Eric Schmidt says Microsoft, not Apple or Facebook, is the biggest rival Google has right now.

"Bing is a well run, highly competitive search engine," Schmidt tells the WSJ's Alan Murray in a long interview. Meanwhile, it's "too early to tell," how big a competitor Facebook will be, he says. Apple is, "the extreme expression of a closed system, but also a partner."

While Bing is going right after Google's core business, we think Apple and Facebook are long term threats. Each of those companies are fighting for the next big thing.

Bing is fighting the war Google won last decade.

Schimdt talks Bing around the 3:00 marker. He also says he has another 14 years at Google, he still likes Obama, and everything Google does, it can do better by becoming more social.