♪ ♪

♪ stuart: now, this goes back to my generation, hold on, i'm coming, as we look out at new york city. you look at the bottom right-hand corner of your screen, a ladies and gentlemen, and you can see we've got a rally. the dow industrial average is now up more than 40000 points. the -- 400 # points, the nasdaq, 221 to the upside. the nasdaq can up -- s&p, up 51 points. to 10-year treasury, the yield there is down to 3.9 # 9. the price of oil down a little earlier, $83, almost $84 a barrel. bitcoin, we add had it at 29,000 and change, 29,6 right now. that's the markets. now this. any second thoughts from the democrats about prosecuting trump? [laughter] too late. they've haunched.

there's no going back. even when there are headlines like this in "the new york times". quote, the prosecution of trump may have terrible consequences. oh, you can say that again. jack goldsmith wrote that that, and he's a professor of law at harvard. he doesn't mince words. trump's behavior is reprehensible and possibly criminal, he says, but prosecuting him would leave the justice department irretrievably politicized. he says it would criminalize politics, lead to a tit for tat political prosecutions, and hanging over it all, the basic unfairness of a president using the machinery of government to put his opponent in jail. and that is in "the new york times," the bible of the democrat party. if the biden team knows exactly what a it's doing -- the biden team knows exactly what they're doing. they're in the business of keeping biden in office for another term. that's a tough job when the biden family has been credibly accused of gross financial corruption. to them, prosecuting trump is just a campaign strategy. wonderful for bringing out trump

hatred. now, pressed by fox's peter doocy, the president again denied talking business with anyone, directly con that that districting devon archer's sworn testimony. the campaign desperately needs to distract from this, and the best way of doing that is to prosecute trump. but you don't defend democracy by bending and stretching the law in the middle of a presidential campaign. the democrats should pay attention to jack gold smith's opinion because prosecuting trump will, indeed, have terrible consequences for us all. second hour of "varney" just getting started. ♪ ♪ stuart: byron york with us this morning. tell me, will there be terrible consequences, in your opinion? >> i think the answer is, yes. the phrase that jack goldsmith used, tit for tat political

prosecutions, is so true. washington is a place where things go around and come around. it just happens. they're in a cycle of revenge that will likely be set by this. look at impeachment. you could argue that the republicans really set something off in 1998 when they impeached bill clinton9. years later democrats were ready to impeach donald trump twice, is and now republicans are talking about impeaching joe biden. pleasure this is a place where -- this is a place where what goes around comes around, and i think jack goldsmith is right about that. stuart: the top democrat on the house oversight committee, jamie raskin, he says the biden family bank records are just a distraction from trump's legal troubles. do you agree with that? is it just a distraction? is. >> no, not at all. these things can be on two entirely separate paths and, clearly, republicans have made nor mouse progress in the past couple of weeks in this hunter

biden investigation. the deposition, the testimony of devon archer was absolutely critical, and it demolished joe biden's story the about never having talked to the any of his son's business partners, about never having talked to his son about his business. and we saw joe biden with peter doocy yesterday repeating it again, i've never talked about business with anybody. but devon around a. er's testimony really pretty much demolished that, and it left a lot of democrats searching for a fallback position. stuart: do you think that that donald trump's freedom of speech is being hindered by this prosecution, the way they're prosecuting him? >> well, we're going to have a decision on that pretty soon from the judge in the new january 6th case. the issue is whether trump can speak publicly about whatever sort of evidence is provided by the prosecutors to his defense team. but in terms of trump being able to go out and go to rallies and

say that this is an unfair prosecution and that they're targeting him and he didn't do anything wrong, all of that stuff is entirely within his right to defend himself. stuart: got it. byron york, thanks for being here. see you again real soon. >> thank you, stuart. stuart: we have "the washington post" quietly updated their hunter biden laptop story. come on in, ashley. good morning to you. what did "the washington post" do? alabama a ash very quietly, actually acknowledged that, the among other things, the thousands of e-mails on hunter biden's infamous laptop were unlikely part of a russian disinformation campaign. wow. glenn kessler, he's "the washington post" chief fact checker, also updated the circumstances surrounding that dinner we all know about involving hunter, then-vice president joe biden and an executive from the ukrainian energy company burisma. biden associates, as you remember, denied that the event happened at all. biden himself denied he spoke

