IE claims to keep its cache in ~/Library/Caches/MS Internet Cache, and to never let this file exceed 10mb, and I can verify this by just hunting around in the folders. Soooo what the hell is the 270mb ...
After Google has angered tons of SEOs and searchers over removing the cache link from the search result snippets, Google decided several months later to add links to Internet Archive's Wayback Machine ...
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