As tensions might drag over the next decade, investors have to learn to operate under prolonged uncertainty, said Warburg Pincus' Charles Kaye.World Economyread more
Billionaire investor Howard Marks, the co-chairman of Oaktree Capital, predicts there won't be a recession in the U.S. for another two years.US Economyread more
Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
One person was killed and five others wounded on Thursday in a shooting on the streets of Washington, D.C., not far from the White House, police said.U.S. Newsread more
Stores are extending hours and cities are spending on light shows as China tries to encourage consumers to spend more money at night.China Economyread more
New research suggests fewer girls pursue careers in STEM — science, technology, engineering and math — because they're better than boys at reading.Closing The Gapread more
Stocks in Asia Pacific edged up on Friday as investors digested a series of developments overnight on the U.S.-China trade front that dampened hopes of a deal being reached...Asia Marketsread more
GM's usage of temporary workers, potential closure of plants and health care contributions remain major sticking points, according to people familiar with the talks.Autosread more
In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
Trump has criticized Facebook numerous times since becoming president, most recently posting on Twitter that the company's proposed digital currency, libra, will "have little...Technologyread more
Republicans and Democrats have long since separated themselves by ideology, leaving each more uniformly conservative or liberal than ever. And now a new data analysis by the...Politicsread more
WHEN: TODAY, TUESDAY, OCTOBER 15TH
WHERE: CNBC'S "SQUAWK BOX"
Following are excerpts from the unofficial transcript of a CNBC interview with David Tepper, Appaloosa Management President and Founder, today on CNBC's "Squawk Box." Following are video links from the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000207879; http://video.cnbc.com/gallery/?video=3000207867; http://video.cnbc.com/gallery/?video=3000207866
All references must be sourced to CNBC.
TEPPER ON WHAT MATTERS
NOW LOOK, YOU DON'T WANT – PEOPLE SAY THEYRE DOING IT FOR CHINA, THEY'RE DOING IT FOR JAPAN. NO! YOU'RE DOING IT FOR MAIN STREET. YOU'RE DOING IT FOR THE AVERAGE GUY. YOU CAN'T HAVE – IF YOU LET US DEFAULT AND INTEREST RATES GO UP ON AVERAGE 50 BASIS POINTS AND TREASURY'S 100 BASIS POINTS – EVERYBODY'S MORTGAGE IS MORE EXPENSIVE. EVERYBODY'S MORTGAGE IS MORE EXPENSIVE AND THAT'S WHAT MATTERS.
TEPPER ON U.S. SINCE REVOLUTIONARY WAR
WHEN YOU START MESSING AROUND WITH THE DEBT OF THE UNITED STATES OF AMERICA, WHICH BY THE WAY HAS NOT MISSED DEBT PAYMENTS WHEN WE WERE WAY OVERLEVERAGED AT THE TIME OF THE REVOLUTIONARY WAR. WHEN HAMILTON MADE THE DECISION TO MAKE THOSE DEBT PAYMENTS, OK? AND YOU DIDN'T MISS A DEBT PAYMENT DURING THE CIVIL WAR. THIS IS THE TIME YOU'RE GOING TO CHOOSE TO MISS A DEBT PAYMENT? THIS IS THE TIME?
TEPPER ON NOT LOSING REPUTATION
WHEN YOU LOSE YOUR REPUTATION, OK? IT'S VERY HARD TO GET YOUR REPUTATION BACK. OK, SO WHEN YOU MISS A TREASURY PAYMENT, IF YOU MISS THE TREASURY PAYMENT, THAT'S NOT A ONE WEEK OR TWO-WEEK DEAL. YOU DON'T GET IT BACK SO FAST. IT'LL TAKE YEARS AND YEARS AND YEARS, OK? AND WE JUST CAN'T AFFORD. WE CAN'T TAKE THE CHANCE. WE CAN'T BE MONKEYING AROUND. WE CAN'T BE PLAYING AROUND.
