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CNBC EXCERPTS: CNBC TRANSCRIPT: CNBC'S "SQUAWK BOX" SITS DOWN WITH APPALOOSA MANAGEMENT PRESIDENT & FOUNDER DAVID TEPPER TODAY ON CNBC

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WHEN: Today, Friday, September 24th at 8am ET

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Appaloosa Management President & Founder David Tepper today, Friday, September 24th at 8am ET on CNBC's "Squawk Box."

All references must be sourced to CNBC.

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Tepper on the Economy in the Next Three Months

EITHER THE ECONOMY IS GOING TO GET BETTER BY ITSELF IN THE NEXT THREE MONTHS AND WHAT ASSETS ARE GOING TO DO WELL? YOU CAN GUESS THE ASSETS. STOCKS ARE GOING TO DO WELL. BONDS WON'T DO SO WELL. GOLD WON'T DO AS WELL. OR THE ECONOMY IS THE NOT GOING TO PICK UP IN THE NEXT THREE MONTHS AND THE FED IS GOING TO COME IN WITH QE. THEN WHAT'S GOING TO DO WELL? EVERYTHING. IN THE NEAR TERM. EVERYTHING.

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Tepper on the Economy

THE ECONOMY I'M NOT SURE WHICH WAY IT IS RIGHT NOW. I THINK IT'S GETTING BETTER. I'M NOT ABSOLUTELY SURE. IF IT'S NOT GETTING BETTER THE MARKET CAN GO DOWN A LITTLE BIT. WHAT DOES THAT MEAN? GO DOWN TO 1,100? SURE IT CAN. CAN IT GO DOWN TO 1,000? NO. I DON'T BELIEVE THAT. IT CAN, I TELL YOU WHAT WE'LL BE 100% EQUITIES. ?

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Tepper on Whether the Economy is Getting Better

IF YOU GET STRONGER, ON YOUR OWN, IT'S PROBABLY OKAY BECAUSE GENERALLY IF THE WORLD'S STRONGER THE EURO GETS STRONGER. BUT IT'S NOT -- AGAIN, YOU'RE TRYING TO FIGURE OUT IS THE ECONOMY GOING TO GET BETTER BY ITSELF OR NOT? AND FRANKLY, I DON'T KNOW. IT'S EITHER GOING TO GET BETTER, OR IT'S GOING TO GET WORSE. SO YOU TALK ABOUT -- YOU ASK THE QUESTION, WHEN DO YOU GET MOMENTS? WELL, KIND OF THIS MIGHT BE ONE OF THOSE.

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Tepper on GM Debt

I WAS A GM DEBT HOLDER. THE IDEA WAS EITHER -- WE OWNED A LOT OF BANKRUPT BONDS VERSUS OTHER PEOPLE WHO HAVEN'T BEEN IN THAT POSITION. AND WE HELPED STRIKE THAT DEAL BECAUSE IT WAS EITHER NOTHING OR SOMETHING. WE GENERALLY LIKE SOMETHING BETTER THAN NOTHING. WE'RE NOT GOING TO DO NOTHING JUST TO MAKE A POINT. WHAT AM I DOING? MY INVESTORS DON'T LIKE THAT GENERALLY. ?

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Tepper on Fair vs Fear

SOMETIMES IT'S JUST THAT EASY. YOU DON'T HAVE TO BE- YOU KNOW WHAT IT IS, FAIR. F-E-A-R, IS THAT HOW YOU SPELL FAIR? F-E-A-R? SEE I'M FROM PITTSBURGH. (LAUGHTER) WE'RE PRETTY UNEMOTIONAL WHEN WE INVEST. SO, IT IS WHAT IT IS.

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Tepper on Being Head of the Pack

I'M THE ANIMAL AT THE HEAD OF THE PACK. OKAY? I GENERALLY AM. LIKE I SAID, I EITHER GET EATEN OR GET THE GOOD GRASS. MY ANIMAL SPIRIT YOU GUYS TALK ABOUT IS AWAKENED. IF HISTORICALLY I CAN LOOK BEHIND ME AND SEE, THERE'S OTHER ANIMALS FOLLOWING ME, THEY'RE NOT NECESSARILY FOLLOW ME THAT FAST. SOMETIMES THERE ARE NO OTHER ANIMALS AROUND WHEN WE DO THINGS.

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Tepper on Less Uncertainty

POLITICS. I DON'T KNOW IF THE REPUBLICANS ARE WINNING. I DON'T CARE. BECAUSE IT'S GOING TO GET CLOSER. SO THE UNCERTAINTY THAT EVERYBODY'S TALKING ABOUT IS GOING TO BE LESS. IS IT GOING TO BE NONE? OF COURSE NOT. BUT IT'S GOING TO BE LESS.?

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Tepper on Quantitative Easing

WHAT YOU NEED IS YOU NEED THE ECONOMY TO START GETTING GOING AGAIN. OKAY? SO I DON'T KNOW, YOU KNOW, THE LONG TERM -- IF THE FED DOES QUANTITATIVE EASING THE NEXT FIVE YEARS THAT'S NOT GOOD. IF IT DOESN'T GET BETTER ON ITS OWN, WE'RE TALKING ABOUT THAT SCENARIO. IF IT DOESN'T GET BETTER ON ITS OWN, THE FED HAS TO DO QE FOR A BIT OF TIME, NO BIG DEAL. IF IT WAS A CONTINUOUS THING, IT WOULDN'T BE GOOD.

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