From Richard Russell in Dow Theory Letters:

Fed Chairman Ben Bernanke's confirmation hearing comes up today as anger and pressure builds against the Fed. Ironically, the anger does not stem from the Fed's wild increase in Federal Reserve notes (dollars), the anger centers on the Fed's lack of supervision on the big banks.

There's now a powerful effort to subject the Fed to congressional audits and other supervision. In the meantime, the Fed screams that Congress is interfering with the Fed's need for independence.

Russell Suggestion -- Put the Fed out of its misery -- get rid of it once and for all. It's an engine of alternate bubbles, collapses and inflation.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from the "R-man":

Why politicians and bankers hate gold

Richard Russell on the dangerous secrets of the Federal Reserve

MUST READ rant from Richard Russell on Goldman, the Fed, and the public