with his season about any foreign business arrangement. well, devon archer, as you've just discussed, hunter's former business partner, blew a hole in that claim when he testified before the house oversight committee. anyway, kessler had suggested that biden was present at the café milano dinner, but he downplayed his involvement saying the vp was there to greet someone else is and didn't even sit down. well, guess what? that has since been updated. and i say updated, not in the form of a correction. stu. stuart: i'm sure there is a very subtle difference there. [laughter] thanks, ash. ashley: oh, yes. stuart: this one's for you too. a company linked to china's communist party expect kremlin wants to buy a major american media brand. what's the brand? what ooh's the company? if. ashley: we're talking about media company forbes. some lawmakers are sounding the alarm. republican senators tom cotton of arkansas and marco rubio of florida letting treasury secretary janet yellen know

about their concerns. it's all about the sun group, that's an investment company that has ties to to both russia and china. the republicans want yellen to conduct a review saying that "forbes" holds a significant market share among younger americans and foreign powers could use "forbes"' wide reach to influence voters during close elections. they also a claim that foreign investors would control nearly 50% of the total capital involved in the "forbes" acquisition. those lawmakers, republicans not the only ones sounding the alarm. progressive california democrat congressman eric swalwell also blasting the potential deal. "forbes," by the way, stu, says they welcome some sort of review. they say it's it's not what it's being described as, but certainly the lawmakers are not very impressed. stuart: got it. ashley, thank you very much, indeed. let's go back to the markets. why not? dow's up 400, nasdaq's up 200, i

call that a rally. consumer prices up 3.2 over the past year. good news? that set off the market? >> i mean, i'm surprised because i think it means the fed's going to raise again. so this has been an a unpopular stance, i've been right, i think we've got one more raise. inflation is proving sticky. still got a long way to go. stuart: the rate of inflation at the consumer level has actually gone up. >> yes. stuart: 3% in june, 3.2% in july. >> that's not 2%. that's right. i'm good with numbers, i can figure that one out. stuart: sooner or later, this market will catch up to the fact that you think rates are going. >> i think the market wants certainty, is so i think they see this inflation number still sticky and i says, hey, i think the rates are going to go up one more time. rally mode, i think there was uneasiness, the bears rared their ugly heads earlier this week, and they've gone back into hibernation. stuart: what about selling now just a little to take some profit off the table? >> we own just treasuries, remember?

that's all. we don't own any stocks, except microsoft. duh. no, remember e, we had that conversation. it's always. prudent to profit take, but you have to have a sell discipline. i like trailing stops as a way to naturally sell, so the point where you're going to sell climbs and if things go against you like with nvidia, if you had a 20% trailing stop on it, you'd immediately be out of some of it. it takes the emotion out of the sellers. stuart: the 1-year treasury yield's 5.3. kind of atrack tiff, i'd say. -- attractive. how about disney? they moved up today. not a great report, but they're raising prices. would you buy disney? the. >> i would not even with your money. stuart: why? >> if you look at it, i can't find a reason to be bullish. you have a streaming service that is losing subscribers and raising price, they're struggling to stay afloat in that streaming business, very competitive. the average american has four and a half streaming services, very competitive market. the parks business is declining,

attendance. i lived in orlando for 15 years, i think i took my kids two times. heading into a recessionary type environment, they're going to struggle there. the tv business is struggle. just numbers alone, the streaming service, disney+, has lost $# 11 billion collectively since being launched. they made a bet in gam request bling. that's another -- gambling. the only one that wins in that is dave portnoy. he wins on that bet. that's a good can gamble. stuart: biden signed an executive order to ban u.s. investments in some china tech companies. you onboard with that? >> i am. so our investment bank, critical to everything we do is intellectual property. we have one of the only globally-translated databases that has all the patents in the world. we need to protect ip. i think this goes a step in that because this executive order, yes, it's providing some political cover for the ore

other distractions in china, but it's preventing american money going into founding new businesses in china. that would be possible for those companies to develop ip that would give the chinese an advantage in things like quantum the computing, artificial intelligence. those things are of utmost importance for national securit- stuart: got it. >> and we're regulating on this side and slowing down innovation. i think this is a good move from democrats. i dare to say -- [laughter] stuart: you can say that, lad. lou, thank you very much, sir. all right. come back in, ashley, please because you're looking at the movers, and we're starting with retailers. most of them are doing pretty well. ashley: yeah, they're all up. and we've been reporting about toes losses from organized theft, but many of the big retailers blame it for lower profits. we know that. apparently, new analysis shows there's more to the story. some are retarials have other problems -- retailers have other problems they're dealing with like theft from their own employeeses. it's also reportedly happening

