Rodney Johnson is President and Editor of Dent Research. He joins the show to explain why gold will fall below $800. Johnson then discusses whether the US economy is slowing. He also shares how investors can build streams of income instead of relying on equity markets. Visit Dent Research at www.dentresearch.com.
Rodney Johnson works closely with Harry Dent to study how people spend their money as they go through predictable stages of life, how that spending drives our economy and how you can use this information to invest successfully in any market. Rodney began his career in financial services on Wall Street in the 1980s with Thomson McKinnon and then Prudential Securities. He started working on projects with Harry in the mid-1990s. He’s a regular guest on several radio programs such as America’s Wealth Management, Savvy Investor Radio, and has been featured on CNBC, Fox News and Fox Business’s “America’s Nightly Scorecard, where he discusses economic trends ranging from the price of oil to the direction of the U.S. economy. He holds degrees from Georgetown University and Southern Methodist University.
ANNOUNCER: Welcome to Creating Wealth with Jason Hartman! During this program Jason is going to tell you some really exciting things that you probably haven’t thought of before, and a new slant on investing: fresh new approaches to America’s best investment that will enable you to create more wealth and happiness than you ever thought possible. Jason is a genuine, self-made multi-millionaire who not only talks the talk, but walks the walk. He’s been a successful investor for 20 years and currently owns properties in 11 states and 17 cities. This program will help you follow in Jason’s footsteps on the road to financial freedom. You really can do it! And now, here’s your host, Jason Hartman, with the complete solution for real estate investors.
JASON HARTMAN: It’s my pleasure to welcome Rodney Johnson to the show! He is president and editor of Dent Research, and that is Harry Dent’s company, as you know; we’ve had Harry Dent on the show several times now, and I’m a big follower of their work, and just love what they do. And Rodney, welcome! How are you today?
RODNEY JOHNSON: I’m doing great, Jason. How are you?
JASON HARTMAN: Good, good. Well, it’s great to have you on. And you are coming to us from somewhere in Florida, I believe. Right?
RODNEY JOHNSON: I am. Tampa, Florida.
JASON HARTMAN: Fantastic. Beautiful place! Well, you guys, last time I had Harry on the show, he was talking about gold dropping below $750 an ounce. And I thought that prediction was crazy, and later in the interview, he started saying it might even go down to $250 an ounce. And I thought, oh my gosh! That’s—that is one bold prediction. And probably one of his boldest ever, possibly. What are your thoughts? And now that it’s been several months, have you revised that prediction at all?
RODNEY JOHNSON: Well, we haven’t. And what you’ll find is, the difference between Harry and me is, he’ll pick an absolute number based on technicals, and I’m more of a direction guy. So, the general view is certainly that gold is set to go lower, not higher. That shocks a lot of people, particularly people who pay attention to finances, because they’re used to gold being that thing that runs in times of uncertainty and inflation. And so, we definitely have uncertainty kind of floating around the world. They’re looking for inflation, they just keep looking, looking, looking, and they’re not finding it. They think they will. Our view is that gold is certainly a hedge against those things, but we’re not gonna have inflation, and then it’s gonna work just like a commodity; it’s gonna work like maybe not corn per se, but it’s gonna work like oil, and it’s gonna work like the other softs. And so, as we have kind of an economic slowdown, you’re gonna see the demand for gold pull back, and that’s what’s gonna drive it lower again. The bloom is off the rose; everybody getting excited, running it through all the four contracts of the 2000s, running it through the excitement of craziness around the financial crisis—now it’s sitting! It’s already a third lower, and it looks set to go lower than that.
JASON HARTMAN: Well, you may not know this about me, but I am most definitely not a gold bug. I’m not a silver bug. I think that metals have a limited place, but, you know, I think it’s pretty limited. I mean, they don’t produce income, they don’t have tax benefits—in fact, they have terrible tax treatment. They’re taxed as a collectible; they’re awful. And you know me; I love income property, because it’s got great tax benefits, it produces income, and if you have a deflationary environment, there’s no place to go to get yield. And right now, you could argue, we’ve had very low inflation. You could also argue it’s been 9, 10% too. It depends who you’re talking to. But either way, deflationary environment, everybody’s searching for some kind of yield, because nothing pays, right? And an inflationary environment, you’re looking for a hedge. So, I’m just not a gold fan. However, I don’t know how you guys really think we have deflation. What do you base that on? Do you base it on technology? Do you base it on just general anemic global economy? Where do you get the deflation argument from?
