an innovative place."

After a comment as vague and mysterious as that, Google is likely to either spill the beans within the next few days, or, well, just ignore everyone until it's good and ready to talk.  Place your bets.

The one thing that's sure, anyway, is that something big is in the works.  Any advertiser who's ever wanted to reach out through YouTube should start salivating, and every user who's wanted the video-sharing site to remain pristine should start researching alternatives.

If Google somehow manages to please both groups, get ready for talk about a $1,000-per-share stock price to seem reasonable again.