joining us is a senior analyst for utilities at bloomberg intelligence, and molly smith, who covers bonds bloomberg news. molly, i am going to start with you. this is not necessarily a surprise, but it is sort of theing the market -- taking market a little bit by storm because there was thought that regulators would prevent this from happening. molly: what is surprising when you look at companies that file for bankruptcy -- sears is a well-telegraph story. sears has been in trouble a long time. we also the filing coming. p&g -- pg&e was rated investment grade by three firms a week ago. this is now filing for bankruptcy in less than a month. that is more of the surprise there. we are all waiting to see what is going to happen in terms of the state relief, and how that is going to pan out at the end of the day. at the speed at which this all took place is the shocking element. , what happens when a utility declares bank reps a? everything is still working -- the wires, the factories or the power plants still work -- is it more than a simple change in liabilities and transfer of assets? -- h

anding us now, molly smith manager, laleund topcuoglu. y: this is what we call chapter 11 protection, giving the company some breathing room for creditors. we will try to restructure our debt and keep the lights on in california. wex: for the broader market, have seen downgrades of competitors, the whole sector got hammered in the debt market. will it be sector specific? lale: it tells you people focused on the wrong things. everybody has focused on the triple b's. this is what will tip them over. pg&e,ddenly have idiosyncratic risk and boom. we weren't too focused on the individual risks that were inherent in this industry. utilities are in this business, these things happen. how do you assess a legal liability? how do you pinpoint who is liable, especially in this extreme? they probably did the right thing by filing for bankruptcy. you hope somebody will swoop in and rescue you. investor, that is challenging. utilities getting downgraded, part of it is a bit of a cause and effect. they are being more bearish. it's a bit of psychology, to

onset, molly smith, bloomberg corporate credit reporter.d, do you agree that robert kaplan is saying the market is looking close? brad: a little extreme. definitely not a great market to come with new issue. no new issuance, for example, and high yields for the first time in 10 years and very little in ingressive -- investment grade. there has not been a big m&a backlog calendar in the investment grade space. you look at high-yield, as well, very little refinancing for short-term maturities and very little lbos. ont of it was just prudence the side of corporate. the new issue would have been significant in december if it came. david: given the yields, how big of a dampening effect will it have on companies raising capital through high yields? i wonder even about investment grade because they will have to pay more to borrow. brad: it will definitely have an impact. in the high-yield market, we see that companies do not let their debt become current, ie, due in the next one year. time, get periods of maybe three months, the markets do not fee

up to relatives, also, understandable what she has been through smith says the teen seems happy to be back and reunited with her dog mollie pets at this time can also help definitely with a traumatic situation. >> at 13 what she's been through, insane. >> yes. so we'll be watching every development there as well and praying for jayme. >>> all right. moving on. frustration over the historic government shutdown is reverberating across the country as a growing number of tsa screeners call in sick. >> passengers fly out of atlanta hartsfield jackson, people waited over and hour in line that stretched all the way to baggage claim. >> wow! >> people are now being advised to get to the airport three hours early. security checkpoints and terminals have also been closed in other cities like houston and miami. where callouts from tsa workers more than twice the normal number. >> that is awful. >> it really is. obviously, we have gone through that airport many times. some have horror stories. >> oh my god. >> all the way to baggage claim. i take vote. >> sheesh the vacation. >> i don't know if i want that if it's three hours for dom

smith's behalf. frances perkins speaks actively touring the country to speak on his behalf. and mollyosin, of the national consumer's league. women do play -- my next project is about mary teresa norton of new jersey, one of the few female members of congress, campaigning actively. women play a role in the campaign. it was recognized at the time. even though belle moskowitz is behind the scenes, newspapers comment on how she is his political brain. and actually, that's another part of the answer to his switch, because she dies very early in the fdr administration. and so who knows, but that probably didn't help, either. yes? earlier about bit the idea of parties campaigning in states that had been kind of ignored in the past, so keeping in mind the current political climate, is there perhaps some forgotten knowledge that politicians today are re-learning, that we could take from this situation? mr. chiles: great question and a dangerous question, but a great question and i will take a swing at it. a few things that can be learned here. number one, we have a regrettable tendency in pol