in warehouses and in aisles, by the way, where online orders are being prepared. so lots of theft, doesn't matter the stocks are all higher. novo nordisk, they're going to keep limiting, apparently, their supplies in america, that weight loss drug, wegovy. apparently, they're struggling to keep up with soaring demand. i guess it's a good problem to have, but the stock down 1%. check out alibaba. very strong the report, 14% jump in revenue and the biggest annual increase in sales september of 2021. all very rosy. and check it out, the stock up 6%, right around $100. stu. stuart: we'll take it. thanks, ash. now this, virgin galactic will launch its first private tourism mission to space this morning. we've got details. it's a historic space flight. president biden says we need to do everything we can to help migrants fleeing from extreme weather. roll it. enter is it the responsibility

of the u.s. to protect migrants who might be fleeing extreme weather in other countries? >> the united states should do everything it can to help desperate people. stuart: okay, so it is our responsibility. texas congressman pat fallon are deal with that. house oversight committee chair james comer says the biden family created more than 20 shell companies to hide the money it received from foreign nationals. chad pergram has the latest on the investigation. chad is next. ♪ ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you...

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stuart: that rally holds, very strong. the dow up 430, nasdaq up 200.

the consumer price index has gone up 3.2% over the past 12 months. that that's considered a a promising and solid report. indicating that the inflation is beginning -- not going to say that, it's actually ticked up a little bit. but not ticked up as much as some people expected, so so the market's up. go figure. house oversight committee chair james comer says the biden family created more than 20 shell companies to conceal money from foreign nationals. chad pergram with me. chad, how did e the biden family actually use these companies to hide finances? take me through it. >> reporter: stuart, good morning. there are more than 20 term firms that pop up which are associated with the bidens. what exactly is rosemont seneca partners? we asked a forensic accountant. enter the transaction -- >> the transaction from ye lain a that bat arena, the russian oligarch. if you look at the transaction yourself, you'll see $3.5

million coming inbound from russia, and it moves in two transactions to devon archer and one of hunter biden's companies. that -- almost dollar for dollar. that is signature of a problem. >> reporter: dubinski says people sometimes create shell companies, then they transfer money through those firms. that makes it hard to track. >> i think it was seneca thornton partners, if i have it correctly, or i think that was one of the top tier, when i call it top tier, you have layered companies. and if you start with those and then follow it all the way down, that's where you'll tart to get more information. >> reporter: dubinski says the question to ask is what did these firms do, do they provide a good, a service, do they make anything. the purpose of some of the firms was, quote, consulting. that's why republicans believe the key service was access to the president.

>> they didn't do anything. they used joe biden. and what we're seeing is joe biden actually provided things of value in return for that money. >> reporter: republicans say bank records show payment to one firm, then a wire transfer to another and then payment to, say, hunter biden. stuart? stuart: chad, we hear you. thanks very much. newt gingrich says republicans should go very, very slow, his words, once they do open an impeachment ininquiry into president biden. congressman pat fallon, republican from texas, joins me now. congressman, do you think republicans should be cautious and go very, very slowly with this? >> stuart, i think we should take great care and be very deliberate when you're talking about an impeachment inquiry of the president of the united states. it's a serious matter unlike what the democrats did with twice impeaching president trump, once when he only had two weeks left in office. i had just been sworn into congress, i couldn't believe what i was seeing. so of course. and we're hopefully opening an

impeachment inquiry soon because it gives us more tools to look into the biden family corruption. because right now, stuart, i would say that we're already at a preponderance of the evidence threshold, so it's it's our duty to look is into it further. stuart: as newt gunning rich says, open an -- newt gingrich says, open an inquiry and use it as a tool to get more information, but i think republicans are a little leery of going full tilt impeachment because there's been so much impeachment talk in the past. it wouldn't be that popular. so go slowly, you agree with that? >> yes, because what we don't want is a perception that this is just a quid pro quo and revenge for what happened in the last administration, and it's really not. this is something that chairman comer, myself and the other republicans on the oversight committee, we wish we didn't have too it, but i believe we're constitutionally obligated to do it because there's so much evidence, and every time we uncover more things, for instance, every time we subpoena bank records, we find more

