Robert Pape

That's what happened in the 1970s.

It was called the misery index.

We haven't used that term since I was a kid.

I was a kid and that term was really quite common because it went on for years and it got worse well before it got better.

It didn't just get better.

It went on for years.

Interest rates on homes went up to 16% my grandparents had to pay to buy a home at one point.

And so what you're seeing is that's the trajectory we're on, and it'll start to be called again, I suspect, the misery index, maybe the Trump misery index.

Yes.

We just need to peel a little bit under that phrase, what does the word open mean?

And by the way, I'm going to define it the way Secretary Rubio did just recently, yesterday, where he explained that what Iran means by the word opening the strait is that ships can pass through the strait

as long as they coordinate with the Iranian military in advance, and as long as they pay the toll, which I believe is currently set, imagined to be about $2 million a ship to pass one time.

So if you have, say, 100 ships, that's $200 million a day that Iran would be bringing in.

That's $60 billion a year that would be also over and above that much or more that Iran would make on selling its own oil.

So this is why Secretary Rubio just said this is not really an open, this is not open.

So what Iran is doing is going through its 10 points that it delivered to Trump.

Remember when we started the ceasefire, Trump agreed to the 10-point plan as a basis for negotiation.

All Iran is doing is literally going through the 10 points.

And the first point is they get to keep the straight.

That is, they're going to keep a tight fist on the jugular of the world's economy, and they will extort costs here from the world, which is $2 million a ship.