NEW YORK – For most of his career, Jamie Dimon was known as the whiz kid who, alongside Sandy Weill, built Citigroup into a global powerhouse.

More recently, as CEO of JP Morgan Chase, he became the buyer of last resort of Bear Stearns. The man who, at least temporarily, helped halt the global financial meltdown.

Tuesday he stepped out even further, offering some very frank criticism of the lack of long-term leadership in the U.S.

In a rare public speech, Dimon said: “We knew 40 years ago we had an oil problem and we did nothing. We need long-term policy that transcends two-year Congresses.”

He said it is time for Americans to be “mature.” “You can’t run a trade deficit for eight years and not expect a weak dollar. You can’t have no energy policy and then talk about energy volatility.”

Dimon dismissed the excuse. “It is not politically feasible.” He argued tough decisions need to be made to improve the medical and pension systems, education and energy.

A frequent contributor to Democrats, his frustration with the political process may not be a big surprise.

But Dimon was equally blunt when discussing the problems facing the financial sector. He said that while the market was working through some of the credit problems, it was possible things could get “far worse” and if the economy turns down it will hurt the commercial banks.

Consider that official notice of where to look for the next shoe to drop. Dimon said it was his job to make sure JP Morgan Chase was in a position to ride out the storm. He also warned that “financial institutions are not too big to fail.”

He ended by saying the future of America is very, very bright and that he was optimistic, but investors had to walk away feeling skittish. Jamie Dimon seems worried about the economic outlook.

This got me thinking. When everyone is bearish and things feel awful … isn’t that exactly the time to think about buying? Some technicians say yes.

One study of 10 bear markets where the S&P 500 plunged 20 percent from its high showed that stocks went on to gain an average of 9.6 percent six months out and 19.3 percent 12 months out.

There were exceptions, including the bear markets of 1973 and 2001, but it is worth thinking about.

I know what our resident bear Todd Benjamin will say to that, but what about you? Could this be a good buying opportunity or do you think the global economy and stocks are headed for more trouble?

NEW YORK – He has been inching out of the picture for years, but Friday Bill Gates officially left the company he founded and handed over the reigns to his university friend and current CEO, Steve Ballmer.It is an important day for the Microsoft community and potentially for anyone who owns Microsoft stock. As long as Gates was still involved there was hope that Microsoft could somehow regain some of its former magic and rapid growth. That now appears very unlikely.

Almost every tech watcher and analyst I have talked with say Microsoft can not catch the new technology powerhouse — Google. It is not just because Google is raking in the money. Analysts say the search giant’s greatest advantage is its ability to attract the best and brightest young tech minds out there.

The next Bill Gates if you will. That type of genius is rare and not something that can be purchased. Right now, the next generation of young pioneers is flocking to Google (or as we may soon discover trying to launch their own companies from the garage). They are not submitting applications to Microsoft.

That is not to say that Microsoft is going to just die on the vine. The company has a huge amount of capital and talented employees. Analysts say if Microsoft forgets about trying to buy their way into search or digital music and just concentrates on what it does best — building operating systems — it can prosper. But few think they will be a disruptive force again. As technology companies mature they tend to lose their innovative edge and become more like utilities. Important and lucrative utilities, but utilities nonetheless.

As one tech watcher said to me, “no one is asking if IBM is going to catch Google.” Soon we may not be using Microsoft in that sentence either.

NEW YORK – Mark your calendars. On July 11, Apple’s new 3G iPhone hits stores worldwide. (Well 22 countries at first, 70 by the end of the year.) If you believe the hype, this could be the device which really kicks open the door to Internet mobility.

Steve Jobs introduces the new iPhone 3G.

For those of you who missed the highlights, the phone, which was unveiled at Apple’s Worldwide Developers’ Conference, will be thinner, faster, and perhaps most importantly cheaper. Two hundred dollars cheaper!

During the presentation in San Francisco, Jobs admitted the first generation iPhone was too expensive for some customers. He said that about half of the customers who wanted an iPhone but hadn’t bought one said it was due to the high price. That has certainly been the case for me.

As a result, the new phones will sell for $199 dollars for an 8-gigabyte model, $299 for a 16-gigabyte model. (one note - in some cases the monthly service may be higher.)

Some say the price cut is a sign that iPhone sales have been disappointing. Maybe. But I give Apple credit for acknowledging it got it wrong and acting quickly to fix the problem.

The other major development is from the developers. Jobs and other Apple executives showed off some of the third-party applications that will be available in the iPhone software store on iTunes.

There was a blogging platform called Typepad, a friend finder social network called Loopt, medical apps, games … to name just a few. Many of the demos were met with applause from the audience, according to the bloggers who were streaming live from the event.

The other major announcement is that the Apple is now taking direct aim at Blackberry’s strangle-hold on the corporate market. The new iPhone will have push e-mail, contacts and calendars.

Jobs says 35 percent of Fortune 500 companies have participated in beta testing. This confirms what I blogged about a few weeks ago. Research firm, Yankee group and others have been saying that corporate IT departments are starting to take a serious look at Apple. If Apple is now reaching out to them and making inroads, this could be a lucrative new area for the company.

Interestingly, the reaction on Wall Street was very tepid. Apple’s stock dropped 2 percent. Some are worried the cheaper price will hurt profitability. Others are skeptical that Apple can take on Blackberry.

I don’t share their pessimism. Yes, there may be some who early iPhone buyers who may feel they overpaid now that the price has been slashed. And we have to see how all these new third-party applications actually work.

But the faster more powerful connection and the innovative programs being developed offer huge promise. I held off on buying one the first round, but at $199 my willpower is fading. Apple says it expects to sell 10 million this year. Are you biting?

NEW YORK CITY — I was interviewing a tech CEO recently and asked him what his favorite gadget was. “The Kindle,” he replied without hesitation. He is not alone. Amazon.com’s electronic reading device is quickly developing an enthusiastic fan base. The digital device, which allows users to download books, magazines, newspapers and blogs wirelessly, retails for $399. It sold out almost instantly after its debut last November. Amazon has since re-stocked and is featuring the product prominently on their home page.

The Kindle is the latest must-have gadget.

Can the Kindle could do for Amazon what the iPod did for Apple? It is certainly generating some serious buzz. This week Goldman Sachs analyst James Mitchell put Amazon on his recommended list and raised his price target, in part on the sales potential of the Kindle. Mitchell points out that Amazon’s sales growth last quarter matched that of Google.

Another firm, Citibank, reckons the Kindle could make of 3 per cent of Amazon’s total business by 2010. I say “reckons” because right now these are all just educated guesses.

To the irritation of many, Amazon is being very tightlipped about actual sales numbers. Maybe they are afraid of the competition. Their online music store, which launched after Apple’s iTunes was already established, never managed to catch up. Amazon, no doubt, does not want to make the same mistake in publishing.

Right now the Kindle has an early advantage. While it is rather ugly to look at, its memory, quick downloads speeds and easy to read wide screen appear to be winning people over. The question is: will we embrace digital books the same way we embraced digital music?

I was a little skeptical at first. It is hard to imagine we would have another break-out device like the iPod. Plus, I have a sentimental attachment with books that have been given to me over the years. The more thumbed through and worn, the better. For a long time I had more bookshelves than any other type of furniture.

But things change. A growing family means I have less space and time. The more I think about it, the idea of having old favorites and new releases all on one handy little device is extremely appealing. Being able to wirelessly download papers and magazines is also a big plus.

Dave DeWalt of McAfee, the tech CEO I mentioned earlier, said one of the favorites things on his Kindle was his daily subscription to his hometown newspaper — something he could never buy at a store.

Amazon CEO Jeff Bezos thinks the Kindle offers more than just convenience. In his most recent letter to shareholders, Bezos said he hoped the Kindle would help improve people’s attention spans and offer an alternative to Blackberries and smart phones which have turned us into “info-snackers.”

I am not sure I buy into that. I am fairly sure it is my hectic life and not my Blackberry that is preventing me from reading more novels. Still — a device which makes it easy for me to carry around hundreds of titles might help me get back on track. I have certainly bought a lot more music online then I ever did in a record store. But you can listen to music while doing other things. You still need to sit down and find time to read, even if it is on a small little machine.

What do you think info-snackers? Does the Kindle have the potential to be the next I-pod? Would owning an electronic reading device encourage you to buy more books?

NEW YORK – Call them growing pains. The virtual world Second Life has had a tough time of it lately.

CNN's own hub in Second Life.

Last month, its founder Philip Rosedale said he will step down as CEO of Linden Labs - the company which runs the community. He said he was staying on full-time as chairman preferring to focus on innovation rather than people management.

The management part certainly looks like it is getting harder. Over the last two years millions of users all over the world signed up to mix, mingle and play out their fantasies on Second Life. It was the hot thing. The virtual world had its own currency, its own economy and it didn’t take long for the business world to catch on. Companies rushed to open virtual stores and offices.

But the initial hype has faded. Although it has an estimated 13 million registered subscribers, only a small portion - as little as 5 percent - are considered active. Corporations are shuttering their virtual stores. A series of banking scandals prompted Second Life to shut down all virtual-only banks in January. Lawsuits involving everything from land deals to copyright infringement have been filed.

Like real life, Second Life is getting … well … complicated.

That doesn’t mean businesses are giving up. While the direct marketing opportunities didn’t quite live up to expectations, companies are finding Second Life provides a great platform for bringing scattered employees together.

This past weekend the Los Angeles Times ran a great article featuring some companies who are actively using Second Life to hold strategy meetings, training sessions, question and answer forums and even throw parties! As you might expect, technology companies like Sun Microsystems, IBM and Intel are at the forefront, but it is expected to grow.

I am totally fascinated by this partially because I am a complete outsider. I’m not a resident of Second Life. I thought about it, but juggling work and family leaves me barely enough time for my first life. That may soon change.

A couple of weeks ago, Forrester Research analyst Erica Driver released a report in which she makes a case that Web3D is the next major Internet wave.

In 5 to 7 years, many of us might find we are asked to create work avatars that communicate and network with other employees in a digital world. Whether companies will use Second Life for that, create their own virtual worlds or use a combination is an open question.

How they manage that world will also present challenges. One of the interesting things about Second Life is that people feel free to explore and express themselves in ways they might not in their everyday life (so I am told.)

I loved reading about Intel employees who showed up at meetings in Second Life in the form of a half-man half-animal or another with blue skin. Will human resource departments be able to cope with that level of non-conformity?

I’d like to be optimistic and think that unlike e-mail and Blackberries, which stopped people from actually talking or interacting, having a work avatar might increase the sense of camaraderie and community within a company.

But almost as soon as I had that thought I started to worry about what my avatar should look like. Will I understand the slang? What if I land in the wrong place? Maybe it will just create more stress.

What do you think? Will widespread use of Web3D make work more interesting or just corrupt the fun of Second Life? What will your work avatar look like?

NEW YORK – With the economy teetering on recession, you would think it would be a terrible time to be a retailer… of any sort.

So I was struck when I read that Steve Jobs is busy expanding Apple’s empire. Tuesday, Apple announced a deal with Vodafone to distribute the iPhone in 10 countries.

In Italy the company will work with two providers, Vodafone and Telecom Italia - a first and perhaps a sign of things to come. Apple says it wants to sell 10 million iPhones this year. It is an extraordinary goal given that the price tag is much higher than rivals.

It may not be as crazy as it sounds. If the company changes its strategy and starts partnering with multiple operators, as it has in Italy, it would remove a big purchase hurdle.

In the U.S. iPhones are sold exclusively through AT&T.

