This week on bloomberg government's "capitol gains" -- grounded.
If the airline industry faces turbulence after the justice department's decision to block the merger of american airlines- u.s. airways.
Former american chairman and ceo robert crandall on what it will take to land a deal.
Inside the battle for ben bernanke's job as the fed faces critical policy decisions, the president must pick a new chairman.
We will take a closer look at the top candidates.
And before they ever hit the high seas, america's warships need to pass a test in a suburban maryland poll.
We will take you inside the navy's taylor model.
I'm peter cook.
Welcome to "capitol gains." this is a different kind of sunday show where we focus on the business impact of government action using the exclusive research and analysis of bloomberg government.
We begin today with the government grounding of the american airlines-u.s. airways merger.
The justice department's decision to block this combination cut the industry and wall street offguard.
Justice officials of the combination would lead to left opposition, higher airfares, and less service at some airports.
At washington's reagan national, for example, the combined companies would control 63% of the nonstop routes.
The airlines are romancing to fighting close the deal by the end of the year, but landing this merger may prove difficult given the government's opposition.
The airlines are getting some strong support from unions and biggest names in the airline business, including former american chairman and ceo robert crandall, who joins me now from washington is a -- from massachusetts.
Welcome to "capitol gains." you think this decision is going to harm competition going forward.
Tell me what is it you know that the justice department is not does not.
In this particular case, peter, i think the justice department is off base.
The airline business is a network business.
It depends -- to succeed, you have got to be as big as the other guys, and you have got to have as much ubiquity, that is you have got to service many places.
Because corporations that buy a lot of airline tickets are going to select an airline that have both size and ubiquity.
In this particular case, the justice department has allowed continental and united to combine into a very large carrier, then they have permitted delta and northwest two combined to a very large carrier.
So much larger than either american or u.s. air that neither american nor usair can compete effectively, their networks are not big enough, they do not serve enough places.
The consequence is this merger is procompetitive.
It is not anti-competitive.
You are going to create a third mega carrier to compete with the united and delta that already exist.
If you don't do that, and a very long run, not next week or next month, but in the long run, neither american nor u.s. air can do an effective competitive for united delta.
The justice department has looked at those past combinations that they blessed in the past and concluded it lead to higher prices out there, we do not want to do that again.
The fact of the matter is, peter, the horse is out of the barn.
If you now want to effectively control united and delta, that is if you want to provide effective competition for them, which is the only way to keep fares down, then you have got to let united and american create a viable competitor.
If you do not, you end up with a duopoly of united and delta.
And their ability to raise prices or change services will be essentially unrestrained.
That is not a good thing to request you see any possibility for a settlement here?
It is not, give from the justice department officials we have been talking to.
If you read the complaint and you listen to what the justice department says, then you would say that there is no basis for a settlement or it look, there is a lot of politics in this, as you know, and u.s. air does control a lot of the slot at washington national.
But the reality is if you look at the percentage of slots controlled at the various hubs by the dominant carriers, that 68% is not a particularly big number.
I suspect that american and usair would make some kind of concessions in terms of those slots, but i do not think that is a real issue.
I think the problem is the justice department made a mistake when they permitted the delta and the united mergers.
They got a result they did not count on.
And now they think that the way to not get to make that worse is to prevent american and usair from combining, when in fact the way to control the effects of their original error is to allow american and usair to combine and create a third competitor.
Celebrated the decision to block this.
I'm sure the champagne corks are popping in atlanta, which is delta's headquarters, and in chicago, which is united for the headquarters are at if you are running -- headquarters.
If you are running one of those 2 million carriers, and your potential competitor, american, usair, were bought, you would be pretty happy.
Do you think american have any chance of surviving on its own coming out of bankruptcy?
Is that simply not possible?
Wax in the long run, american may survive, but it will be a display or in the industry.
It will not be able to effectively challenge united and delta without adding a great deal of capacity, which it does not have the ability to do.
And without achieving much greater ubiquity, that is serving many more cities than it now serves.
And having a more effective network within the united states grid i do not think it can do those.
I think it may survive, it is not a matter of survival, it is a metal of whether you can compete effectively.
How is this going to and end?
Do you see there is a possibility for this to be overcome?
I think realistically just as has made a mistake.
I do not think justice fully understand halfway around its computer.