foreign money that went to the bidens. six out of six times, and we'rend only scratching the surface, and we've only been at this for seven months. stuart: is it possible the democrats would use an impending impeachment as a way to move the president to the side and get somebody else in as the candidate? because i think that's what they want to do. >> yeah. well,ing if it heats up and, again can, we have to -- believe it or not, sometimes in washington there are folks there that have to separate politics from our institutional duty. and it is our constitutional duty. trust me, stuart, it gives me no joy if we actually were to impeach and convict joe biden, we'd have to say the following three words that make me knauss use, president -- nauseous, president kamala harris. stuart: president biden says we should do everything we can to help the migrants flee extreme weather. okay. you want to take that on, cobbman? -- congressman? >> yeah. you know, stuart, you want to

talk about excuses, this is a fella, you know, we spent billions of dollars on a border wall, we had the materials, the contracts signed and the labor to build a barrier, and joe biden says we're u just going to literally burn all the money. joe biden has made every state a border state, it's making it very unsafe for americans. and i find the hypocrisy of the left to be stunning. they didn't have any -- if they didn't have double standards, they'd have no standards at all. massachusetts is dealing with approximately 20,000 illegal migrants right now, and they're declaring a state of emergency and throwing their hands up not knowing what to do and how to handle them. well, come to texas and deal with millions. stuart: yeah. wait until the bill comes in from all these sanctuary cities that are overrun. who's going to pay? new york wants $12 with. -- 12 billion. congressman, i'm sorry i'm out of time, but it was great having you on the show. come back soon is, please. >> thanks, stuart. will do. god bless. stuart: a member of the squad is calling out his own party for

the migrant crisis. ash, who is it and what are they saying? ashley: well, squad member jamaal bowman of new york says democrats could lose out at the ballot box if joe biden doesn't talk charge of this migrant crisis. take a listen. >> we need leadership from president biden, period. we need that leadership right here in new york state because, you know, new york state is struggling. we're struggle to provide housing and all the supports that the migrants need. here's the thing, democrats are looking bad right now in new york state, and that's unacceptable when we have to win at least four congressional seats to take back the house. is so hopefully, the president is listening. ashley: democrats are looking bad in new york state. now, more than 93,000 migrants have ea arrived in new york city since last spring. of course, that's been straining city resources to a critical point. ing by the way, dozens of new york democrats have also pleaded with joe biden to declare an emergency and authorize more

federal funds to help deal with the crisis. stuart: i noticed that congressman bowman did not say what he wanted the president to do. ashley: no. stuart: i'm thinking he wants the president to pay for new york and chicago and every place else. ashley: well, it always comes down to dollars and cents, you're right. stuart: the last thing they want is to close the border. ashley, thanks very much, indeed. criminals are calling the shots in seattle and cops are calling it quits. one officer just resigned after two decades in uniform, she's not going quietly. virgin galactic is set to launch its second tourist flight. kelly o'grady is at the launch pad with a report after this. ♪ ♪

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off, stuartment this is the space tourism flight from virgin galactic, 12 the ,000 feet of runway with, 200 feet wide, and we are making history as we speak. so, you know, i want to give you some context, there are a number of companies in the space race here. a couple years ago i covered blue origin for you, saw that takeoff when william9 shatner flew with them. the big thing that i'm noticing is the spacecraft itself. so the fact that it actually took off on a runway like a plane is a lot more palatable for a potential passenger than, you know, going up vertical in a rocket. now, it's called the mother shi- [cheers and applause] so it's two planes, you can hear the excitement here, two planes essentially fused together. that takes the spaceship up into the air 45,000 feet, then it detaches. that whole process is going to talk about 45-60 minutes. -- take about. right now the astronauts are going to be climbing for the