TEPPER ON FED AND THE AVERAGE GUY
EVERYBODY LIKES TO CRITICIZE THE FED, BUT WE DIDN'T – WE HAD A REALLY, REALLY, REALLY BAD SITUATION BACK IN 2008. AND THIS COULD HAVE ALL TURNED OUT LIKE THE 30s. YOU KNOW WHAT IT DIDN'T DO? IT DIDN'T TURN OUT LIKE THE 30s. AND YES, YOU KNOW, IS IT PERFECT FOR MAIN STREET? NO. BUT ARE THERE SOUP KITCHENS AND LINES GOING AROUND THE BLOCKS THAT YOU SEE IN EVERY CITY? YEAH, THERE ARE SOME BUT NOT LIKE ANYTHING LIKE THE 30s. SO IT'S REALLY DIFFICULT TO SAY THAT THIS PLAN DID NOT BENEFIT THE AVERAGE GUY.
TEPPER ON HUGE DEAL FOR MAIN STREET
IT'S NOT GREAT FOR ME, BUT IT'S HORRIBLE FOR THE MIDDLE CLASS. IT'S HORRIBLE FOR POOR PEOPLE. BECAUSE EVERYBODY'S MORTGAGES IF THEY THINK THEY DEFAULT IS NOT A BIG DEAL. IT IS A BIG DEAL. IT'S A HUGE DEAL FOR EVERY SINGLE AMERICAN. IT'S THE BIGGEST DEAL FOR THE MIDDLE CLASS AND MAIN STREET. THAT IS WHO IT IS A BIG DEAL FOR. AND IF THEY DON'T GET THAT, IF THEY REALLY DON'T GET THAT, WELL, YOU KNOW WHAT, I HOPE THEIR MOTHERS HAD AT LEAST ONE SMART CHILD BECAUSE IT'S NOT ANYBODY THERE.
TEPPER ON STOCK PRICES
IF YOU GET OVER THIS NONSENSE IN D.C., LET'S SAY THEY GET A DEAL IN D.C., OK? LET'S, YOU KNOW, CROSS OUR FINGERS, HOPE THEY GET A DEAL AND THEY DON'T PUT US THROUGH YEARLY STUFF LIKE THIS THAT WE'RE GOING THROUGH RIGHT NOW. SO YOU'RE LOOKING PERSPECTIVELY. SO IF YOU DO GET A – I DO THINK YOU CAN GET A 18 TO 20 TIMES SORT OF MULTIPLE AT SOME POINT. YOU KNOW, AND IF YOU DO GET THAT KIND OF MULTIPLE – LET'S SAY 20 TIMES – AND YOU'RE TRADING PROBABLY AROUND 14 TIMES, LITTLE LIKE THE 14 TIMES NEXT YEAR'S NUMBERS RIGHT NOW. YOU CAN HAVE, YOU KNOW, PRETTY LARGE INCREASE IN STOCK PRICES TO GET TO THERE. TO GET TO THERE NEXT YEAR.
TEPPER ON TAPER
I WAS A LITTLE SURPRISED, BUT NOT THAT SURPRISED. AND I UNDERSTOOD EXACTLY WHEN THEY DIDN'T TAPER WHY THEY DIDN'T TAPER. AND IT WAS BECAUSE THE ECONOMY WASN'T QUITE AT THEIR PROJECTIONS. WELL, IF IT WASN'T QUITE AT THEIR PROJECTIONS BEFORE THIS NONSENSE, IT'S CERTAINLY NOT AT THE PROJECTIONS NOW. AND THE QUESTION FOR THEM IS GOING TO BE WHEN ARE YOU GOING TO HAVE THE MOMENTUM IN THE ECONOMY TO START IT? AND IT CERTAINLY IS NOT NOW. BECAUSE YOU KNOW IT HAS SLOWED SOMEWHAT AND HAS TO BE AFFECTED AND IT IS PROBABLY NOT GOING TO BE FOR THE NEXT THREE TO FOUR MONTHS BECAUSE YOU HAVE THIS OVERHANG AGAIN.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site athttp://www.nbcumv.com/mediavillage/networks/cnbc/