I think justice is not what happened in the delta merger in the united merger, although many of us told them what would happen, and what they now want to do is they want to sort of offset those in adverse effects of united and delta, but they do not understand that the best way to offset the effect of their earlier error is to allow american and usair to come together and form a third major editor, -- competitor, that where you have delta, united, the new american, that is much better for lots of cities, lots of employees and for consumers and customers as well.
All right, the story we will continue to follow.
Bob crandall, thank you so much for joining us here on "capitol gains." still to come, the race to replace ben bernanke.
We will use the insidetrack on the president was the likely check -- pick for fed chairman.
Which foreign companies could be in the market for america's tanks?
? ? the most heated political race in washington is for a job that is not supposed to have anything to do with politics.
Sometime in the next few weeks, the president will pick a new fed chairman.
It is a decision with huge invocations for the global economy, not to mention wall street and main street.
The leading contenders, former obama economic advisor larry summers and also janet yellen.
I'm joined by two bloomberg reporters covering the public and private campaigns.
Hans nichols covers the white house, craig torres covers the fed.
You are the white house guy, hans, i weighed to make the case throw larry summers paired why would he be the president or the choice?
It is made a lot easier by the fact that there is proximity to the white house.
The president knows larry, he knows his faults, but he also knows his great strength.
Those strengths are an equitable amount of a little actual firepower.
If it is larry summers, if the indication is the white house still have this crisis mentality because if there's a crisis, whether an asset double or europe looming around the corner, they want someone, they want a firefighter, and that is what they think of larry summers as -- a firefighter who has been in the trenches and can handle a crisis.
He is also no slouch as an economist, but neither is janet yellen.
Craig, make a positive case for janet yellen.
Yellen would be a vote for continuity.
She has been the architect of the fed with the extraordinary communication on forward guidance on interest rates.
She would probably lead us into an expansion, raise interest rates very gently to ensure that that expansion takes off, and put a lot of emphasis on the recovery in the labor market.
What is your sense right now about the case against janet yellen?
Where does she fall short, if she does, and this decision you?
She does not think you have the diverse and broad political contact that other people have.
I think that is probably the main case against her right now.
She does not have an advocate.
She does not have anyone in the white house that we are aware of the way that ally -- that larry had.
She does have advocates within the fed could we had the unprecedented letter from senate democrats backing janet yellen verde shia supporters and the fed itself.
I think there would be no doubts in the -- the regional bank presidents.
There's probably some doubt under the voice they would have under larry summers.
They did not have much of a voice under alan greenspan.
This one has been much more democratic.
I think that would continue under her.
Calling the fed democrat, that is good, let's go with that.
Let's ask about the case against larry summers because he has been a flashpoint throughout his career even when he was at harvard as well.
What is the problem with larry summers that said chairman?
If the senate is going to vote on it, do you want of a big drawnout process questioning whether or not, especially when commerce and the word out to be involved in some difficult negotiations a muddy debt ceiling, funding the government -- do you want be fed to overhang the potential defeat on the president for the nominee?
-- the president's nominee?
The white house you of it, the perception is that he will not have a confirmation problem.
What about the management question?
People say listen, larry does not suffer.
He is hard to work with.
We've had pushback to that as well for his supporters.
Quite he empowers everyone in the room and he listens to everyone and treat everyone intellectually as an equal if they can bring it.
If larry summers does not respect your inner like your -- your intellect, you will know that in short order.
I can be a problem in the fed.
If you think of a set of a consensusbuilding organization and you could govern through consent, that would be a problem.
Craig, critical decisions for the fed, how is the circus impacting fed policy?
Central bankers the world over no matter what country you were -- they hate the lost credibility.
This sort of debate over this service we are in is intending on the fed's stature and status.
I have to think that they dislike it intensely.
The sooner it is over, the better for them.
Final question for you, hans, doesn't summers have the end sidetrack?
-- the insidetrack?
Tim geithner, even roger ferguson as well.
Roger ferguson, we have not heard his name mentioned.
Tim geithner, we have been assured by numerous sources has convinced the white house that he will not be persuaded to take the job, that there is no way he will do appear to the insidetrack before the resident left for martha's vineyard, i clearly give it to larry summers.
We are trying to do some more reporting to figure out what happened after martha's vineyard.
I know you will spend most of your moments over the next few weeks trying to get this story.
When we come back here on "capitol gains," defense dollars at home has tanked makers looking overseas.
