"Government is not the future, the private sector is the future," he said. "Right now, (companies are) using cheap money to buy back their stock, pay extra dividends, etc. etc. We all know what is going on."
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Private sector economists at big Wall Street firms have begun turning up growth expectations, but that's been a regular exercise since the end of the financial crisis that has consistently been countered with hard reality.
Citigroup, for instance, said it expects growth as high as 3 percent—right around the historical trend mark—after a near-term bout with anemic 1.5 percent gains.
"The drag from earlier tax hikes may be easing up on schedule as stronger employment and more supportive financial conditions buoy demand," Citi economist Robert V. DiClemente said in a report.
Growth, though, has consistently disappointed, and it's been the Fed's self-appointed task to step in and continue to goose stocks.
Keeping rates at extraordinarily low levels has "large and significant effects on equity prices," according to an analysis that Goldman Sachs released over the weekend.
The piece addressed a long-standing debate over why the Standard & Poor's 500 has risen more than 140 percent since the financial crisis—specifically, whether it's been the Fed or fundamental economic growth.
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Goldman's analysis looked at market performance in response to interest rate cuts and found that a quarter-point cut in rates usually leads to an immediate 1 percent gain in stock prices. Financials and rate-sensitive consumer stocks reaped the most benefit, while energy, staples and health care have shown little reaction over time.
"Taken together with our dovish view of the Fed ... this reinforces our generally upbeat view of the equity market, particularly our top-trade recommendation to be long in large-cap U.S. banks," economists Sven Jari Stehn and Noah Weisberger said.
Prospects for the economy, though, are less certain, and Fisher said they likely won't turn around until responsible fiscal policy replaces unprecedented monetary policy.
"What I'm focused on is the movement toward putting people back to work and the efficacy in monetary policy in getting that done," said Fisher, adding that current conditions will persist until "uncertainty" over fiscal policy is addressed. "Until then we're just underwriting these guys for not getting their job done."
—By CNBC.com Senior Writer Jeff Cox. Follow him on Twitter @JeffCoxCNBCcom.