baseball, springfield is basketball. knoxville, does anybody know knoxville? could be hall of fame. ashley: softball. ashley: it is the women zba, wnba. fair use the it. i didn't know that. don't know if it is springfield or knoxville. "varney and company" is about to exit but stay right there because coast-to-coast starts now. dave: china is taking a bite out of apple. shares of the iphonemaker down 3%. the latest on what china is doing and how it is impacting

our markets at home. destruction in wyoming of all places. a squad of squatters destroying a downtown motel sparking the mayor's statement that homelessness and crime left the town, quote, uninhabitable. we have that may or coming up. california taking steps toward regulating ai. is regulation the answer? we will ask one of the most important ai minds out there, chairman and ceo thomas siegel jointly coming up. i'm david asman in for neil cavuto. you are watching coast-to-coast. first to our top story, president biden canceling a trump era drilling lease in alaska, oil prices at their highest levels this year. edward lawrence live in the white house with more.

>> 7 leases canceled, no oil being drilled as of right now in that area of alaska. seismic tests, scheduled to figure out where to safely drill for oil. a source for the alaskan industrial or tells me the alaska industrial development and export authority learned their oil leases were canceled through the media. the interior department released that before telling them the executive director says the next step will be a lawsuit. >> we have attorneys on board meeting with them in deciding the litigation, i would have conducted discovery, regarding facts and circumstances. got the deposition of a secretary from the decision. >> of collective decision to restrict oil supply from the investment.

the price of brent or your hovering around $90 a barrel just above it right now. gas prices more than they were a year ago up $1.41 a gallon from the day president biden came to office. a new biden campaign ad running during football games tries to change what americans are seeing. >> he got to work fixing supply chains, fighting corporate greed, passing laws to lower the cost of medicine, cut utility bills, and make us more energy independent. >> reporter: an area of alaska, 728 billion barrels of oil, that would supply the entire globe by itself or 77 gaze -- days. president biden believes it could hurt the environment. dave: cutting utility bills, don't know anybody in america saying the utility bills have come down. >> pay no attention to the man behind the curtain.

dave: president biden is expected to continue his clean energy put at the g 20 summit but what impact is it happening at home? the us cuts back on oil the world is turning to the middle east, no surprise. flush with cash and oil, becoming what the wall street journal is calling the world's atm. brigadier general bob spalding joins me now. thanks for being here. president biden's green energy agenda and growing reliance on foreign oil, we used to be energy independent during the last administration, is that changing the whole geopolitical order? >> we are committing national suicide at the same time a second cold war is starting. going back to eisenhower's presidency, and got energy production, stop investing in

science and technology like the space program and nuclear energy, if he had done all those things that not build the national highway system we would be at the bottom of a barrel. down we are starting the second cold war and doing the exact opposite of what we did in the first cold war. we are not investing in national productivity, we are not investing in building energy resources. it is a critical problem for national security. dave: i am going to put myself in position of saying the chips act was tens of billions of dollars going to invest in america's future of technology et cetera. how can you say i am not investing in the future? your response? >> look at the chips act, the ship, all of these bills they put forth from the chip act or

even the investment on investment in china. it is like swiss cheese. all the corporations and financial institutions can skate right through those and building our economy using the defense production act using title iii and forcing on shoring or energy development. if we can unlock now. dave: a government ordered industrial policy, that's the problem, not that it is the wrong industrial policy but the idea politicians know how to invest our money better than people in the private sector with skin in the game. >> that is not accurate. if you look what happened in the cold war, we are investing in silicon valley for technology, that provided efforts to the economy for decades.