We will tell you which companies are in the market.
And testing ships and american pools before they ever hit pcs.
-- the seas.
? if you make tanks and armored personnel carriers for the u.s. military, one thing is clear -- michael sim is about to change its -- uncle sam is about to change buying habits.
With the war in iraq over and diminishing defense dollars depending on scaling back heavy armor.
That is the bad news for defense contractors.
The good news is, bloomberg government has covered the globe to find the list of foreign: -- countries who are looking to buy.
Brazil -- 33 billion dollar defense budget dwarfs other countries in latin america.
The company -- countries looking to modernize.
Brazil's jungle terrain might push the country toward lighter armored vehicles.
Next, peru with a defense budget of $2.6 billion and growing at almost 8% a year, looking to purchase thanks to replace its aging soviet era tanks.
More than half of tie one tanks were mass produced in 1959. the country spent just 12 poin -- just $12 billion in 2012. -- just 10 points a million dollars in 2012. plans to buy 200 main battle tank.
In chile , 600 armored vehicles all date back to the 1970's curt georgia and morocco also present opportunities.
For more the process for overseas welcome -- weapons sales, i am joined by duncan amos and kevin brock got appeared -- kevin.
Are there enough opportunities to make up for the loss?
Probably not heard when you think of the u.s. defense budget, that is the -- that is more than the next 10 countries combined.
We are taught about global demand coming down.
What it is an opportunity that the companies can hedge against these losses.
These are countries that are looking to modernize in many cases really old fleets.
The world is full of old soviet and american hardware that needs to refresh.
Kevin, if i want to sell a thing to a foreign country, it is not that simple, right?
There are a lot of hoops . it is not use only things, it is the u.s. government selling the tanks.
The u.s. government is basically using a thousand security cooperation.
It goes to countries that it can trust and will sell either accept hardware or new hardware that meets its own specification so the u.s. military can operate, can really gain an advantage globally using its military might.
Likes but there is a risk if you sell even two countries right now that might be firmly to the united states are dug in, as we have seen in egypt, there is a risk here.
And there is a risk spirit when you are selling of hardware, you're really establishing an relationship with those countries.
I can be good or bad.
The u.s. can have leverage over the countries, but when you turn on your tv and you see these protests in egypt and what you are looking at is american-made tanks and american-made apaches.
The worst-case scenario is one of hours -- one of the country that we sell the hardware too, goes and attacks an ally using american-made hardware.
Greg that a something people will be worried about right now, american hardware being used in foreign countries.
We do not sell everything call -- everything, though, kevin durant egypt would be getting -- kevin.
Egypt would be getting f- 16's. that is not the most salable fighter we have . israel will get the f-35. egypt is only a certain level of trust and capability that we expect some foreign partners to have peered there will be some countries, obviously cuba, iran, where there will be no international cooperation third there will be other ones, notably taiwan, that will have saved china's influence in opposition, only certain limited military capabilities will be exported there.
So there are lots of considerations to take in mind when looking at what could be exported.
Limited egypt because i want to ask you about if these sales will go through, what haven't to defense contractors are provided in the first place?
The kids that are sold to egypt, they are about $200 million, so a backlog of $1.8 billion in armored tanks for general dynamics, is just a small portion of the business they could wind up losing if those contracts are canceled.
But they are not likely to be canceled.
The most likely its iteration is that the u.s. government would actually accept delivery, continue the contract, at least while the deliveries are on suspension, that is the case.
And that is what has happened in the past.
Duncan and kevin, appreciate it.
When we come back, every ship is tested here before hitting the high seas.
We will take you to a very unusual a facility in these aryl and suburbs -- in the maryland suburbs.
Join the conversation at twitter #capitolgains.
Or drop me a line -- @peterccook.
You can always find more research and analysis from bloomberg government at bgov.com.
If you want a glimpse of the navy's warships of the future, you might want to start in the maryland suburbs.
That is where you will find one of the largest ship testing facilities in the world subway in a largely residential neighborhood.
Opened in 1940, the naval service warfare center david taylor model basin is where they take the ships to the test before they hit the open water.
This is where the fleet began spared every navy ship and submarine had its design tested here at the naval service warfare center.
Engineers re-create to scale hazards and conditions.
Computer models are used to predict the flow of wind and water.
