on fstal howard and thurman munson.tt' is gr p itohh aatos hdi a'tdnappen,'t marty appel was theublic relations ubdict odif the yankees at the time. ltrtod ure tourthmuran munson t of the clubhouse. at w wasching the three stooges, right? you know, big deal. two hall of famers and alston howard. big deal. >> it was -- just because they named him captain didn't mean he was any more cooperative with the p.r. guy. but on this photo, this was the first time we ever had the four guys together. because yogi had been coaching and managing the mets. >> tim: the only photograph ever taken of the four? >> yes, the only time they were ever together. so i get dickie and i get berra and howard and i run into the clubhouse -- i told thurman about this a couple of days before hand. and one of the guys points and i go in, he's in his underwear watching the three stooges. thurman, i told you about the picture. i lead him to the locker and me gets his uniform. no thurman, no thurman, i'm losing it. i go back in the clubhouse and he's bac

. >> and lee munson.o my utter dismay he was a bull and he has lost his nerve and soul and spirit. jay thomas and nick are in the mix as well. let's put you here. you've been bullish every time you're on the show and i'm reading notes looks like you're getting to be an nanby-panby, a fraidy-cat. >> i'm not here to be bullish, i'm here to be right. yesterday, i was nervous about the market action, didn't expect the sell-off we saw. we have a lot of resistance, you have been a fan of retracements we're getting. i was one of the few traders making money on the short side citing the fed move. i'm short term bearish, long term bullish. >> dan north, lee munson, take some chips off the table, the dow rises 120 points today. you get stung if you lose your nerve. >> oh! i think we're definitely bullish on the economy, no question about that we've been coming out of the recession some time now. if you look at the economy in the immediate or long term and want to grow the stock market is the place to be. we've come

a plaque in monument park inside yankee stadium remember munson with enscription that reads our captainnd leader has not left us today, tomorrow, this year, next our endeavors will reflect love and admiration for him. >> phelps and u.s. medley team won in world record time in rome swimming butterfly, winning 3 minutes 28 seconds. 43 worlgd records were broken in rome in the championship. phelps won five gold medals and set four records, including 100 meter butterfly. first swimmer ever to break the 50-second mark. >> still to come on "espnews," >> still to come on "espnews," 22-year-old rookie stole ( percussion music playing ) ( cheering ) ( music continues ) introducing the gatorade limited-edition jordan series. collect all six. that's "g." it's toppings on top of toppings with no outer crust to fence them in. go to the edge with either the works, meaty, or pepperoni for just $9.99 for a medium. pizza hut. now you can order america's favorite pizza on your iphone. >> back on "espnews," couple games going on now. >> i had to confirm this four separate times with research. sixth straig

. >> lee munson i was reading a note pointed out even though they're bearish, the more the markets rise, it does have a direct impact on consumer sentiment and that in turn could end up helping growth. >> exactly. >> go ahead, lee. >> sorry. >> i think one of the things we have to look at, we all know the housing 0 bottomed this summer. but it's regional. like three stops in brooklyn but for most americans can see the light at the end of the tunnel. when you look at these numbers, get away from the regional concept when you see the so-called economists with their models, when they have to start revise i revising upwards means we're on the mend. like a year ago, it disappointed and disappointed. as consumers see these numbers get beaten by what the so-called economists are saying, it increases their confidence in the economy. >> i don't agree with that. >> go ahead, john brown. >> i don't agree with that i think you're seeing tax credits for buying and banks offloading shadow inventories for foreclosure and you're getting lower and lower prices. >> a good thing. >> not a bad thing, not a

and lee munson chief investment officer at portfolio asset management. thanks to both of you for joining us. tony, let me start with you. a little bit of a decline today. the bears trying to take the market down but not really able to. >> melissa, i really think what people need to focus on isn't what the next 1%, 2%, even 3% pullback could be because it's likely. we're up pretty much in a straight line. i think what we need to focus on is where is its next 15% or 20%, and i think if you look at the credit markets that would certainly argue for the up side. you wouldn't even come close to equaling the returns of the credit markets in equities if they bounced all the way up to 1,250. also, you would still be in a long-term down trend if you bounced to 1,250. that's how low we really got. and gerng i'm the easiest strate strategist in the history of mankind to figure out. watch corporate credit. once spreads go back to mean after they've been stressed time to be bullish and all the historical indicators agree with that. >> lee, what do you think of that st

lee munson is with us, chief investment officer at portfolio asset management along with cnbc contributor michael farr, president farr, miller & washington. gentlemen, great to have you on the program. >> thanks for having us. >> thanks, maria. >> michael, let me kick this off with you. good to see you again. why cash flow? why is this the most important metric to look at in terms of investing? let's cover the bases here before we get into the individual names. >> right. cash flow's a great valuation metric to look at when you're looking at how solid a company may be. essentially you just go down to net earnings and then you add in all of the non-cash charges, again, like amortization and depreciation charges you have to take to get to that net. but it really doesn't take cash out of your wallet. you can still use that cash for spending. and all of that available cash makes a company stronger. allows them to go out and make acquisitions and allows them to grow. >> cash is king, particularly in an environment when credit is tight. >> you've got it exactly right. so those companies with str

he didn't have any therman munson rookie card. that was the own oly thing i was going to trade for. they're hoping for it to be busier this year. bigger and better than ever this year. in part, possibly, betty, because of the recession. you can hear the ice cream truck going. little steamy out here, but spirits are high and folks are picking up the stuff, putting it down, picking it up. >> you don't need to touch anything else, you have already broken a tea cup. keep away from the items. we'll talk with you shortly. thanks, rob. >>> and actually, rob and reynolds will join me at the anchor desk tomorrow. we have our show coming up. >> long day for you. >> yeah. that's all right. it's good to be working. >> absolutely. >> much more coming up right here in the "cnn newsroom," as well. >>> up next, keeping kids out of trouble when there isn't much for them to do. today's cnn hero is doing just that with music. we'll meet him, next. >>> the u.s. military may have dealt a damaging blow to the taliban in pakistan. a pakistani official says the leader of the taliban there has been killed.

host: carla is joining us from massachusetts in munson. caller: first of all, governor deval is not very popular with a lot of issues with taxes. we have waited so long. senator kennedy basically has not -- he has not voted in 97% of the votes for the state since the first of the year and i think that the state should be given a chance to elect someone into the position. host: let's look front page of this paper in connecticut. we're joined from utica, new york, by mike. you dealt with this last year with senator hillary clinton is resigning her seat. caller: yes, when you spoke with the gentleman in the beginning of the program and you showed some states and how they handled it -- host: yes, we can show it again. caller: one was to temporarily appoint a member of the same party, and i agree with that. if you have a governor of a different party putting in a senator from his party that was not elected, the party that was elected in this case it was the democrats -- if someone appointed republican, you're serving the election of the public

host: carla is joining us from massachusetts in munson.first of all, governor deval is not very popular with a lot of issues with taxes. we have waited so long. senator kennedy basically has not -- he has not voted in 97% of the votes for the state since the first of the year and i think that the state should be given a chance to elect someone into the position. host: let's look front page of this paper in connecticut. we're joined from utica, new york, by mike. you dealt with this last year with senator hillary clinton is resigning her seat. caller: yes, when you spoke with the gentleman in the beginning of the program and you showed some states and how they handled it -- host: yes, we can show it again. caller: one was to temporarily appoint a member of the same party, and i agree with that. if you have a governor of a different party putting in a senator from his party that was not elected, the party that was elected in this case it was the democrats -- if someone appointed republican, you're serving the election of the public which was