we are running on fumes, we are investing in gross to mystic product on science and technology during the cold war, now we spend less then 0. 7% and most of that goes to health and most of it goes to china. we have a lot of things going on during the cold war that actually built our industrial base, productivity and now we are not doing that. dave: i would argue people in the reagan administration who are responsible for huge technological growth were inspired by the incentives in the private sector more than government investment, question of national priorities, the president of the united states is going to be spending 9/11 in alaska pushing his green energy agenda rather than the events of the attacks of 9/11. do you think that is appropriate considering what we lost on 911 and where we must

be in our defense against that happening again? change what the president needs to do in these forums is start separating us from the china and russias of the world and needs to tell our partners we need to start decoupling from china working together, using 3 trade, the actual countries that follow the rules of free-trade to boost our own economic competitiveness, our own productivity and allow economic opportunity for assistance. that's how we won the first cold war and how we are losing the second cold war by not pursuing that. dave: republicans are not aligned because a lot of people running for president. here is former vice president mike pence talking to stuart varney earlier today about vivek ramaswamy and his plans. roll tape. >> i met vivek a couple years ago and had him speak at a conference of the foundation in washington, he's a good man, good family man but he is wrong

on america's rolled in the world. the idea of a policy he advocated, let letter putin keep what he has grabbed ukraine, promising ukraine will never be part of nato saying let china have taiwan and in the last week, wouldn't use military force to defend israel against an attack by iran. he is wrong on those policies. dave: i hate to do this to you but we have 15 seconds to respond to that. who has a right? vivek ramaswamy or the former vice president? >> vivek on this case, he's right, we need to be productive and not get ourselves in a nuclear war. we need to hold the course on the second cold war. dave: you did very well in 15 seconds. thank you for being here, good to see you. china causing the nasdaq to slump.

the ccp planning to expand its ban on iphones and government-backed agencies as china's huawei hits apple with a new high-speed phone, tech policy center at the heritage foundation, strategic wealth partners strategist luke lloyd here to break it down. first to you. china is fighting back against our attempt to protect consumers and our own companies against chinese spies and spying going on for companies from what they do in terms of stealing our technology. who will win this battle? china or the us? >> i hope it is the united states but we are not helping ourselves when we rely on china as an open market. it's not. when you look at apple there is reporting in 2016 that tim cook

entered into $275 billion deal to improve their technological prowess. china has been the second largest consumer market for apple. this is a big job them. this horizontal escalation will continue across the economic spectrum if we think china is an honest broker. dave: we know who is not winning in the markets, nasdaq taking a few hits, apple selling off 3%. what is happening? is this a temporary blip or will it turn into a trend? >> will turn into a trend. i would be nervous to invest in china right now. a lot of stocks, the nasdaq have exposure to china. i think the news surrounding while way leveraging us technology is the biggest news that will have an impact. previous guests mentioned that. while way -- while way --

companies like nvidia. this is going to be a game of retaliation from both sides which is why geopolitical risks for stocks like apple are the highest they've been in recent years. one reason we are underweight, stock like apple in our portfolio. dave: what do we do about while way --huawei? it is something tough to do with something like tiktok. >> that is the case. nothing short of a federal ban will do especially for social media platforms like tiktok, and china has a history. we have all the data points we need, corporate espionage over what happened time and again. we need to insulate ourselves, we need to on shore, have independent resilient supply-chain santa boost our own manufacturing capacity to

act as a hedge against vulnerability, exposure to all of china. dave: very quickly, what about ai, the explosion of nvidia, who is advancing moving country to country, china or the us? >> we can't stop the innovation, we can't regulate ai because of things like this. we get china get had too quickly and too much, we can't stop innovation which is why ai has taken offense stock like nvidia rallying because you see these in the chips act. to try to innovate. that something to pay attention to. this started in 2000, the wto, we made china rich and influenced china and now china is influencing us. dave: a year and 1/2 ago canada came out with its own chips act, total failure, they still haven't recovered from billions they lost so even though i

suspect they will say everything is bright with the chips act looked closely, it might not be that successful. >> stocks love stimulus. dave: in the short time, it looks good. long-term made the not. the hunter biden investigation moving forward as an indictment could come down by the end of the month. kevin mccarthy mulling a possible impeachment inquiry to president biden. more details after this. ♪ you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence.