High-speed cameras capture underwater explosions that understand the impact on vessels.
3-d printers have been used for over a decade to aid design.
And an enormous wave pool to test maneuverability in unseaworthiness.
Basically a technical advisor for the navy for mechanical and electrical engineering.
The navy's ships, summary, craft, and unmanned vehicles.
The highlight of the campus of the 3200 foot long david taylor model basin, one of the largest facilities of its kind in the world.
A craft was trimmed with weights to give it the right balance.
The navy opened the basin and in 1940 after finding a bethesda maryland site had the solid bedrock to support the mass of fools access to water, and close proximity to the navy for the washington offices.
The model basin houses to telling pulls purity deepwater basins shown here is almost 2000 feet long, 51 feet wide, and 20 feet deep.
Her average backyard will hold about $16,000 of water.
That's a suburban ocean holds close to 1000 backyard pools.
The key ingredient in this industry of government partnership here it we work with our industry partners to develop different aspects of using advanced tools to develop computer models of ships.
In addition, we develop physical models, scale model ships to the real size ship.
Lockheed martin, general dynamics, huntington, raytheon, use the unique facility and its specialized consultants.
We work for private party agreement, and each industry can work with our engineers to conduct different types of testing or experimentation that is required to defense -- to advance her development.
Every two years, the basin hosts the international human- powered submarine race, the challenge that inspires high school and college kids in science and engineering.
They have to look at hydrodynamic, buoyancy and stability of weight, system engineering, a whole myriad different types of real-world design challenges.
Those students may not come up with a ship of the future every time.
Chances are the navy's next warship will sail here and the maryland suburbs before it ever reaches the sea.
So why innovative digital modeling at the base and still needed?
The navy believes the models are a needed check on computers.
Score one for the old school.
That does it for this week's "capitol gains." i am peter cook in washington.
Thanks for watching.
We will see you next sunday.
? ? hello, i am judy woodruff.
The winner of this year's women's singles tennis match will receive a paycheck of over $2.5 million, equal to the men's winner.
Thanks in large part to the pioneering efforts of billie jean king.
The 12 time grand slam singles tennis champion and legend founded the women's tennis association 40 years ago.
She is the first sports figure to be profiled in pbs's upcoming american masters series.
I sat down with billie jean king and we talked about tennis, women in sports, the acceptance of gay athletes, and the 40th anniversary of the infamous battle of the sexes match.
Billie jean king, it is a pleasure to talk to you.
It is great to see you again.
40 years ago, we saw the battle of the sexes.
You played bobby riggs, you defeated him.
What is your most vivid memory of that?
I have so many memories of those moments.
I would not have played if margaret court had not played him.
People don't really understand what was going on we just started women's professional tennis, the third year of it.
Let's play a match.
Bobby, we are just trying to start tennis.
Leave me alone.
Low and behold, margaret court tells me i'm going to play bobby in detroit.
I will never forget on the elevator, margaret, this is not a tennis match.
It's what it represents.
It was about so many things for women.
And men, really, as well.
She says i am getting $35,000. it is called the mother's day massacre.
When she lost, she lost the bobby riggs in may.
I knew that i had to play him and i did not have a choice.
I ended up playing bobby in september, 1973. i knew it was going to be huge and i knew it would touch the hearts and minds of people and i knew they would get crazy about different things.
Was it a seminal moment for women in sports?
It was more than just sports, it was about change and social justice.
I wanted to win for so many reasons, but one of the big factors was i wanted to start changing the hearts and minds of people, to match the legislation of title ix.
I wanted girls and boys to be equal my whole life.
Tennis just happened to be my platform.
I saw that you said you felt that way since you were 12 years old.
Have you thought about what the consequences would have been if you had not beaten him?
I spent hours thinking and visualizing, dreaming about if i lost.
This is why i have to win.
Because if i win, it is a step forward for all of us.
It changed man and how they feel about women and children, their girls.
I have had men come up to me with tears in their eyes saying i was young when i saw that match and now i have a daughter.
I don't think i would have raised my daughter quite the same.
I really feel that daughters and sons should have equal opportunity.
You really launched the women's tennis association.
What was your dream at that point?
What did you think the goal should be, and has it been that for women in tennis?
It was really the birth of women's professional tennis.
There were two tours.
I knew that we needed everyone together.
We all knew.
We knew, the original nine, we knew that we had to be together.
