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The new york federal reserve has done something it's not had to do since the depth of the great recession. injecting tens of billions of dollars into the financial system to help calm stress in the overnight lending market. this may sound confusing to you, but it could be a major warning sign. with me is our economic commentator, kevin hassett. now distinguished visiting fellow at the hoover institution. without going too deep on repos, talk to me about why this matters for the average american. is this a plumbing issue, or is this a real, you know, confidence issue in the liquidity of the mar...

>> if we have a campaign where the theme is let's go back to normal, then i think -- >> you are suggesting that biden would do that. >> i'm not going to talk to anybody else's campaign. >> yes, you are. this is an indirect shot at biden. >> i hope that joe biden rethinks his stance on this issue, perhaps he does not understand who the hyde amendment hurts most. >> is it wrong? >> yes, he needs to figure out how to tell people where he stands on this, and not forget the part that makes biden, biden, where he puts his heart into the issue. we have not heard that. we have just seen a weird flip-f...

The theme is let's go back to normal, then i think -- >> you are suggesting that joe den would do that. >> i'm not going to talk to anybody else's campaign. >> yes, you are. this is an indirect shot at biden. >> i hope that joe biden rethinks his stance on this issue, perhaps he does not understand who the hyde amendment hurts most. >> is it wrong? >> yes, he needs to figure out how to tell people where he stands on this, and not forget the part that makes biden, biden, where he puts his heart into the issue. we have not heard that. we have just seen a weird flip-flop. that is unusual. >> when...

He would fly back to new york to sleep in his own bed. he is not somebody who is global. he's a very provincial politician more so than anybody we've seen. i do think some of this is a result of -- you heard the white house say when he did his address to congress, we're told he was going to go out and sell these policies at rallies and visits and not campaign-style stops but certainly presidential stops around the country. that has not materialized. >> you have convenience and you have what you're raising now, which is this confidence issue. it can't be a coincidence he's tweeting about the el...

Chinese market is the second largest market in the world right now. and though foreign investors are not more valuable than local retail. but using borrowed money. the fear is the stock market plunge, which they're trying to prevent, would spread to the real economy. and if it does it would have implications for the global market as well. >> the fear really isn't there, is it? >> it's a confidence issue. if retail investors start losing confidence in the market and more so lose confidence in the government's ability to prop it up really the whole shanghai and shen sen market has been