This week, editors Peter Suderman, Katherine Mangu-Ward, and Matt Welch are joined by associate editor Liz Wolfe to sort through the political free-for-all surrounding the Warner Bros. and Netflix merger. They look at why Sen. Elizabeth Warren (D–Mass.) is urging regulators to block the deal, why President Donald Trump says he plans to get personally involved, and how Jared Kushner's role in a rival Paramount bid is reshaping the fight. The panel digs into whether this moment signals a real return to trustbusting or another round of theatrics from both sides.

The editors then turn to the economy, where Trump's tariff strategy is colliding with rising layoffs and growing unease within his own party. They assess the administration's new national security posture as Congress advances a defense bill that exceeds White House requests, and discuss the uproar over Kalshi's push to turn opinion into a tradable market. Also, a listener asks whether a renewed turn toward religious faith could help the country lower its political temperature.

It's that time of year when we ask you to open your wallets, dear listener, and make a tax-deductible donation to Reason's annual webathon: https://reason.pub/4pzsSOE.

0:00—Antitrust and the Netflix-Warner Bros. acquisition

19:17—Tariff failures and rising unemployment

27:43—National security strategy memo

36:50—Listener question on polarization and faith

48:13—Kalshi's controversial online gambling vision

58:33—Weekly cultural recommendations