RODNEY JOHNSON: Well, you know, you made a couple of great points on gold, so I’ll clean that up and then walk over into deflation. I tell people—probably a lot of what you tell people is that there’s gold that you hold because you think the world might go to zero, and things will be crazy, and then there’s gold that you buy and sell as an investment. We’re not a fan of the second one, because we just don’t see it. On the first one, I own a little bit of gold, because I tell people, I own some physical gold. It’s in coins.
JASON HARTMAN: And me too.
RODNEY JOHNSON: I don’t know where it is. Well, I don’t know where mine is because my wife won’t tell me. But it’s somewhere. And it’s a hedge against calamity. And I tell people, buy enough gold to let you sleep at night. After that, do something else with your money. And we’re like you; we’ve been telling people for years, when the financial crisis hits, which we were talking about for 20 years, pointing to the 2008, 2010 time frame—when it hits, what you’re gonna want to do is build streams of income, because then you have cash in what will be a deflationary environment. And that gets us to the next point: when people talk about inflation and deflation, they almost always focus on one side of the equation. I don’t know why. They look at it and they say, well, prices aren’t dropping. I get that. All prices are not dropping.
That’s true. But some prices actually are fairly flat, like cars. Some prices like technology are dropping. We haven’t seen a drop in commodity prices, things priced on world markets, because we’ve been printing 60, 70, $80 billion a month. I mean, that’s with a ‘b!’ You can’t do quantitative easing in every large central bank on the planet and not have an effect! And so, with that being said, look at the effect! We don’t have runaway inflation anywhere. It just doesn’t exist. But you’re looking at the other side of the equation, and it’s wages. And I don’t know why people don’t look at this more closely. Wages are clearly a part of the inflation/deflation equation, because in inflation, you need rising prices, then you need rising wages to pay for it. We don’t have that. We’ve talked about, everybody’s talked about the flat incomes in America. There are too many employees out there, there’s slack demand, so that the employers have the upper hand. They can choose not to pay as much; they can choose to keep things flat for years. And that’s the way it’s been. And so, when you look at it, on the wage side we’re clearly in a deflationary environment. On the prices side, we’re getting a gentle rise higher, and that’s with this phenomenal push and tailwind from quantitative easing. Just imagine where we’d be if we weren’t doing this right now.
JASON HARTMAN: Okay, so a couple of things, Rodney. I really like your analysis there. So, here’s what I’m gonna pick at. Number one, quantitative easing has no limit. It can go to infinity and beyond, as Buzz Lightyear would say. There’s no limit to the amount of money creation that can occur, so, we have a certain amount now. It’s maybe tapering a little bit, but in the future it could be whatever. There’s no limit whatsoever, and Zimbabwe has most certainly proven that. But the second issue is the wages, and that’s a very good point that you bring up. However, I don’t think it’s just an issue of inflation or deflation versus wages. It’s an issue of something having to give, and that’s really a three-part—it’s a triad of inflation, deflation, wages, and standard of living. So, if you look at Europe, for example, and I’ll pick on Europe. Maybe particularly Spain, which is a massive disaster. I was there over the summer. What a mess that country is. It’s like the next Greece. And the standard of living is what gives. So, you can have stagnant or declining wages, and you can have rising prices, and the thing that’s lost there is the standard of living has to decline, right? I mean, the standard of living is not fixed. It can go down.
RODNEY JOHNSON: You are absolutely correct. You’re absolutely correct. In economies that move in cycles—which, all economies move in cycles. The piece that happens is, you have the change in psychology. You have growth, be it, you know, positive investment, malinvestment, whichever school of economics you want to walk through there. And you have growth in the economy. People have their assets rising in price, they have their wages going up, they feel pretty good, they take some more risk, they buy more assets, they go up in price, they feel even better, and so, it becomes this growing virtuous cycle where things are building on themselves. And it’s very positive in the overall economy. It includes credit. It’s always included credit. And what happens, of course, as we all know, is that one day, whatever bubble bursts—it doesn’t matter which one you wanna choose, going back to the South Seas or Mississippi Land—whatever—the bubble bursts, and the credit then of course evaporates, and you have money destruction. Credit is just another form of money, and so when that goes away, money itself becomes dear.
And so, then you have deflation, because the money becomes more and more valuable, and it can buy more and more goods. And what gives, as you clearly pointed out, is standard of living. It’s what always gives. And the psychology turns to risk-averse from risk-taking. And so, as the economy adjusts to the lower level of spending—as it adjusts to this more risk-averse psychology standpoint, and the money becomes more dear, the people who have the money are now in control, instead of the people who are creating credit. It’s a change, and it’s a wave, and the wave always happens after the previous wave of credit creation. We’re in the downside, and I’m glad you picked Spain. It’s a fabulous example. Clearly malinvestment. They created credit, taking deposits from all around the world, because they had a little higher interest rates than other Eurozones. Turned around and built a ton of stuff, all the vacation properties and things. Had a huge growth in Spain that really wasn’t productive, clearly. As they adjust to the destruction and reduction of credit, they can’t print more, because they’re on the Euro. And so, what happens is, they have to give back some of what they’ve borrowed forward. And they’ve borrowed forward for a higher standard of living, and now they’ve gotta give it back, and it’s painful. But that adjustment is what deflation looks like.
JASON HARTMAN: Yeah, and I tell you, if I had to pick one malady, one or the other, I would pick inflation. Because I think inflation—number one, I love investing for it. I think I have a great strategy, investing for inflation by commodities with long term fixed rate debt. I mean, I think that’s a complete homerun. And my favorite commodity is income properties. And so, you know, you’re investing in what I call packaged commodities: lumber, copper wire, glass, steel, concrete, energy, petroleum products, all that stuff—
RODNEY JOHNSON: Land.
JASON HARTMAN: Land, well of course land too. But, I don’t even really mention land, because I don’t really think that real estate is that limited, honestly. I know everybody says they’re not making any more land, blah blah blah, that kind of Will Rogers quote. But the fact is, there is a lot of land. And now, people can work more remotely. I mean, geography is less meaningful than it’s ever been in human history, because of the Internet, and distributed technologies. But that’s kind of a side point. But when it comes to deflation, I think that’s a very dangerous think, because it causes people to wait and put off decisions. And when people are waiting, it’s just this downward spiral where they just put off decisions! And if they won’t buy anything, at least with inflation there’s an incentive to do something, because the price is gonna be higher tomorrow, right?
RODNEY JOHNSON: Well, that’s the theory. And I’m—man, if I wrote these questions out for you, they couldn’t have been better. This is good.
JASON HARTMAN: You can use them for questions for your other interviews, how’s that sound?
RODNEY JOHNSON: [LAUGHTER] I might have them call you.
JASON HARTMAN: [LAUGHTER]. These can be their talking points.
RODNEY JOHNSON: People look at inflation and they say, well, the theory of inflation is, we make prices go up, and that stimulates, or motivates, rather, the consumer to purchase now so that they can buy before prices move higher. That of course stimulates the economy, because more spending, you can take the money, you can hire people, pay more wages, all those things.
JASON HARTMAN: And by the way, I just have to give the disclaimer, I’m not talking about extreme inflation. I’m not talking about hyperinflation.
RODNEY JOHNSON: No, no, you’re not talking about—
JASON HARTMAN: I’m talking about Philips curve—
RODNEY JOHNSON: 1¾ to 3%.—
JASON HARTMAN: Yeah, Philips curve type stuff—
RODNEY JOHNSON: However, it doesn’t work. And the reason it doesn’t work is because that assumes a basic principle of just like every economic textbook, which I cannot stand, and it’s called the rational man principle. Which is, faced with certain parameters, a rational man would make x decisions. And that’s why we call our summit the Irrational Economics Summit: because it doesn’t take advantage—I’m sorry. It doesn’t take into account, the fact that all of us have different uses for our money. I’m not saving my money to buy another television. I’ve got televisions. And so, making televisions cost more isn’t gonna motivate me to go buy one. all you’re gonna do, if you’re holding interest rates negative, is you’re going to make my purchasing power disappear on the money that I’ve accumulated. And so, you’re gonna force me to seek out a different investment that may treat me better, but you’re not gonna motivate me to spend, because I’m not at the point in my life where I want to spend any money. And the same economic theory that says a rational man will go spend money if he sees rising prices, says that a rational man will take all of his money out of a bank of account if it’s earning a negative interest rate, which is a rate of interest that’s below the rate of inflation. Every person in American in a money market is earning negative interest right now. And I can guarantee you we’re not all taking the money out. That’s not the use of the money for us personally.
JASON HARTMAN: Right, but are we not taking the money out just because we don’t know—because we don’t get it? Or because we just don’t have another alternative? It’s TINA—there is no alternative!
