The Journal.

From a young age, it was clear that Phillip Bell was a football phenom. He got his first college scholarship offer in middle school. But that talent drew Bell into Southern California’s unruly youth football black market. In that system, high schoolers and their families are paid millions to play football. WSJ's Harriet Ryan reports on a system that ultimately tore Phillip Bell's family apart. Ryan Knutson hosts. Further Listening: - NCAA President on a New Era for College Sports  - Private Equity Finally Can Get a Piece of the NFL Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

For the past two weeks, Iran has been consumed by protests that have resulted in a heavy government crackdown with deaths estimated in the thousands. But the prelude to the unrest wasn’t just political. It stemmed from a deep financial crisis, and specifically, as WSJ’s Jared Malsin explains, the collapse of an obscure and indebted bank. Jessica Mendoza hosts. Further Listening: - Iran Retaliates After U.S. Strike. How Could This End? - Iran May Be Running Out of Options Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Donald Trump's sweeping plan for Venezuelan oil is coming into focus. It includes cutting off illicit oil exports, gaining more control over Venezuela's state-run oil company and rebuilding infrastructure. Some of these goals require the participation of U.S. oil companies, but those companies are reluctant to invest in the still-unstable country. WSJ's Andrew Restuccia explains Trump's gambit to bring down oil prices and reshape the global oil market. Ryan Knutson hosts. Further Listening: - Trump's 'Donroe Doctrine' on Foreign Policy - Was Maduro's Capture About Oil? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After receiving grand jury subpoenas from the Justice Department last week, Federal Reserve Chair Jerome Powell said the investigation was part of a pressure campaign to get the Fed to lower interest rates. WSJ’s Nick Timiraos explains how the investigation could change who controls monetary policy in the future. Jessica Mendoza hosts. Further Listening: - Is the Economy Getting Better or Worse? The Fed Says It’s Hard to Tell - Who Will Be the Next Fed Chair? Maybe Kevin Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

An AI bubble. Geopolitical turmoil. Inflation and interest rates. These things and more could rock the stock market in 2026, and investors have to be prepared. WSJ’s Jason Zweig, writer of The Intelligent Investor column and newsletter, discusse s how investors can best set up their portfolios for the new year and breaks down his outlook for the year ahead. Ryan Knutson hosts. Further Listening: - It's Almost 2026. How’s the Economy? - Investment Accounts for Babies Are Coming. Wall Street Can’t Wait. Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices