The champagne is flowing at Google on news that the Google DoubleClick acquisition has been cleared by the FCC.

Others were howling and praying, proclaiming the end of the world was nearing and hoping that the EU would see it differently.

Google is the leader in online text based advertising and the DoubleClick purchase would help it get a foot hold in display adverting. Online ad spending is projected to reach $21.4 billion this year, according to research group eMarketer, surpassing the $20.5 billion radio advertising market for the first time. EMarketer expects online ad spending to nearly double to $42 billion in 2011.