Rinsing your steeped grains

After steeping and dunking the grains, I've generally rinsed the grains bag with hot water (around 150^ F) until the water coming out of the bag is pretty clear.

I read not to squeeze the bag as it will release tannins. When brewing Stouts grains, you can rinse a long time before the water comes clear, if it ever does. But it seems like you are leaving flavors behind if you don't do some sort of a rinse. I'm just not sure to what extent.

What does everybody else do?

This is exactly what you should be doing - the "rinsing" you're doing is actually a form of sparging - an all grain brewing procedure for getting maximum sugar/flavor extraction.

To speed up the process, try using 170 degree water for this step.

I use to put my grain bag in a metal colander that could span across the rim of my boil pot. then I would pour water at 170ºF like Yuri Rage said over it, so the sparge water would drip through. then I would pour some of the water back over the grain bag with a ladle, as the boil heated up. I would stop when I got to 180ºF and then add my extract.