next hour as you or i in an area. so pretty normal. at that point that that launch into space, that's all going to happen within a minute. you've heard of a sonic boom before. you're not going to hear that on the entry into space, it'll be more like a thunder rumble. it will be more prevalent when they reenter into space. that's basically what's happening on the ground here. a couple of things i do want to highlight, we have the nurse olympian going -- first olympian going into space, john goodwin. that guy has been waiting a long time for this moment, 18 years. since then he's been diagnosed with parkinson's. he is 80. he's still making that trip today. very impressive. the other thing i will mention, folks that are signing up now are paying more in the range of $450,000. you're probably thinking to yourself as i was, well, there's probably not a big market for that, right? it's t going to be that uber-wealthy that that's going to afford it. today i -- i talked with the

folks at virgin galactic, and they're focusing on research are flights, where they're looking towards making money in the future. we have lift areoff, stuart, we're going to have covering this for the next hour and a half or so until the astronauts hopefully return safely to the ground, and we'll keep you informed. back to you. stuart: kelly, thank you very much, indeed. we're going to keep an eye on this. in our 11:00 hour, we'll take you to the live stream from in that space flight. should be interesting. check those markets, please. no pullback. the dow's still up 400 points plus. all right. the dow up 400, nasdaq up 200, that is a rally. inflation at the consumer level up 3.2% in july. ashley's back with us and looking at the movers. ashley: yeah. stuart: what about disney? start there, please, ash. ashley: yeah. i followed their earnings report after the bell yesterday. bit of a mixed bag report from the media giant. they had a 7.4% decline in subscribers for disney+. it lost $512 million on its streaming platforms last

quarter. none of that's very good. they also announced they're going to be raising prices for both disney+ and hulu by 20%, but they did see growth in its parks, experiences and and products division. most of that actually came from international parks, not here in the u.s. the "wall street journal" also reporting that amazon is removing dozens of house name brands from its site in an effort to cut costs. interesting. they're doing this in an attempt to fend off federal regulators. amazon believes this could help combat antitrust allegations. interesting. the stock up nearly 2%. [laughter] stuart: there you go. go figure. thanks, ash. in in seattle, one police officer just resigned. she's not going quietly. watch. >> i moved to seattle in 1998. it was absolutely beautiful, and the clean and the department had a great reputation, and it was outstanding.

and then just over the years -- and and i was able to do my job, and i thought i did it really well. [laughter] but over the years, it has just gone from the very top to the very bottom, and i just, i can't do it anymore. it's -- i can't live the lie. i've poured my heart, my soul into all of this, and so i wanted to go out saying the truth. stuart: all right. jason rantz is with us this morning. he's a seattle guy. what else did she say? jessica taylor, is her name. what else did she say? >> yeah, jessica taylor. so she wrote a 15-page resignation letter, and when she sent it to me, you could tell this came from a place of passion. she call out the toxic mix of extremist city council. she said we have a spineless mayor and that we have a lenient prosecutor, and all together she says it's leading to the city basically hitting rock bottom where we're seeing chaotic

streets thanks to the lawlessness that in this city government and really the state has allowed. and i can tell you not just from talking to her, but talking to so many cops here, they're all pretty much saying the same thing. they have different levels of confidence as to whether or not things are going to change, but the criticisms have been consistent from cop to cop to cop. and they're saying at some point the city is going to have to choose, because right now we're still going down that path of allowing criminals to pretty much get away with whatever it is they want to, and we're not allowing police to do their jobs, and we're clearly seeing the results. we're going to almost certainly see an increase of homicides from last year. stuart: at one point jestest ca taylor was -- jessica taylor was saying that the powers that be in seattle have interrupted the promotion series within the police force, that normally you go through this chain moving up to the top. but the police force and some of the political people in seattle, they've rearranged it so that

you can get jumped up to a much higher level if you are the right person. that's what they're saying. >> yeah. her comment is basically that there's a lot of favoritism going on right now, and i've certainly heard that as well. it is incredibly political or it can be seen as political. there's a lot of truth to it. there's some questions as to whether or not everything is completely accurate. i'm still diving into that to get a better sense, but it certainly seems on the surface that some of the procedures that we've at least seen in the past have changed. now, it's okay if they change if they're open about it, but i think the sense is that they're not being open about it at the command staff level, and it's causing some mixed feelings amongst officers who have been working very, very hard like jessica, working over 20 years hoping that they can actually progress up in a fair way when all of a sudden it seems like favoritism is at play. stuart: fair enough. jason rantz, always good. thanks very much for joining us. see you again soon. ins, by the way -- there is, by

