"Implied Odds" Argument

[bluef0x]

A friend of mine altered a hand and made up this hypothetical situation. I'm not sure of what site this is but heres the hand. Ignore the preflop crap.

$1 - NL - 9 Seats 5678884-3 Holdem No Limit 20/40
Hand Start.
Seat 1 : THANKYOUALL has $1,840
Seat 2 : bba33 has $2,960
Seat 3 : Rossalr has $2,000
Seat 4 : JUGS UK has $1,380
Seat 5 : abigfan has $1,760
Seat 6 : kikigranny has $2,000
Seat 7 : msj420 has $2,160
Seat 8 : splash-it has $1,940
Seat 9 : solucky123 has $1,960
splash-it is the dealer.
solucky123 posted small blind.
THANKYOUALL posted big blind.
Stakes: 20/40 Current level: 1 Next level in: 5 min.
Seat 5 : abigfan has 7[img]/images/graemlins/diamond.gif[/img]6[img]/images/graemlins/diamond.gif[/img]
bba33 called 40
Rossalr folded.
JUGS UK folded.
abigfan called 40 and raised 40
kikigranny called 80
msj420 called 80
splash-it folded.
solucky123 folded.
THANKYOUALL called 40
bba33 called 40

Dealing flop.
Board cards [A[img]/images/graemlins/diamond.gif[/img] Q[img]/images/graemlins/heart.gif[/img] 2[img]/images/graemlins/diamond.gif[/img]]

THANKYOUALL checked.
bba33 bet 300
abigfan ....?

My friend argued that anyone who folds here is stupid. He said "check stack sizes, position, and your cards." I don't really believe that folding is a stupid play and I would fold here, but I'm weak at postflop.

The way I see it- even if you call someone else could push- if he pushes and original raiser calls your whole stack is on the line and you aren't getting the 4:1 you need. Eh, even if calling is correct here- folding wouldn't be a horrible play but can someone fill in the blanks.