That was the most important thing.
We kept lobbying and pushing, it is very political.
We had to be up until 4:00 in the morning trying to figure this out.
We had a meeting in london.
I said betty, nobody can come out until we have an association or we don't. but don't let anybody out until we finish.
My former husband, larry, he and i talked about it.
He got all the bylaws written up ahead of time.
He is a lawyer.
We are ready to go, we are in business when we leave the room.
40 years later, what has changed?
It is global, playing for over $100 million.
We are in over 60 countries.
Women like serena williams, maria sharapova, they are making millions of dollars.
But more important, they are influences and inspirations.
Have they achieved parity?
I heard that they make more money than men.
the men make more.
But in the major championships this is another that i call the 40-40 year, because it is the 40th anniversary.
But there is now equal prize money for major tournaments.
In 2007, we got all four majors to have equal prize money.
It is not about the money, it is about the message that men and women should always have equal opportunities in life.
How professional tennis has changed.
? let's talk about the state of professional tennis overall.
What are the upside?
What are the worries?
Every sport is high risk.
I don't care what it is.
There are very few sports that do fantastic financially, nfl is the exception.
Most franchises are worth close to $1 billion now.
If you take basketball, tennis, it does quite well.
But it is still very high risk.
The major tournaments will always make money.
I used to own tournaments.
It is a very high-risk endeavor if you want to run sporting events.
I own most of my own world team tennis.
The washington kastles did a three-peat this year.
Teamtennis is my life.
It is men and women on the same team.
Playing on a level playing field.
If a child sees a match, he or she is seeing men and women cooperating.
They are seeing equality right there.
They don't realize that we are socializing them.
I want them to be socialized in a way that -- it is a very high- risk endeavor that you do because you love it.
Not to make oodles of money, usually.
Most of these people, the owners care about their community.
A lot of times it gives them a higher profile for their other businesses.
It is the ancillary business.
They usually love the sport.
Let me ask you about men's tennis today.
Where are all the american men?
I'm not that old, but i remember the day.
The connors and the mcenroes.
Did you see waiting for superman?
I think there is more competition.
When i watch "waiting for superman," they talk about education.
We did not have the compete with the rest of the world and it is exactly the same for sports.
I was not used to worrying about playing -- the europeans were there but they were not growing like they are now.
I used to have to worry about australians.
Australians and americans kind of owned the game.
In women's tennis, there is an example, we have the williams sisters.
There are not that many african- americans in tennis.
Compared to other professional sports.
Why is that?
We need to get urban kids in our sport and it is difficult.
Compared to other sports, it is nothing.
I never once paid a dime for instruction.
The challenge is, if you grow up in a family where tennis is not part of it.
It was not part of our culture.
They asked me in fifth grade, do you want to play tennis?
I said, what's tennis?
If susan williams had not asked that question, i don't know what my life would have been like.
You get to run, jump, and hit a ball, she said.
Those are my three most favorite things in sports.
When we went out to play, we went to a country club.
Susan's family had money.
We were from the wrong side of the tracks.
But of course, kids don't care.
It was fun.
But i couldn't afford it.
I will not be able to play tennis.
We played softball together.
Susan said, i took billy out to play tennis.
The coach says, you did?
We have free instruction here every tuesday.
Oh, my gosh.
The coach said, he is at five different parks.
There is probably one where you live.
I went to a different park every day for five days.
You had access and you said it is not always easy.
Access is the magic word.
When we have a pro team, how do we get the children of that community connected to our sport?
It is global.
It is one of the greatest sports to be in if you want to have a great life.
It is amazing, the people we meet.
Compared to the other sports and other players, you can get a scholarship as well.
It is a lifetime sport as well.
The health of this nation depends on it.
We are not doing a good job with obesity.
Look at senior players that play, not one of them has a stomach.
I just look at them, they inspire me.
Our first lady, it it is her favorite sport.
She took it up late, she is keen on it.
She is a good athlete.
I wish she had been in tennis or sports as a youngster more than she probably was.
After the break, performance- enhancing drugs in sports.
? let me broaden it out and talk about sports in general, but women in sports.
How much difference did title ix make?
How much lingering discrimination is there still?
Sports across -- title ix made all the difference.
The gold medals that we won in 1996 in atlanta, soccer and softball, that is a result of title ix, june 23rd, 1972. that is the reason that we finally won.
