The Journal.
Episode: Goodbye 2025, Hello 2026!
Date: December 29, 2025
Hosts: Ryan Knutson & Jessica Mendoza
Episode Overview
In this special year-end episode, hosts Ryan and Jess look back on the most defining stories of 2025 and peek ahead at what 2026 might bring in the realms of money, business, and power. Featuring insights from top Wall Street Journal editors, the episode explores key themes such as President Trump’s economic policies, the explosive growth of AI, and the shifting foundations of global business.
Main Discussion Points & Insights
1. Holiday Chatter and Structure Change (01:17–03:03)
- The hosts open with a light-hearted debate about whether Christmas and Valentine’s Day should swap places in the calendar, to ease the hectic fall schedule and brighten up winter (01:47–02:52).
- Notable Quote:
- “It would be perfect if you just have Valentine's Day, the romance holiday leading right into New Year's Eve, another romance holiday…then January 1st comes around and that kicks off like six weeks of the Christmas season.” — Ryan (02:23)
- Notable Quote:
- Jess jokes about pitching the change to the Pope (02:58).
2. Biggest Stories of 2025: Insights from WSJ Editors
A. Washington & Political Economy (03:32–04:40)
- Damian Poletta (Washington Coverage Chief) reflects on:
- President Trump’s massive tax cut package and ongoing tariffs on numerous countries.
- The Supreme Court’s upcoming review of presidential tariff authority.
- Public unease about the economy’s disconnect—booming markets and low gas prices, but persistent uncertainty among Americans.
- The looming impact on the 2026 congressional balance.
- Notable Quote:
- “The tariffs remain a big story. The Supreme Court now is reviewing his power to impose these tariffs… that's a decision that we could have soon.” — Damian Poletta (03:51)
- “The economy is a huge story right now, especially for many Americans who remain unsettled. Even though we have low gas prices and a high stock market, many Americans are feeling a disconnect with this economy.” — Damian Poletta (04:19)
B. The AI Race & Tech’s Transformation (04:49–05:51)
- Sarah Kraus (Technology & Media Editor)
- AI was the “hands down” biggest story for tech and media, with fierce competition for talent among Meta, Google’s DeepMind, OpenAI, and Anthropic.
- Massive investment in AI infrastructure, surging worries about a potential bubble and profitability.
- U.S.–China AI rivalry, chip development, and America’s ongoing infrastructure push.
- Notable Quote:
- “This powerful technology…could one day become smarter than humans. They're already transforming how we work, find information, and interact with devices and each other.” — Sarah Kraus (05:16)
- Hosts reinforce the magnitude of the AI story.
- Jess: “AI, easily one of the biggest stories of the year, if not the biggest business story of the year.” (05:51)
- Ryan: “It could be the biggest story of humanity’s entire existence if it turns into artificial general intelligence.” (05:57)
C. AI’s Financial Underpinnings & Bubble Worries (06:12–07:24)
- Amol Sharma (Financial Editor)
- Focus on the “financing of the AI arms race” and a possible bubble.
- Wall Street’s huge investments in data centers.
- Potential triggers for an AI slowdown: delayed projects, market jitters, increased borrowing costs.
- The uncertainty of whether current nerves are meaningful or fleeting.
- Notable Quote:
- “We’ve been documenting the enormous sums of money that have been flowing from Wall street into all these data centers…if real problems start to emerge, there could be all kinds of triggers that send us down the wrong path in AI.” — Amol Sharma (06:35)
D. The Shifting Foundations of Business (07:31–08:50)
- Kate Linebaugh (Corporate Editor and former co–host)
- 2025 as a year that fundamentally changed business via new tariffs, shifts in EV and food policy.
- Scrutiny of whether jobs will come back to America—or be replaced by robots.
- These changes’ deep impacts on profits, jobs, and economic structure.
- Notable Quote:
- “I would say this year has fundamentally changed the foundations of how businesses operate… I'm not sure there will be a resumption of before times.” — Kate Linebaugh (07:34)
- “Will jobs come back to America? Will robots take those jobs? These are the sorts of things we're gonna be looking at.” — Kate Linebaugh (08:20)
Memorable Quotes & Moments
- Ryan, on holiday switch proposal: “Can I make a case to you for why I think Christmas and Valentine’s Day should switch places?” (01:47)
- Damian Poletta, on the economy: “Many Americans are feeling a disconnect with this economy, and this is creating mounting pressure on President Trump.” (04:24)
- Sarah Kraus, on AI’s importance: “This powerful technology…could one day become smarter than humans. They're already transforming how we work…” (05:16)
- Amol Sharma, on AI’s financial fragility: “If real problems start to emerge, there could be all kinds of triggers that send us down the wrong path in AI…” (06:38)
- Kate Linebaugh, on lasting change: “I'm not sure there will be a resumption of before times.” (07:40)
Timestamps for Key Segments
- 01:17–03:03 — Opening banter; “Switching” Christmas & Valentine’s Day
- 03:32–04:40 — Damian Poletta: Trump’s economic agenda, tariffs, Supreme Court
- 04:49–05:51 — Sarah Kraus: The AI race, big tech, productivity & profit concerns
- 06:12–07:24 — Amol Sharma: AI bubble, Wall Street, funding risks
- 07:31–08:50 — Kate Linebaugh: Tariffs, automation, rewiring capitalism
- 09:04–09:19 — Playlist of favorite episodes: Witch economy, Jane Goodall, Camp Swamp Road
Closing Notes
- Jess and Ryan announce a curated playlist of their favorite episodes, including features like “why the witch economy is booming,” an interview with Jane Goodall, and the “Camp Swamp Road” miniseries (09:04–09:19).
- Both hosts express gratitude to their listeners and promise to return January 5th with new episodes.
Takeaways
- 2025 was a year of seismic shifts—with Trump’s economic policies, China–U.S. AI competition, and the ever-growing presence of artificial intelligence shaping business and society.
- Both the financial stakes and social repercussions of these changes set the tone for continued uncertainty—and opportunity—in 2026.
- The show remains focused on helping listeners understand not just what’s happening, but why it matters in dollars, jobs, and daily life.