A lot of people I know have been reluctant to buy an iPhone because they don’t want to change mobile phone carriers. And there is another force at work that may do even more to help Apple reach those lofty goals.

Consumers, in love with their iPods and Macs, are asking their bosses to switch to Apple products at work. At least that is what the cover story of the latest BusinessWeek magazine claims.

The article cites a Yankee Group survey of 250 companies that showed 87 percent now had some Apple computers in their offices, compared to 48 percent just two years ago.

What is stunning about that number is that Apple does not market to corporations. This is purely a word of mouth phenomenon.

If it turns out to be true, it could mean huge things for Apple. The corporate computer market is worth billions. Apple has just a tiny fraction of that. Any increase would be a nice boost to the bottom line.

There are, of course, many reasons to be skeptical. Microsoft is the dominant player in the corporate market and is not likely to cede any market share without a fight.

Servicing corporate clients requires a big support staff and is expensive. And then there is the question of Jobs himself. His return to the CEO post revitalized the company. Some worry Apple is too dependent on his vision.

Those are all valid concerns. But Apple has an unparalleled ability to connect with consumers and build loyalty.

Ten years ago this month, Jobs and his design team unveiled the first colored iMac, the Bondi Blue. It wasn’t technically that much better than its rivals, but it looked amazing. People flocked to it. And Apple hasn’t looked back.

People buy one product and they want more. Analysts call it the halo effect and I have to admit, I believe it. Six years ago I broke down and bought an iPod. The experience has been so satisfying that the next computer I buy will be a Mac. If my company offered it, I’d jump at the chance to have an iPhone.

The headlines may be full of doom and gloom predictions about the consumer, but Apple seems to be bucking the trend. Yes, the company warned the third quarter may be tough, but analysts think they are being overly conservative. The consensus is that the stock, which has already rallied sharply, still has further to run.

I would love to hear what all of you think of Apple now that the iPhone is going to be widely available in Europe.

NEW YORK – Is it possible for a company to make too much money? It is if you are big oil. Thursday, Exxon Mobil said it made a staggering $11 billion in profits in the first three months of this year. It is the second highest U.S. corporate profit on record. (Exxon’s 4th quarter holds the top spot!) Although smaller in overall numbers, B.P. and Shell did even better during the first quarter. Consumer advocate groups are outraged. Oilwatchdog.com said the roof-busting profits are coming at the cost of squeezed consumers and the suffering economy. They want U.S. lawmakers to do something.The three Presidential hopefuls all say they have a plan. Democratic contenders Hillary Clinton and Barak Obama have both proposed a “windfall profit” tax on oil companies that would be used, in part, to fund renewable energy research. Clinton also wants to use that money to pay for a suspension of the federal gas tax this summer. A gas holiday, if you will, for consumers. The presumptive Republican candidate, John McCain also supports a gas holiday, though he is not in favor of a windfall tax.

Oh please. Energy is one of the biggest challenges facing our country and this is what they come up with? A gas holiday? Most energy experts say cutting the federal gas tax for three months would do little to actually help consumers and may actually result in worse roads. The federal gas tax goes toward highway construction and repairs. A windfall tax on oil companies doesn’t sound much better. The U.S. Congress can’t agree on anything, what makes anyone think they will be able to effectively use any new tax money to find new renewable sources of energy?

I think a more realistic solution comes from the ranks of oil royalty itself. Descendants of the oil baron John D. Rockefeller went public this week saying they will back a shareholder rebellion to try and force Exxon’s management to put more resources toward alternative energy. A group of resolutions, to be introduced at this month’s shareholder meeting, call on Exxon to adopt a new energy policy, fund research on climate change and set public goals for reducing carbon emissions. The great-granddaughter of John D. was quoted as saying, “the truth is that Exxon Mobil is profiting in the short-term from investments and decisions made years ago ….and ignoring the rapidly shifting energy landscape….” Another said, “They are fighting the last war and not seeing they are facing a new war.”