RODNEY JOHNSON: Well, people have a different use for it. I don’t think people are ignorant of the fact that inflation’s running 1½, which is actually fairly low giving everything that’s going on, and yet they’re earning 30 basis points in a savings account, or maybe 60 in a money market, and so they’re losing 1 – 1¼% a year. I don’t think people are blind to it. I just think they say, look, that money in my money market isn’t meant to be spent now. It’s for retirement. It’s for college. It’s for these other purposes.
JASON HARTMAN: But it could be invested.
RODNEY JOHNSON: Well, it could be. But then you have the problem, right? How much do you put into any one investment, and how are you being treated in those investments? And that’s where things get pretty sticky, and that comes back to what you do, and your expertise, which is of course how can people build these streams of income. Which of course we’re very big fans of in this environment, because it keeps the cash coming in. But you can’t put all your money there. You have to have some other alternatives out there, and it gets very difficult for people.
JASON HARTMAN: Okay. Well, you alluded to what I wanted to bring up next, and it’s kind of a segue on what we were talking about, Rodney. And it’s—when I really fell in love with Harry’s work was in the mid-90s, because I thought, what a great and really simple, understandable way to think about the economy. People behave certain ways at certain points in their lives. Of course at age 46, I think that’s the peak income earning, or the peak spending, I can’t remember which, you can correct me—and you’ve got the S curve and all of that. And I’m very much a fan of that. It seems incredible rational, not irrational, even though that’s what your economic summit is called. That’s great stuff. And so, one of the things that you guys were saying way back in the mid 90s is that around 2008, 2013, the economy would suffer because of the aging Baby Boomers. And they would start to act differently. I think the premise was they would start to liquidate assets, it would be a great time to buy a business or a McMansion, and a lot of that has come true, I think. But of course, there’s a whole Wall Street scam behind it as well, of derivatives, and collaterized debt obligations—you didn’t predict all of that, I don’t think. Or at least not that long ago.
RODNEY JOHNSON: No. No, no. Yeah, people go through predictable ages and stages in life. You’re young, you’re spending all your nickels, but frankly you don’t have many, so it doesn’t really matter. You get married in your mid to late 20s, around 26, 28, around 30 you’re having that first kid—or, 28-30. 42, 43, the kid’s mid teens, 46, 47, your children start to leave home. And so, what happens is, I had a boss many years ago in Texas who told me, he said, you’re never richer than the day before you get married. And it took me a while to figure that one out, because the next thing, you have to explain why you bought stuff. You really needed that new set of golf clubs, or whatever. And so, yeah. But he lied to me. Because the truth is, you’re never richer than the day before you have children. Because it doesn’t matter what you make—you’re always pushing it forward and spending on them, and you’ll do anything you can to maintain or grow their standard of living while they’re at home. And so, this is the [unintelligible] over that 20 year time span.
Once they leave and you’re in your late 40s, early 50s if you earn more, have more education, that sort of thing. Once they leave, your goals are different. You don’t need another big car. You don’t need more stereo equipment. You don’t need another rug. You got all that. Now, in your early 50s, you start looking at the next big thing, which is retirement. And so, what happens is, you’re still earning—as a matter of fact, you don’t peak in earnings until your mid to late 50s. You’re just not spending like you did. And the key here, Jason—it’s not that you’re living badly. People don’t. It’s not that you start eating macaroni and cheese and peanut butter for dinner. You’re spending for two instead of the five, or whatever it was. You’re not spending on the same things in replacement—cars and appliances and stuff—and you tend to spend cash, not credit. And that can’t be overemphasized. You’re spending cash, not taking out new credit. And remember, credit is just a different form of money creation.
JASON HARTMAN: Right. Credit is inflationary, right?
RODNEY JOHNSON: Yeah, absolutely.
JASON HARTMAN: Because money is lent into existence. So when you borrow, you increase the money supply, which is really the credit supply, which is a sub-category, if you will, of the money supply.
RODNEY JOHNSON: Yeah. And so, this is the change. In the Boomers, the peak number of Boomer were born around 1961. Yes I know that by behavior it goes to 1964, but the peak in numerical terms is 1961. Our view was, by the time they hit 47, 48, which—2008, 2009—they’re gonna rotate to where they’re more interested in saving than spending, and you’re gonna see things slow down, and the government’s gonna do everything it can to change it, and it’s not gonna work. And that’s exactly where we’ve been.
