Just two months ago, former Fed President Dick Fisher admitted that "The Fed front-loaded an enormous market rally in order to create a wealth effect." Today he is back, taking a victory lap onthe 7th anniversary of the crisis lows by explaining, rather stunningly, to CNBC that "we injected cocaine and heroin into the system" to enable a wealth effect (that he admits did not work, despite its success in raising asset prices), and "now we are maintaining it with ritalin." Fisher also confirmed his previous warning that "The Fed is a giant weapon that has no ammunition left."

Fisher explains how The Fed achieved its goals... but admits that didn't really fix anything...

And here is CNBC's higher quality (edited) version where the blame for everything is pinned on "feckless fiscal authorities..."

Once again, Fisher appears to be undertaking a major "cover-your-ass" episosde, proclaiming that he was against QE3 which is what has forced "valuations to be very richly priced."