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we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. dave: special counsel david wise is expected to hand out an indictment against hunter biden in the next few weeks. hunters likely to be hit with a gun possession charge. mark meredith following the latest developments in the investigation. >> reporter: federal prosecutors say by the end of this month they will ask a grand jury to indict hunter biden, we believe it will be tied to the gun charge like you mentioned, still a lot of questions what that will look like an hunter app lawyers argue this shouldn't be possible.

it wasn't long ago hunter f legal team thought they were going to skirt any potential jail time, this was going to be a done deal, a plea deal was abandoned after a federal judge in delaware questioned how the deal was reached and whether hunter could be charged with crimes later on. hunter biden's attorney said they are flabbergasted more charges are coming. >> reporter: they know what there is to know about gun position. hunter had a gun for 11 days, it was never used, never been a standalone gun charge like this brought by this office. >> reporter: house republicans stepping up efforts to investigate to its investigation into hunter, gop this week issuing a fresh round of subpoenas to the department of homeland security and secret service, and supports the subpoenas. >> the american people have a right to look at this and see

what traffic there was back-and-forth between the irs, doj, fbi at hunter biden's attorneys and white house. the full story of what has happened. >> reporter: the white house said this is a separate matter, the president and vice president was not involved in his son after business dealings and they are kicking questions over the legal team. a new paul from cnn shows 61% believe president biden to discuss or handle business with his son. the white house is not prepared to talk about it. the american people may or may not. dave: andy mccarthy posted a civil state what about the hunter biden case and his latest piece. they think we are idiots, he says. i want to bring in republican virginia congressman house freedom caucus member bob good. andy's point says prosecutor

wise had 5 years to prosecute under but only after a judge unraveled his meticulous plea deal with a charge in a couple weeks. >> he has opportunity to prosecute hunter biden and failed to do so hoping to let the statue of limitations roll out on the gun charge claim he didn't have authority to prosecute with tax evasion charges but with this is about his president biden, may beyond the -- where the sitting president has been guilty of bribery, influence peddling, corruption, mounting evidence to that effect, he out to be impeached because of the border, we don't need any more evidence of the harm being done to the country but we ought to have an impeachment inquiry to follow through on what james comeer and the rest are uncovering. dave: senator ted cruz agrees with you but i want to play a little sound.

he was on earlier, what he has to say about this new attack by mr. wise. roll tape. >> about president biden's corruption and multiple whistleblowers and alleged obstruction of justice, attorney general merrick garland lied under oath and alleged president biden solicited and received millions of dollars of bribes from corrupt foreign oligarchs. this indictment is the biden doj shifting the blame to hunter and ignore president biden, the evidence of his corruption. dave: we don't know the details of this indictment. it is all guesswork at this point but is it your opinion that they are trying to put a cap on the linkage between joe and hunter? >>. trying to distract about hunter, president biden, the only father in the country never to talk to his son about

what he did and never talk to his son about business deals. that was proven demonstrably false and that he wasn't actually officially in business with his son but it appears likely that was the case. we had estimates from oversight committee members who have seen much of the evidence that needs to be disclosed in the media and the public that might be as much as $100 million his family received from business dealings with foreign adversaries. dave: some members of what freedom caucus don't think speaker mccarthy is moving quickly enough towards an impeachment inquiry. are you in that camp? >> i think we ought to have an impeachment inquiry. there is growing evidence the american people want to get the truth, the additional power to subpoena the inquiry. what the president should be impeached because the border invasion and irreparable harm being done to the country but we need more investigation with respect to the biden crime family and move forward with that, nothing to do with the appropriations bills and spending battle, we can do both at the same time.