JASON HARTMAN: Well—
RODNEY JOHNSON: And so if you look—go ahead.
JASON HARTMAN: Yeah, see, the thing I think is that they can—if they wanted to, they could just—they could just print more! They could just create more. They could do more QE. I know they could cause inflation. Instead of $85 billion a month, if they made that $200 billion a month in QE, you gotta admit, there’d be some inflation, Rodney.
RODNEY JOHNSON: Well, and this gets into a finer point, which is, where does the money go?
JASON HARTMAN: Well—okay? Tell us.
RODNEY JOHNSON: Well, and it’s not a secret, there’s nothing hidden here. It’s something that you really have to think through. The Federal Reserve has member banks that are clearly members of the Federal Reserve. That’s how we get the Federal Reserve; it’s a banking system. So, if you’re a national bank, you have to have an account there. When the Federal Reserve buys bonds, it can only buy from these banks, because they’re the ones that have accounts. And what they do is they print money—sort of—they go to you, they go to Jason’s bank, who’s a member of the Fed, and they say Jason, we want to buy $10 billion of a particular bond. You get the bond—either you have it in inventory, or you go buy it from somebody else—and then you send it to the Federal Reserve, and they do a keystroke to increase your account by $10 billion. That’s where the creation actually happens. The key, though, is what happens next. It used to be, and you made a great point a minute ago about money that’s lent into existence.
It used to be that as Jason’s bank, you lent out every single dollar that came in the door, except for your little bit of reserve ratio that you had to keep, because the way you make money, of course, is lending it. Well, if you didn’t have enough borrowers, then Jason’s bank will lend to Rodney’s bank. You’d give me the money in the overnight market and I’d go lend it to somebody. And so that way, all money got lent out except for a little bitty bit. And that little bit was about $40-$50 billion in 2008. Well, banks keep more than that on hand now. they keep their excess on hand, and the reason they keep their excess on hand is because the Federal Reserve started paying them the same amount that they would get if they lent it to another bank. And so, that’s what’s keeping money around, and it’s now over $2½ trillion that’s just sitting there at the Fed.
JASON HARTMAN: And that is keeping the economy slow, right?
RODNEY JOHNSON: Well, you’ve gotta—the very interesting part is, is it keeping it slow? That implies that all these people are out there saying, give me credit, give me credit, give me credit, and they can’t access money, because these banks are hoarding it, and they won’t give it to people. And that’s the secret that I think is kind of hidden under a bushel. There isn’t this big demand for credit. There’s not—if you look at the National Federation—NFIB—of Independent Businesses, over 90% of these small businesses say, I get all the credit I want. I’ve got no problem. If you look at the very large companies, they’re issuing bonds. They’re not going to banks anymore. They’re issuing bonds, and they’re getting money for three years at 1%. They don’t need the banks. The only place where there’s a bit of a gap is home buyers. But that’s a change in people going wait a second—we actually should have better, or tighter, lending standards than we did in 2006. That was a bad idea. We’re in a better place than we were back then.
JASON HARTMAN: Yeah. I mean, I can tell you that my investor clients—Fannie Mae limits them at 10 loans per person, and they would love to buy 30 properties and have 30 loans. So, there’s a huge demand for credit there, just among my own client base for my real estate company.
RODNEY JOHNSON: Yeah, that’s a real estate issue, where clearly there’s one area where people are going, hey, wait a second, we did too much.
JASON HARTMAN: Overcorrected, you mean. Or, overlent, and now they’re overcorrected, maybe. Right?
RODNEY JOHNSON: Right.
JASON HARTMAN: Yeah, okay.
RODNEY JOHNSON: Any manufacturing firm, services firm, just, you know, ask people. They’ve got all the credit they want, and so what’s gonna happen to that $2½ trillion sitting in banks in excess reserves? That’s a very good question. It doesn’t ever have to go out the door. And that goes all the way back to a previous statement you made. They could do QE for a long time.
JASON HARTMAN: Okay, so, the last thing I just want to ask you, Rodney, is something that I have not been able to really understand in talking to Harry. And we were talking about it earlier, and it was about the demographic issues, and so forth. And his claim, if I am articulating it correctly, that Generation Y, the Millennial Generation, the one just coming up now, you know, and I think they’re up to about 30, 32 years old, are the oldest Gen Yers. Would that be correct? I mean, there are different opinions on these demographic cohorts, and where they start and end, but, is that about right?
RODNEY JOHNSON: Yeah. They’re a little younger than that, but yeah. 20s.
