The US Stock markets are up big this morning, despite unimpressive durable goods numbers that were released a couple hours ago. Some of the rise could be attributed to hedge fund manager David Tepper who spoke on CNBC this morning. Throughout the day CNBC has been referring to, and playing back clips, from the Tepper interview.

David Tepper basically stated that the Federal Reserve was going to prop up the stock markets, lowering the value of the dollar, via quantitative easing if the markets do not rise on their own. Tepper went on to explain why he is buying stocks left and right, and also ventured to state that the stock market will go up even if the economy does not get better in the short run.

“Either the economy is going to get better by itself in the next three months… What assets are going to do well? Stocks are going to do well, bonds won’t do so well, gold won’t do as well. Or the economy is not going to pick up in the next three months and the Fed is going to come in with QE,” he added. “Then what’s going to do well? Everything, in the near term (though) not bonds,”
Tepper stated on the CNBC show “Squawk Box.”

When Tepper speaks, many people in finance listen. Tepper is a hedge fund manager and founder of Appaloosa Management. His hedge fund earned approximately $7 billion last year after investing heavily in distressed banks like Bank of America. David is ranked as the 258th richest man in the world thanks to his keen eye for distressed companies, and well oiled hedge fund machine.