It is too early to tell whether the resolutions will pass, but if they do it could signal an important shift in the energy sector. At the very least, Exxon shareholders are thinking longer term. I wish I could say the same about U.S. politicians. Trying to buy votes with a summer gas holiday doesn’t help solve our energy problem. Neither does blaming the oil companies. We need a comprehensive energy policy that encourages private sector solutions and helps American consumers come to terms with a harsh reality: we need to stop using so much energy. Forget about knocking 18 cents off a gallon of gas this summer, how about a bigger tax break on a hybrid?

NEW YORK — Americans woke up Thursday morning to some shocking headlines. Some of the country’s biggest warehouse retailers were limiting how much rice customers could buy.

Rice restrictions at a Costco store in San Francisco.

Sam’s Club, a division of Wal-Mart, said customers would only be allowed only four 10-kilogram (20lb) bags of jasmine, basmati or long grain white rice. Its competitors, Costco and BJ’s, were also said to be contemplating limits. Food rations of any kind are unheard of in the U.S., so this was very big news indeed. For at least a little while.

It didn’t take long for everyone to figure out the rice shortage was mostly media hype. Yes, some warehouse discounters seem to be experiencing inventory issues as small businesses and restaurants stockpile to avoid higher prices. But the majority of supermarkets have no restrictions whatsoever. Unlike places like Haiti and Egypt where real shortages have resulted in riots, in the U.S. rice is readily available. Expensive, but available.

That doesn’t mean the news reports aren’t useful. There is a school of thought in financial circles that when the media finally sits up and takes notice, the tide has already turned. This may be true for commodities. After making a record run at $120 a barrel Tuesday, crude oil fell $4 in Thursday’s New York session before finally settling around $116 a barrel. Gold fell to a four-month low. Rice prices stayed close to record levels, but wheat, corn and soybean futures all moved lower.

Global consumers could clearly use some relief from sky high fuel and food costs. But investors who have exposure to the commodity markets might want to take profits and take cover. An oil trader I spoke with in New York warned crude was no longer trading based on the rules of supply and demand. Instead, he said oil had now become a financial tool. Farmers have complained the same is happening in grain markets. Speculators are in the driver’s seat. Up till now they have been buyers. If that changes, the sell-off could be swift and painful.

NEW YORK – The drumbeat of economic news coming out of the U.S. this week has been nothing short of dismal. Business bankruptcies are surging. The price of crude oil hit a new record high. Shipping company UPS, which is often seen as a barometer of economic activity, has warned profits will be down.

Former Federal Reserve Chairman Alan Greenspan went on record, saying the U.S. is most certainly in a recession. Former Labor Secretary Robert Reich went further, telling CNN there was a remote chance that the U.S. was in a depression.

Don’t tell that to investors on Wall Street. According to them, the glass is half full. It is a phrase I have heard used over and over again this week. That’s right — the group at the epicenter of the credit crisis is feeling cautiously upbeat.

About the stock market that is.

They agree the U.S. economy is pretty terrible. But many believe a lot of that bad news is already priced in. There are some signs they may be right. After hitting a 19-month low in March, the S&P 500 is now up some 7 percent. The Chicago Board Options Exchange volatility index, which measures the level of fear in the market, has been steadily declining since mid-March.

And it is not just the traders on the frontlines. On Thursday, Goldman Sachs CEO Lloyd Blankfein told shareholders attending the company’s annual meeting that “the markets are probably in the last stages of the global credit crisis that began last summer.” He added that people “feel like they’re seeing light at the end of the tunnel.”

Fears of a financial meltdown are slowly being replaced by the fears of missing any stock rebound. Many hedge fund managers had a terrible first quarter and can’t afford to be left sitting on the sideline if U.S. stocks start to march higher.

Sound like a massive case of wishful thinking? It could be. Some of the strongest rallies come in bear markets. But if you have the stomach for risk and keep a short-term perspective, this may be a good time to look at some beaten down U.S. names.