JASON HARTMAN: Yeah. And so, a lot of them are in college now, and maybe even high school. I don’t know if they’re in high school still, or maybe they’re through that. But the point being that he has made, that kids cost everything and return nothing, in terms of economic value, right? And as they enter the workforce, they become a deflationary pressure. How is that? I don’t understand that. I mean, I just don’t get it.
RODNEY JOHNSON: A de—well, I don’t know, Jason. And maybe he was running fast. Harry can talk very quickly.
JASON HARTMAN: I agree.
RODNEY JOHNSON: You’ve probably noticed that.
JASON HARTMAN: Yes, I have.
RODNEY JOHNSON: Our position is that when kids first enter the workforce, they’re actually inflationary. Because businesses are training them to do the work, and they’re paying them money at the same time, and young people aren’t that productive yet. And so, if everything else is equal, and you go hire two new people in your business, you’re going to have a higher cost than you did the day before, and you’re not gonna be more productive. And so, that’s an inflationary force. It comes into play when you have a very large generation getting into the economy all at one time, like the Boomers. If you look at the chart of births, the births of the Baby Boomers was just this skyrocket mountain. And so of course, 18-20 years later, you had this phenomenal number of young people all entering the workforce at the same time, looking for jobs, trying to get jobs, very inflationary, and kind of a tough season there in the late 60s and 70s.
Right now, we have Gen Y or Millennials, which are actually a fairly large generation. There’s a ton of them. They’re just spread over a long, long time frame. I mean, really, 25 years of these births that got higher and higher, but there was no real spike in there. And so, we don’t have that same kind of push into the economy all at one time that would create this inflationary sort of environment. And at the same time, we have the Boomers at the other end of the scale acting as a counterweight, who are just not rushing out and spending their dollars like everybody wants them to. And so they’re actually the deflationary force in the economy.
JASON HARTMAN: The Boomers that aren’t spending.
RODNEY JOHNSON: You got it. They’ve got the money, and everybody’s trying to motivate them to spend, and they’re going, why? It’s not what I want to do right now.
JASON HARTMAN: Right, right. Yeah. Fair enough. That’s very interesting. Just one more thought on that. Harry said—he prefaced that with, he said to me before, look. Everybody thinks inflation is a monetary phenomenon. Of course, that was famously a Milton Friedman concept. And he says, it’s not. It’s really a demographic issue. And that’s when he talked about Generation Y coming into the workforce, and how kids are expensive, and then they come into the workforce, and I thought he said that was a deflationary thing when they came into the workforce, but you said it was inflationary.
RODNEY JOHNSON: Right. And I’ll tell you, this is one area where Harry and I go back and forth. He has certainly said, written, and you know, pronounced from stage many a time that inflation is a demographic outcome. That it’s not monetary. The caveat of that, which even Harry will acknowledge is, right up until the government screws it up so badly that they make inflation.
JASON HARTMAN: Yeah.
RODNEY JOHNSON: And there’s no way to point at, say, you know, the Weimar Republic, or of course Zimbabwe, and say that they didn’t monetarily create inflation. Certainly you can. It is possible. Right now we have governments trying to do it, and they’re not doing it very successfully. I mean, lord knows the Japanese would like to create it. And they’ve created it a little bit, but they haven’t gotten wages to move, and so that’s gonna be pretty painful.
JASON HARTMAN: Yeah, that’s very interesting. Well, Rodney Johnson, I know it’s late there, you’re on the east coast, so you probably gotta have some family time here. So, thank you so much for joining us, and give out your website for Dent Research, if you would.
RODNEY JOHNSON: Yeah, it’s www.HarryDent.com, we’re easy to find.
JASON HARTMAN: And is Harry’s new book out? The Demographic Cliff? Is that out now?
RODNEY JOHNSON: Yes it is, as a matter of fact. The Demographic Cliff came out several weeks ago, and actually got mentioned on Drudge Report, and then Rush Limbaugh and all sorts of places. So it’s had some pretty good press.
JASON HARTMAN: Sales went through the roof. Well, it’s mentioned here, and folks, read all of Harry’s books; they’re excellent. So, I can’t wait to read The Demographic Cliff myself, and I’m gonna order that right after we get off the call here. Rodney Johnson, president and editor of Dent Research, thank you so much for joining us today.
RODNEY JOHNSON: Thank you.
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Transcribed by David
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Guest: Rodney Johnson
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