Don't Fight The Fed?

Somehow I can't shake the feeling that every investor is being herded around like sheep.  There was a comment over on Turd Ferguson's site today by Jon-Erik who says:

i cant get over how unbelievably ironic the fight against commodity speculators.........the fed creates QE2, forces everyone into risk assets (crude, gold, stocks) because the market has no other choice, and then congress cries bloody murder when people do what they are told  

My thoughts exactly.  Permit me a decent return on savings and I'll become a wildly conservative CD investor and bond coupon clipper.  But don't blame me for taking on risk and speculating when government itself is purposefully undermining my assets and those of most everyone on the planet.

There are some notable money managers resisting the government's prodding.  Jim Rogers said today he will shorting US bonds (as is Bill Gross) and sticking with commodities.  Jeremy Grantham's May market commentary includes the following snippet: So now is not the time to float along with the Fed, but to fight it.  I believe what he means first and foremost is to reduce your exposure to US equities.  "Don't Fight The Fed" has been sound advice for as long as I can remember, but the future could always turn out to be different.