the way, one city that has somehow managed to get inflation if under control. ashley, which city? >> minneapolis. bet you didn't guess that. stuart: no. ashley: turns out that in may the twin cities became the first major metro area to see annual inflation fall below the fed's targeted 2, coming in at 1 is.8%. how did they do it? analysts say it's all down to the city's proactive approach to housing. minneapolis eliminatedded zoning that allow only single-family homes and since 2018 it's been investing $320 million for rental assistance and subsidies, and it has proved to be a pretty powerful ant dote against inflation -- antidote against inflation. rent growth in minneapolis since 2017, just 1. that compares with 31% in the u.s. overall. city officials say having more units available that low income residents can actually afford helps the people who have been

most hurt by inflation. all comes down to housing. stu. stuart: got it. thanks, ash. a new york city grocery chain pulls logan paul's prime energy drinks off its shelves. they say the drink's sky high caffeine levels are dangerous for children. logan paul will join us in our next hour to respond to that. at least 36 people dead as fast-moving wildfires streak through the island of maui in hawaii. we've got a live report from hawaii next. ♪ ♪

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like these folks did, and see if a reverse mortgage could work for you? - [advertiser] call aag, the country's #1 reverse mortgage lender. - call the number on your screen. stuart: that rally holds, well, much of it. you're up 330 now on the dow. a few minutes ago we were up 400. nasdaq up 150. is short time ago we were up 200, but theally pretty much is holding. then there's this, at least 36 people are confirmed dead, 20 hurt on the hawaiian island of maui. fast-moving wildfires continue to burn.

the the entire town of lahaina has been left in ruins. max gorden is on the ground in maui. the latest please, max. >> reporter: yeah, this island paradise turned into a hellscape. fire activity the has gone down in the overnight hours, firefighters monitoring a hot spot, making sure it doesn't jump containment lines. but, you know, this island is reeling from these devastating wildfires. it's still unclear how they started on tuesday, but conditions here on the island of maui were ripe for fire. things were very, very dry, fuels dry out, that's grass, trees, everything justiner dry and then the winds were whipping. that that in part due to hurricane dora which is a few hundred miles south of the hawaiian islands. winds here on maui whipped up to 70 to 80 miles per hour. not only did that make fire fighter efforts very is difficult because all this win breathed oxygen into the fire

causing it to spread rapt -- rapid lu, but helicopters couldn't fly, a valuable tool for firefighters. these fires burned through communities on the western side of maui, especially the community of hahaina. there are people there who only escaped with their lives. they jumped into the water, jumping into the ocean to escape the fire. businesses, homes burned to the ground. here's one resident there. >> a resident from la health care aima for about 18 years, and we just had the worst disaster i've ever seen is. all of lahaina is burnt to a crisp, and it's, it's like -- [inaudible] >> reporter: yeah, just horrible scenes all across this island are. there's been a massive undertaking to get people off of the island. officials here saying they don't want tourists to come to maui right now. around 11,000 people have been

flown out of here, they've been taken in part to a shelter on oahu. other people have been going to other islands here in hawaii. really though the message from officials, don't come to maui right now. back to you. stuart: all right, max, thank you very much, indeed. coming up, presidential candidate mike pence mockedded online for his new campaign ad that targets high gas prices. was he really pumping gas? the attorney general of west virginia leading a coalition of states posing the epa's new rules for power plants. attorney general patrick morrisey says the rules blatantly disregard a supreme court ruling, and i'll tell you too that would really hurt the coal industry. he joins me next. ♪ ♪

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stuart: while president biden promotes his green agenda here at home, other nations are actually reaping the economic benefits. grady trimble with me. how are china and russia benefiting from our green push? >> reporter: stu, because those countries, china in particular, control the production of the parts and

materials needed for renewable energy products. to give you an example, china holds at least 60% of the world's manufacturing capacity for technology like solar panels,en wind you are the -- wind turbines and electric vehicle batteries according to the international energy agency. on top of that, president biden is restricting new uranium mining out west. that could help countries like russia and kazahkstan where nuclear power plants here source almost half of the uranium they use. >> it's not going to help americans have cheap and readily available energy. and that is the number one thing we need if we're going to break this crazy inflation brought to us by joe biden. >> reporter: the president visited new mexico this week, that is one of the top oil-producing states. biden there talked about ditching oil and gas. >> we passed a significant