dave: there's also the budget and whether there should be a government shutdown and the battle over the budget, the impeachment inquiry, arguments about what's happening in the border. all of those do question, some people are saying it is looking like when mr. mccarthy first battle to become speaker of the house, there's about like that going on right now. is there going to be any vote if it continues to move more slowly than you think he should or not moving as quickly as you think he should? will there be a battle again over his position as speaker of the house? >> january was about not doing what we've always done, betraying the trust of republican majorities that we would not pass spending bills, major pieces of spending legislation with the majority of democrat votes in support. what we ought to do in the house is passed all 12, all 11 remaining spending bills, and plummeting conservative replicant priorities, cutting spending as we promised the

american people we would do end up to the senate to pass those bills to avoid a government shutdown. dave: forgive me for repeating, are you going to challenge mr. mccarthy's speaker ship? >> mister mccarthy has to choose between making a deal with democrats to keep the biden/schumer spending policies in place or he can reform the republican coalition that existed for the first four months of this congress, keep his commitment going back to pre-covid levels -- i think everything is on the table to hold the speaker accountable, do what he committed to doing january. dave: great to have you on, thank you very much for being here. homeless squatters trashing an abandoned motel in casper, wyoming, leaving millions of dollars in damage. my next guest is the mayor there. he says his community is just that up and is here to tell us about it next. ♪

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dave: casper, wyoming, pushing to strengthen squatting laws as the city struggles with a rising homeless population. that is the motel, a group of 200 people leaving the area, quote, uninhabitable and unsafe. bruce nell joins me now. good to see you. first of all you've got an unbelievable. your full area of the kingdom to live in. i love it out there but the people are tough. most of them carry guns of some kind, sometimes you can see it. i can't imagine squatters getting away with this stuff with the toughness of the people and the fact that a lot of the markarian guns. how did that happen?

>> they are not going to get away with it. be assured here in wyoming get we are not being overrun. what gaining national attention is where we live and the weather we deal with. it's not conducive to anyone for doesn't have shelter. the fact that they came here is quite alarming. we are a safe place to live, very progressive city council dealing with the issue and we are hitting at head on. we want to be compassionate and caring but we also want to put our foot down and say that type of behavior is not welcome in our community. dave: it is safe partly because people are well armed, know how to defend themselves, they are used to living in wilderness conditions but as you say of the homeless usually are outside of most of the cities in the united states, have to be inside or you are dead. is the situation taking good care of itself because of that reality?

>> in another month or two when our winter sets in, it will be a reality. we have beautiful summers as you know. my guess is they will train quickly and find their way out of here. stuart: have you also seen, just wondering if you interviewed some of these people and figured out where they are from because there' s a new drive of migrants all over the country, the department of homeland security shifting them out to various locations, we had a mayor from new jersey on, i want to play a soundbite to show you what these mayors are dealing with. roll tape. >> haven't mentioned how long they would be in the airport, right? >> they mentioned nothing to any of us. this just came out on a news story and we took it from there and no one has answers for us. dave: do they just put you on hold? they must respond in some way, no? >> pretty much. we are a town of 50,000 people

and they want to bring 60,000 people in here. it makes no sense whatsoever. dave: the people you are dealing with, migrants, even if they weren't, are you prepared to deal with what this mayor of new jersey is dealing with, demands from the dhs just sending migrants to your state? >> i think our weather is going to put a knicks on that but i will tell you there are other cities, towns, nonprofit agencies throughout wyoming and beyond that are transporting some of their homeless here and those addicted, land mentally ill people are coming to casper, there's no notice of arrangement, nothing, they are just being sent here, but they are about to get a dose of reality like i said here in another month when our snow starts flying and temperatures dip below 0 it is going to help is to eradicate the issue at least temporarily. dave: i think of a phrase i'm mad as hell i'm not going to take it anymore as well put for you guys, right?

>> welcome to wyoming, we are very welcoming, loving community but you can only push us around so long until we start to push back and say this is not acceptable. we have a duty, as the mayor of casper and city council, to the folks that live here. we serve 80,000 people in the community and they deserve better, and they get better. dave: the innocent, law-abiding citizens deserve more than the criminals. that is just common sense. you shouldn't have to prove that point. good for you, thank you for coming in. appreciate it. >> appreciate you having us, thank you. dave: thank you. as children head like to class in new york city, public schools are struggling to handle the arrival of nearly 13,000 migrant children. madison alworth live in staten island with details of that.

