Current Fed Chair Janet Yellen has a lot in common with former Chairman Alan Greenspan, and that's not a good thing, says MarketWatch columnist Paul Farrell.

"Sometime after the Great Crash of 2016, Yellen will be testifying before Congress, just like Greenspan was forced to do in 2008," he writes.

That crash will be a "direct result of Federal Reserve policy failures," Farrell says. "She will be forced to explain why the Great Crash of 2016 was a clone of the bank credit crash of 2008 and the 2000 excesses."

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Yellen will have to make a damning admission, "that she is a clone of Alan Greenspan," he writes.

"Simply focus your laser on the one admission Greenspan made to Congress in 2008, eight words that explain why Greenspan’s bizarre capitalism failed and why it will happen again and again under Yellen. 'I really didn’t get it until very late.'"

Others are critical of Yellen's accommodative stance as well.

Her recent comments signal the Fed won't raise interest rates to fight bubbles in financial markets, and that's a mistake, says Jeremy Grantham, founder of money manager GMO.

“She will not use interest rates to head off or curtail any asset bubbles encouraged by the extremely low rates that might appear," he writes in the firm's quarterly commentary.

"History is clear: very low rates absolutely will encourage extreme speculation. But Yellen will, as Greenspan and Bernanke before her, attempt to limit only the damage any breaking bubbles might cause."

The Fed has kept its federal funds rate target at a record low of zero to 0.25 percent since December 2008. And its balance sheet has ballooned to a record $4.4 trillion, thanks to quantitative easing.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

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