Tech's two big hitters -- the NYT's David Pogue and the WSJ's Walt Mossberg -- have out their reviews for the new iPhone 3G, and they're surprisingly so-so about Apple's upgrade. To be released Friday, the iPhone 3G is supposed to drive massive upgrades and new unit sales, but in reading Pogue/Mossberg you get the distinct impression that it could be more of a fizzle than Apple investors are hoping for.

The gist:

• Both like the improved 3G performance
• The improved system software comes in for plaudits, but both point out that's available to both old and new iPhone users
• Battery life is unimpressive in 3G mode, according to Mossberg, wiping out the iPhone battery by mid-afternoon. While 3G battery life issues are not unique to iPhone, Mossberg's battery comments are going to put some buyers on the fence.
• Both Pogue and Mossberg point chidingly to the increased cost of the new AT&T contract, with 200 SMS messages now costing an extra $5/month, and the underlying data plan another $10 /month, which wipes out the lower $199 price of the the device

Full text below:

- For 'Phone the 'New' is Relative, David Pogue, NYT July 9, 2008

- Newer, Faster, Cheaper iPhone 3G: Wider Versatility but Hidden Costs, Walt Mossberg, July 9, 2008

Must watch: Charlie Rose in an hour-long discussion with JPMorgan CEO Jamie Dimon.

After watching it, go read selectively from the viewer posts -- including some scathing stuff from at least one ex-JPM employee -- on the Charlie Rose site. For his part, and to his credit, Dimon explicitly takes on his critics, explaining why he thinks claims of "moral hazard" are wrong-headed and stupid, like refusing to save a drunk who was drowning. He also has a nice line justifying the $2 original Bear share price, saying that "buying a house and buying a house on fire" are different things.

Somewhat surprisingly, Dimon gives considerable credence to rumors that the downfall of Bear Stearns was orchestrated. He says "Where there's smoke, there's fire", calls for an SEC investigation, and says it wouldn't surprise him if there was more to Bear's collapse than mere leverage.

Today's chart of the day shows how loan standards and costs have climbed together over the last 2.5 years, making it tougher to get credit than it has been in a decade. Apparently Earth loans aren't easy.

[via Bloomberg]

I'm a big fan of those trading days, like today, when the only things that do well are the drug stocks. So deliriously self-reinforcing.

You have to love the three-day adventure in Freddie Mac stock this week. The federal financier is getting alternately hugged and kicked by the markets. Today it was kicked. Hard. There are a lot of people out there who simply no longer believe in a standalone Freddie Mac.

As a related aside, for those of you who -- quite rightly -- regularly find yourself saying, What the f**k is Freddie Mac (or Fannie Mae) anyway, here is a good NPR overview of the two.

Anyway, more here from Bloomberg on how traders are just not buying any upbeat talk about Freddie. Essentially, people are arguing the two need to raise buckets more money -- you know, the housing collapse and all -- and it is going to be difficult and highly expensive.