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Maybe the travel, restaurant etc industries have stopped paying for clicks so Google gets less cash? My work cut down on PPC by a lot and we spent a lot of money on it.

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So what? They have enough money to last trough years of economic depression. Long term plans might be as important as short term plans, or more important.

They don't send a good signal to investors.

Micromanaging makes sense when you are in deep trouble - see LA Times. Is Google in trouble? I believe not. Yet they send the message they are in trouble.

As this crisis has illustrated, early inaction can get you into later trouble.

One color I would add - hearing the tax season deadline moving to July drastically reduced the ad spend from tax filing software services companies. Of course, ad spend is also just down overall.

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