>> schools up to a rocky start with thousands of migrant students enrolled in an already very crowded new york city public school system. the teachers just finding out today that people have additional migrant students in their classrooms, learning there is a middle school that is taking on three migrant students, elementary school, in the same neighborhood, 45 migrant students, local officials finding this news out today on the first day of school. according to the board of education, there are 30,000 migrants of school-age and we are hearing around 21,000 showing up for the first day of class, thousands more than anticipated a few weeks ago, and it is up to teachers to figure it out. in a letter sent to school this week they tell schools they can't generate students based on inauguration status and it is up to teachers to figure out a language solution if they

don't speak a student after native tongue. >> schools are trying to wing it and i don't think that's fair to anyone. i think the reality is you need to have english as a second language faculty when you have students who need that kind of instruction and as we've seen the immigration crisis balloon we are seeing a diversity of languages, not just spanish. impossible for the school system to cope with that, why being willing to take on this intake of individuals doesn't make sense. >> reporter: the day before school was set to start mayor adams did not hold back on how desperate he says the migrant situation has gotten. >> this issue will destroy new york city. destroy new york city. we get in 10,000 migrants a month. every community will be impacted.

>> desperate words were a desperate situation. dave: thank you very much. california governor gavin newsom is asking state agencies to explore the uses and risks of artificial intelligence, the ceo of c3 ai tells us where he thinks industry regulation is headed next. ♪ ♪ the day you get your clearchoice dental implants makes every day...

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dave: california governor gavin newsom signed an executive order to study the uses and risks of ai. thomas siegel joins me for

details on this which i kind of laugh. any politician, don't want to single out one but does any politician know enough about ai to regulate it? >> good morning. my read on this is most of what we are seeing as relates to public policy in the eu, or the discussion going on in washington dc to regulate ai policies are kind of crazy, written by people with no understanding what they are talking about. i would say this executive order that was signed by governor newsom this is really unusual as it relates to public policy proposal and as it relates to exploring generative ai.

i would say the document is cogent, thoughtful, concise, productive and extraordinarily positive public policy. the way they propose to redouble efforts in a big way, to understand the risks and benefits of generative ai as it relates to people of california and the systems in california and find ways to play these technologies to the benefit of the people -- dave: i just have to say i am a little shocked because rarely does someone who is about to get regulated heaped praise on the people who might be regulating. is what i'm hearing the fact that you are not afraid that regulation will interfere with the trajectory of your company? >> no regulation on ai companies, there's no proposal for regulation here. there's a proposal to study the

benefits and risks of generative ai and figure out how to apply that to the state of california to the benefit of the people, flood mitigation, wildfire mitigation, save power generation and distribution, fraud avoidance, how to avoid the risks associated with privacy and what have you and how to apply these technologies to the people. dave: is privacy the biggest risk of ai, the invasion of privacy or is it bigger? >> there are risks, the privacy issues, when we apply, ai will be used to ration healthcare, ai will be used for social media scoring to evaluate who can fly, who can get insurance, who can vote, who can go to college in the us and china

today. there's a lot of very detrimental attributes to the application of aim generative ai. a cogent proposal to understand that. dave: i've got to ask about risks to your company. a lot of investors think there is too much risk to your company, projection of profit for low future, not willing to wait that long. your stock is down 12%. are you concerned about the lack of patience to wait on profit from your company? >> our stock is up 200% this year. stock is doing pretty well. can't push out profitability by a couple quarters, we are making huge investments in janette are of ai and we are confident about the benefit.

stock reaction, my job is not the day-to-day stock price but economic benefit to shareholders. i'm confident it is in the share. dave: i remember jeff bezos saying the same thing when investors refused to believe in the future of amazon. it has happened before. thank you for being here. appreciate it. the nfl season officially kicking off tonight. people looking to but big on the big game. lauren: really big game. 58% more people than last year. 73 million americans will bet on nfl season, 28% of every adult in this country and the growth makes sense because it coincides with more major market allowances. it is legal.

