Do you know why government officials don't think people can handle credit? Because they can't. Look around at the state of public finances these days. Detroit went bankrupt. Illinois is a mess. And if they, the great and good of government, can't handle their finances, the uneducated masses certainly can't. Consumers need their finances protected. By us. It's kind of like the way Hollywood has been lecturing us all about sexism for years now.
We often project what we like the least about ourselves onto others.