When Google and Yahoo announced their advertising partnership back in June, the companies said they would give the Justice Department three and one half months to review it. Which is more than enough time for such a review according to Google (GOOG) CEO Eric Schmidt, who said the companies will proceed with the deal in October, regardless of what federal regulators think of it. “Time is money in our business,” Schmidt told reporters Wednesday.”… While we have been talking to regulators, we don’t know what their position is. We don’t know if they think it’s a good deal or poor deal.”

Not that it particularly matters what they think, because Google has no intention of delaying the partnership anyway.

And for those like Sen. Herb Kohl who worry if the deal might reduce Yahoo (YHOO) to “nothing more than the newest satellite in the Google orbit”? Well, c’mon. Yahoo is already a satellite in the Google orbit, isn’t it? Google accounted for 77.4 percent of all search engine spending in the second quarter of 2008, according to Efficient Frontier. For crying out loud, the company claims $1.10 of every new search dollar.

And time is money in Google’s business. …