. >> coming up, hugh sinclair, who has worked for several microfinance organizations, argues the microfinance craze has done far less to alleviate poverty in the world than most people realize. this program is an hour. >> welcome. it's an authorize be preparing the corporate list of -- i've worked with 5,000 whistle-blowers over the last three decades and i can say that -- unsenior passed -- -- what motivate you to join an industry like the microfinance industry? >> well, initially i joined it with the belief that his would actually be an effective tool to rad indicate poverty. so i was just as naive as most people remain to this day. seemed like a very good idea. recycle loans to poor people at low interest rates, to help them build a business and to earn their way out of poverty. so i went into it with this naive idea, and then gradually as the years win along, the truth is more complicated for that. >> let's get down into the lay of the land. can you describe what is the microfinance industry and who are these mfis that your book keeps referring to and exposing? >> i mean, we're all famili

which helps correct that market, and the gates foundation did some research on intersection of microfinance water a number of years ago and pegged its a $12 billion market there is a demand for people out there to take loans to secure these water connections and to build toilets, but the market wasn't responding to that, and so what we do is we help nudge the microfinance institutions into this space because it is not a traditional lending model, you are not loaning for a sewing machine and sewing clothes the next day, you are not milking a you the next day so helping them understand is what matt is talking about, it is this income enhancing opportunity that is there. >> rose: explain that to me. >> the concept is if you take a straight philanthropic approach you are not going to see iminisng costs per person reached with this, it is going to remain constant, but if you can use mart subsidies the cost to reach a person might go up initially but then who help the microfinance institutions discover the market and start sourcing commercial capital to back fill what had to be done with philanth

that is done, as i explained in my letter, that's done by injecting microfine cement grout into clean sand and it essentially turns the sand into stand stone as we all know because we've been in the beach and start digging into the sand, it starts caving in. what the geogrouting procedure allows you're excavating in sandstone ground rock, and we're only going four feet at a time after we've grouted this. the grouting procedure is very well established, very widely used procedure. this isn't a new technology. these aren't new characters involved in the procedure. do you have any questions? >> well the appellant is obviously concerned about the risk of it extending under his structure. can you address that? >> the way that the grout is injected is through a tube that gets advanced about two feet at a time. the grout contractor is actually paid by volume of grout. and that is what they're monitoring the whole time. so with the geotechnical input that larry's provided, that mr. carp's provided, they know how dense the sand is, as they're going down. it's a very experienced firm that does

stability and economic system microfine with the tax situation is going to be.hink it is very ironic that our national debt has hit $16 trillion when the democrats are assembling in north carolina. our situation abroad is impacted by what we do internally here domestically. we cannot continue to encourage and encourage these huge amounts of debt. which brings us to qe-3. if indeed fiscal stimulus was enough to jumpstart the economy, based on the government's tremendous amount of - lori: but here is the other side of the coin. one of the arguments. more inflation. when you say inflation, people sort of worry. maybe the fed wants to give a little bit more inflation because that is the argument. >> i think that is pretty dangerous. we do not that economic output going. and if we don't kick start our economy, when you force the system with so much cash, there's nothing economic growth that goes with it, you're going to create conditions of saturation and that is very risky. lori: let's talk about the fiscal quite. this is the near-term problem. this mix of tax incre

microfinance has been a tool in promoting enterprise, but we have to expand the small- and medium-sized business as well those too small for traditional banking. the aim of a much larger share of our aid must be the promotion of work and the fostering of free enterprise. nothing we can do as a nation will change lives and nations more effectively and permanently than sharing the insights that lies at the foundation of america's economy. that is that free people pursuing happiness in their own ways. build a strong and properous nation. i traveled to a number of countries and was struck by the vast difference of wealth in nations that were sometimes neighbors. some of that was due to geography. rich countries often have natural resources like mineral deposits or access to waterways for trade. in some cases, all that seemed to separate a rich country from a more poor one was a faint line on the map. in some cases they were economically worlds apart. you can think of north korea and south korea. i became convinced of the critical difference between these countries was not geographic. i noti

microfinance has been an effective tool promoting enterprise and prosperity and we've got to expand to small and medium-sized businesses as well often times too large for microfinance and too small for traditional banking. the ail of a much larger share of our aid must be the promotion of work and the fostering of free enterprise. nothing we can do as a nation will change lives and nations more effectively and permanently than sharing the insight that lies at the foundation of america's own economy. and that is that free people, pursuing happiness in their own ways, build a strong and prosperous nation. now when i was in business i traveled to a number of other countries. i was often struck by the vast difference in wealth among nations that were sometimes neighbors. some of that was of course due to geography. rich countries often had natural resources like mineral deposits or access to waterways for transportation. but in some cases all that seemed to separate a rich country from a more poor one was a faint line on the map. countries physically right next door to each other were in s

microfinance has been an effective tool of promoting enterprise and prosperity, but we've got to expando small and medium-size businesses as well that are oftentimes too large for microfinance and too small for traditional banking. the aim of a much larger share of our aid must be the promotion of work, and the fostering of free enterprise. nothing we can do as a nation will change lives and nations more effectively and permanently then sharing the insights that lies at the foundation of america's own economy. and that is that free people, pursuing happiness in their own ways, build a small -- strong and prosperous nation. when i was and is as i travel to a number of countries. i was often struck by the vast difference and wealth among nations that were sometimes neighbors. some of that was of course due to geography. rich countries often have natural resources like mineral deposits or access to for transportation. but in some cases all this into separate our rich country from a more poor one was a faint line on the map. countries that were physically right next-door to each other were

microfinance has been a tool in promoting enterprise, but we have to expand the small- and medium-sized business as well those too small for traditional banking. the aim of a much larger share of our aid must be the promotion of work and the fostering of free enterprise. nothing we can do as a nation will change lives and nations more effectively and permanently than sharing the insights that lies at the foundation of america's economy. that is that free people pursuing happiness in their own ways. i traveled to a number of countries and was struck by the vast difference of wealth in nations that were sometimes neighbors. some of that was due to geography. rich countries often have natural resources like mineral deposits or access to waterways for trade. in some cases, all that seemed to separate a rich country from a more poor one was a faint line on the map. in some cases they were economically worlds apart. you can think of north korea and south korea. i became convinced of the critical difference between these countries was not geographic. i noticed the most successful countries sha

most importantly he's microfine spots. [laughter] tom goldstein is a partner at goldstein on russell. until recently was known as goldstein howell and russell serino after leaving tom's first power play was to remove his wife from the letterhead. [laughter] 25 cases be worth supreme court spanning a broad way of issues. he teaches supreme court litigation at stanford and harvard last close in 2003 of course not as good a spot from which makes my job so much easier than in 2010 they can build black ever to receive the aba's silver gavel award for fostering the understanding of law. among his accolades come in the national law journal named him one of the 40 most lunch with the decade of the all-time sanctum of the 90 greatest washington lawyers and gq did them all one better by naming him one of the 50 most influential people in washington. so we are an company. the law journal named him one of the leading players under 40. the american lawyer into one of the top 45. you see where this is going in 50 years we can expect int