Fisher: Fed must have the 'bravery' to raise rates

Editor's note: Santelli Extra is a bonus segment not seen on TV featuring Rick and his guest for that day. The interviews are longer and go deeper into the topics Rick cares about.

Richard Fisher, former president of the Federal Reserve Bank of Dallas, told Rick Santelli that it's time for investors to pay the piper for the years of easy money that fueled a seven-year bull market.

"Trees don't grow to the sky ... at some point, you have to pay that back," said Fisher. "The question is who has the bravery to at least initiate what is more normal monetary policy so we don't have this misallocation of assets."

Watch the full interview below.

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