climate legislation not only moving us away from fossil fuels to cleaner technologies like wind, but it means we're going to make things and new technology here in america. >> reporter: here's what the american petroleum institute has to say about this week's trip: americans overwhelmingly support more american emergency versus depending on -- energy versus depending on foreign nations, yet the biden administration since day one has stopped pipelines, blocked energy projects and added regulatory e restrictions. also this week president biden signed an executive order to limit u.s. investment in chinese companies that could help the chinese communist party. chairman of the house select committee on china, mike gallagher, called that a small step in the right direction, but he also adds, quote, the loopholes are wide enough to sail the people's liberation army navy fleet through them, so

he duds not concern does not think this executive order goes nearly far enough, stu. stuart: all right, grady, thank you very much, indeed. in may the environmental protection agency proposed new regulations for power plants. west virginia attorney general patrick morrisey leads a coalition of states opposing the new i rules. the attorney general joins me now. sir, if these new i rules were imposed f they took effect, what would that do? >> look, this would be devastating on the sate of west virginia, but it also would further compromise american energy independents. i think -- independence. i think for all of those who have heard about the biden administration's efforts to move toward electric vehicles, we're talking about 67% by 2032, how on earth do they think that's going to happen when you're going after of the most affordable, reliable source of energy, if you end up closing more plants down, there will not

be the power for those vehicles. beyond that, they're going after natural gas as well. this is a very serious threat to america's energy independence and also it's kind of a devastating effect on our economy in west virginia. stuart: it sounds like the epa wants to shut down the coal industry throughout the country. you're trying to stop them. west virginia is the coal state of the united states. are you just defending your state's key industry? >> i mean, hook are, it's -- look, it's certainly important to defend coal jobs because that's still an important part of the fabric of west virginia, but ill say there's another reason -- i would say there's another reason as well. over the last decade, i've been fighting against the epa and their unlawful attempts to regulate carbon emissions. last year, stuart, as you know, we had a amazing win at the u.s. supreme court, west virginia v. epa where the court made clear

these unelected bureaucrats lack the power to push forward these major policies without going through congress. they haven't gone through congress, they're still trying to reorder the power grid, just call it something very different. so i think this is going to go into court and fail, and it's just a shame that these guys have to keep coming at this. they're trying to drive the market in a direction when they lack the law to do it. that's wrong, that's why we're going to beat them in court again. stuart: okay. come back with soon, please, and tell us how you're doing. attorney general of west virginia, patrick morrisey. thank you very much, sir. >> thank you so much. stuart: yes, sir. mike pence mocked for his new campaign ad. ashley, when with's the problem? -- what's the problem? ashley: i love this. the campaign video shows pence at a gas station with where he unlatches a gas nozzle and seemingly pretends to pump gas into a pickup truck. watch this. >> remember $2 a gallon gas? i do. and then joe biden became president of the united states and launched s -- his war on

energy. since that time gasoline prices are up 60%, electricity prices are up 25%. ashley: well -- [laughter] interesting. pence appears not to pick a fuel grade before removing the gas hose causing that pump to beep, as you can hear, continue continuously while he spoke about the crease crease in energy costs. he was quickly ridiculed with people asking if he'd ever used the pump before. others said he didn't have the courage to select a fuel gauge, and some people asked if people from new jersey, it just fell flat k. and that beeping in the background because he didn't even pick a grade of fuel. a little embarrassing. stuart: i disagree. i don't think it was that bad. ashley: yep. stuart: he should have better production, fair enough, but i don't think there's anything cringe-worthy about that. ashley: yes. well, he was pretending. why couldn't he have just done

it for real? stuart: okay. [laughter] good point. all right, ashley, you got me. ashley: thank you. stuart: still ahead, will cain on biden con rah rah districting devon archer's sworn testimony. hogan paul on concern over his new -- logan paul on concern over his new energy drink can. and the average rent in new york, $5,588 a month. new york city is a city of extremes, expect -- exceptionally ec expensive rent, thousands of migrants living on the streets. that will be my take, and it's next. -dad, what's with your toenail? -oh, that...? i'm not sure... -it's a nail fungus infection. -...that's gross! -it's nothing, really... -it's contagious. you can even spread it to other people.

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