A generation later, that is 24 years.
That is why we do so well.
That is why we win team sports in soccer.
The wnba was able to get started.
They needed a talent pool.
Because they played, because of title ix and the encouragement at a younger age as well, it started to permeate down where they got more encouragement.
It is better, but still not an even playing field.
We are not even close.
You get 2% of the attention that men get.
Just like you and your job.
If we don't have the same amount of opportunities, we are not even close.
Nobody wants to invest in women's sports and lose billions of dollars like you do with men's sports.
Men's soccer has not made a lot of money.
They have lost a lot of money.
But the men love it, they don't care, they will spend money on it.
We need people to step up and believe in us as much.
Also, we are late in the marketplace.
A different subject but still related to sports, performance- enhancing drugs getting a lot of attention now.
A number of sports from baseball, cycling -- is it a problem in tennis?
Not as much as others.
We use the olympic way.
Any time, any place, someone can knock on your door no matter what time of day and they can test right now.
Even if you're on vacation, guess what?
You can get tested.
You don't want to get tested.
With tennis, it is really hard to get by if you are not fit and healthy.
It is so demanding, physically.
We can't get away from -- we are very good.
Most of the players are health conscious.
If they are going to cheat, will get caught.
Because it is really tough.
Is that the way to eliminate it across the board?
Any day, any time.
You guys be ready.
We don't care if it is in season or off-season, this is the deal.
The athlete, growing up -- is there too much pressure on the young athletes as they are growing up?
It depends on the family.
My brother played most of his career with the san francisco giants, the houston astros, and the blue jays.
We come from a culture where they did not care.
We pushed them.
If you can get children like that where you had the fire in the belly to make it.
I wanted to be number one in tennis and he wanted to be a major league baseball player.
They said, ok, we will work three jobs.
So we could follow our dreams.
That's what you want, though.
Where the kids, they are hungry for it.
You get pressure in school, some parents say you have to get straight a's or go to an ivy league school.
There are pressures all over.
I don't really believe in that.
Encourage your children to be tough, but it's ok to get a "b" on something.
It is more important to keep learning than it is -- you have to be good to your kids.
I don't have children, so i am not an authority on it.
But being around children a lot of the times, sometimes it is very rough and i feel sorry for them.
What faces gay athletes, when we come back.
? some discussion today, more than a little, about being gay in sports, whether it makes a difference or not.
You were open in 1981. i was outed.
It was not my idea.
You have talked about it since.
How hard was it?
And especially compared to what is going on today.
It was very different.
I lost my endorsement in 24 hours.
I remember martina coming to me saying that this guy from the new york daily news is going to out me.
What do you think i should do?
I said, how comfortable are you?
You should control it and announce it before he outs you because i think it is better.
If you feel up to it.
Unless they are ready, i would never force somebody to come out.
I just don't believe in it.
But it is a civil rights issue right now, the 21st century, which i love.
We are at a tipping point.
Supreme court, doma, prop eight.
We are in the right direction.
What i like is to be federal law in every state?
Of course, but that is just not the way the law works.
The law is always catching up.
People have to remember that.
It is going in the right direction, finally.
It was terrible in 1981, you'd never got the president calling you.
You didn't get anyone calling you saying, great going.
It was very shame-based, still.
Jason collins, the first male athlete to openly acknowledge in the top four -- do men get more attention than the women?
Men always get more attention than women.
Should the united states participate in the olympics in russia?
I think that all of us should talk to the athletes.
They are the ones with the most to gain and the most to lose.
Half of me would say i am not going.
The other half, and it might be my last year, or can i do more influence by going and by being in the environment and the culture, or talking about it.
Or is it too dangerous for me to talk about?
You have had an amazing life and an amazing career.
What mountains are there left for you to climb?
Teamtennis is my primary concern.
But there are so many.
I loved teamtennis.
I love it from day one.
I think it can really help our sport grow.
I think children should be playing on teams when they sign up for tennis.
I am 70 this year, and i really feel like i have one thing left in me.
Besides world teamtennis, i want to do something around leadership and continue within that to have the sports element.
They teach you how to lead, cooperate, and be resilient.
The one and only billy jean king.
Great to see you.
Thank you for having me.
That is our conversation with billie jean king.
I'm judy woodruff, thank you for watching.
We will see you next time.