in the 38 states and dc. the supreme court lifted a federal prohibition on sports betting five years ago, 60% of the illegal market has become a, legal, and regular but not in big states like california or texas where some illegal bets are still being made. >> we would like to see the department of justice come down on them, local law enforcement crackdown on bookies and illegal machines and we would like to see those fantasy sites offering parlays to kids to stop doing it. >> the nfl is cracking down suspending 10 players who bet on games last season. that hurts the integrity of the sport that so many of us enjoy not only watching get but taking a potential stake in the outcome by our phones. mobile betting. after super bowl sunday, the most popular day, 14% say the eagles are going to win the super bowl. tonight is the season opening.

that is what i said, my reaction to that. detroit versus kansas city tonight and the check out what's playing on sunday, 1:00, 49ers versus dealers, foxworth at 4:00, two games. rams, seahawks, it has begun. dave: the only game i bet on is the super bowl. i only do that in house and hope they don't make that illegal. the other brackets. >> a person like me who knows nothing wins. dave: isn't it funny how that happens. thank you very much. let's check in now with brian brandenberg and see what's coming up on "the big money show" in 13 minutes. brian: they call it the issues that will destroy new york city. migrant crisis weighing heavily on the big apple as kids head back to school, the summer of strikes becoming the fall of strikes, autoworkers and inch closer to the picket lines.

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david: inflation and regulations waived on companies and now we are learning how tough it has been on businesses, new data shows commercial chapter 11 filings up 54% from last august. let's get the read kevin hassett. great to see you, thank you for being here. what's going on with bankruptcies? >> it is being driven by the high interest rates necessary to fighting the inflation president biden's policies have given us and the way to think about it is if you look at the s&p 500 the average debt to debt plus equity ratio is 40% plus interest rates are 10% than they are paying 4% of equity interest every year and that is what profits are. if interest rates go from 5% to 10% that 0 out their profits and something we are seeing, the bottom of the distribution

of people who had to borrow a lot took on a lot of debt because the covid shutdowns are hitting the wall because they have to refinance of that and are doing it at high levels. david: there are other issues, inflation, crime, smash and grab going on, and regulations coming in green energy programs particularly on trucking. we had the vice president of the trucking company talking about the potential costs in the future of some green energy programs particularly on diesel fuel which fuels most of the trucks in the united states. let me play a soundbite and get your reaction. >> my concern, the entire supply-chain is dead in the water and it is catastrophic. this is not an option especially for the supply chain, the changes always made

without checking the supply-chain challenges that we have. david: we had supply-chain issues before, we know how tough it is when they kick in. is that what we are going to get as a result of green energy plans? >> over time that's going to be a problem and the interaction between bankruptcies is significant and so if you think if everyone is driving an electric car you don't need to go to a gas station or convenience store gas station because you will plug in your car at home and that is one thing but the real big thing right now as you noted is retailers around the country had to take on a lot of debt because people were not going to stores during covid and also losing inventory like crazy. i live here in dc and if i go to the giant there are things they don't sell their. people steel tied so much. retailers are under a lot of

stress and have a lot of debt and a lot of them just give it up especially small guys at the gas station. david: up $0.42 in august alone. $0.07 increase in regular unleaded but, that inflation is going to be passed to everybody. we only have 30 seconds. go ahead. >> price of oil hitting $90 a barrel and heading north of that, price of gas going to $5, inflation not under control. is taking off again. david: ask anybody. thank you very much, good to see you, appreciate it. more coast-to-coast right after this. ♪ that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. your record label is taking off.

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david: checking the markets, tale of two world, dow jones up 56 points but look at nasdaq, off of its lows, down 1.14%. apple down quite a bit, down 3%. that does it for us, busy hour of coast to coast, brian is here to take you through the next hour. brian: i'm brian brenberg. jackie: i'm jackie deangelis. lydia: i'm lydia hu in for taylor riggs