Veteran market expert Peter Schiff, CEO of Euro Pacific Capital, isn't pleased with the Federal Reserve's accommodative policies in recent years. 

With interest rates near zero for so many years and the slow pace of the Fed's normalization policy, the central bank is low on dry powder to stimulate the economy during the next downturn, according to Schiff.

The Fed won't be able to "rescue investors" during the next stock market crash, like they did in the years following the 2000 and 2008 crashes, he notes.

"They were successful in reflating yet another bubble but I think this bubble will be the similar fate as the prior two," he said in an interview with TheStreet. "The difference is, the third time is not going to be the charm - it's going to be three strikes you're out."

According to Schiff, the market could still rise from here, but the eventual crash would be painful.

"Let's say the Dow goes to 30,000, if it gets cut in half, that's 15,000 - that's still a low lower than it is right now," he said.

The Dow currently stands at 22,772. A move to 15,000 represents a 34% move to the downside.

Schiff said the stock market wealth hasn't translated into real wealth for consumers and an illusion is being created by the Fed. 

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