that prompted shares to soar today after six straight days of losses, despite both moody's and s&p downgrading the utility credit rating last night. some insiders say a pg&e bankruptcy would hurt customers who could shoulder the costs. >> for every dollar that -- that pacific gas and electric incurs in tms of these damaging wildfires, that's ultimately going to have be paid by rat payers in one form or another. >> they say even if pg&e doesn't go bankrupt the skers would have to pay to help cover the liability costs under a california state law. and someonsumer advocates say that's not fair. >> customers don't share pg&e's profits when it's profitable. butms it see where expected to share againnd again to share liabilities when negligent. >> the law only applieso the 2017 california wildfires. and lawmakers would have to decide whether to extend it to this year fires as well. pg&e has been found responsible for more than a den fires raft year. could cost ts say $13 billion. in the the meantime the commission's president plans to launch a wide ranging review of pg&e examining the cporate govern

was named, shares about to rack up their eighth straight session of losses after fitch joined moody's and se ratings agencies, in downgrading ge's credit rating, tracking every phase of what can only be described as the slow demise as one of the most famous conglomerates of all time. charlie gasparino, hold on. $9.06 is what the stock hit today. >> yeah, i know. it's now trading at the lowest level since the financial crisis. remember, you might not have been working at ge at the time. i was working at a subsidiary. liz: i was gone in 2007. >> i was at cnbc, a subsidiary of ge at the time of nbc which was owned by ge. ge was almost bankrupt. i mean, insolvent. it couldn't roll over its commercial paper, its stock fell to about $6 a share. this is the lowest level it's been since then. i think one of the problems is that people don't know what larry culp, the new ceo, is going to do. here's some things we have been able to cull, just talking to former ge executives. he has been mum about his turn-around plans with outside executives. immelt spoke with outside executives. flannery spoke to ou

in management's opinion, it is much more an operational issue which is what moody's and s&p have pointedn their ratings reports. they are focused on earnings margins, especially units in asia and europe that have been struggling. taylor: concerns about slowing sales in china. ford undergoing a massive restructuring. they are focusing on higher-margin products like suvs. will that be enough in time to reassure the market? molly: that's a question all investors are worried about. from everyone i spoke to, they are very much wondering where are the answers on this restructuring plan. we know it will take about $11 billion and a couple of years. management has not been more transparent in conveying what exactly are the details of this restructuring plan. that was supposed to be an investor meeting in september. it has not been rescheduled. that is what we are waiting for to hear more about the plan. amanda: we will leave it there. molly smith, vicki so much. taylor -- thank you so much. interesting story we have been talking about. tesla. goldman sachs for new financing for tesla on the line

. >> i'm sure you know this as well, s&p just cut ge's credit rating to aaa plus the real trigger could be a big downgrade of the debt by moody'sor s&p, which would then cause it to move into the junk, which would causemelissa. >> you mean technical factors driving fund flows and -- yes. >> but they would have to unload bad debt. >> just like funds that can't own a stock without a dividend that's why ge cutting its dividend has been so monumental. yes, s&p cuts ge's ratings three notches. dom, i was talking about not the investment grade but the bbb couple notches up from junk-rated debt. that's where at&t is, that's where ge is, keurig, dr. pepper is there's where a lot of companies that have taken on a lot of debt in the last eight, ten years and the risk remains the risk may be overplayed there may be risk among smaller credit already in junk land that could trigger this but there could be a problem -- who knows what triggers these things when the trigger comes, confidence is lost and then the markets freeze up. >> bill, thank you so much for that obviously something we'll be keeping a close eye on bill cohen with "vanity fa

s&p and moody's.e watching this very closely because they've rated nearly $1 trillion of this $3 asllion debt, this bbb, investment grade when it has leverage ratios worthy of junk bonds. the average bb junk-bond has a debt to eat our ratio of 3.2. we have $1 trillion of the $3 trillion bbb that have a debt to eval ratio of 3.2, in excess of four. vonnie: are you watching this with -- guest: when the cycle does turn, we believe that the bbb's that become junk, a minimum of 9% of that to a maximum of 17% of that universe, because we study every prior recession to see how many fallen angels that are high-grade fall to junk. so is the high-yield, if the bbb $3 trillion, if you are working with the 17% number, they give you around $525 billion that falls to junk with no liquidity to speak of. if you have all of the banks to carry a balance sheet of high-yield bonds, when these tens of billions or potentially hundreds of billions falling to junk land, watch out below because there's going to be enormous pr

s. and p. downgraded their outlook on italian debt to negative moody's cut their rating to just about junk the fear is that italy's debt could get too expensive throwing the country into a fiscal crisis and indeed the budget dispute is about politics more than finance italy's populist coalition won office by decrying brussels involvement and lauding self governance echoes of which are still heard on italian streets. are we not a sovereign state are we not three to decide our own destiny see what i mean defections of certainly being part of the european union and being one of the founding countries of the european union's italy has to respect certain restrictions and certain rules but i also think it's right that italy has a certain autonomy to try to solve local problems from which the e.u. keeps its distance. passing on the distance euro zone members are meanwhile standing with brussels fearful that italy's teetering debt load will make it the next greece if not far worse under its new budget powers the e.u. can find italy for budget deficit breaches but the bloc would need months to sanction

hot town, summer in the city back of my neck getting dirty and gritty ♪ the moody blues: ♪ tuesday afternoon ♪ felix: the 1960'sand a youthful exuberance causing everything around us to change. how we looked, how we thought, and how we felt. the 5th dimension: ♪ this is the dawning of the age of aquarius age of aquarius ♪ thunderclap newman: ♪ call out the instigators because there's something in the air ♪ the hollies: ♪ he ain't heavy, he's my brother ♪ felix: on today's show, we are going back in time to take a musical journey through the 1960's. but before we go too far down the road, let me introduce my co-host, heather habura. heather: hi, felix. i'm such a huge fan of the rascals. you had so many great songs. felix: thanks, heather. we were part of an era where music was becoming more than it had ever been before. heather: and it's amazing. the songs sound just as good today as they did back then. sly & the family stone: ♪ dance to the music dance to the music ♪ announcer: it was a decade of change, of new hopes and dreams, and new attitudes. and there was a new music for the new times. "time life present

s. and p. downgraded their outlook on italian debt to negative moody's cut their rating to just about junk the fear is that italy's debt could get too expensive throwing the country into a fiscal crisis and indeed the budget dispute is about politics more than finance italy's populist coalition won office by decrying brussels involvement and lauding self governance echoes of which are still heard on italian streets. are we not a sovereign state are we not three to decide our own destiny this is what i mean the factions of certainly being part of the european union and being one of the founding countries of the european union's italy has to respect certain restrictions and certain rules but i also think it's right that italy has a certain autonomy to try to solve local problems from which the e.u. keeps its distance. while a matter passing on the east euro zone members are meanwhile standing with brussels fearful that italy's teetering debt load will make it the next greece if not far worse under its new budget powers the e.u. can find italy for budget deficit breaches. but the bloc would need