Here's Matt Yglesias on Social Security Private accounts:
This is not an idea I’m enthusiastic about. A large body of research indicates that individuals are not well-equipped to engage in speculative investments, and experience teaches that financial managers are moderately well-equipped to duping people into paying management fees.
Now, one could say that Matt isn't saying he thinks people are stupid. No, he's saying a large body of research indicates that people are in fact stupid, but he's still saying people are stupid. Likewise, a key part of Elizabeth Warren's working assumptions seems to be people are stupid. To be honest, FLG admits there may be some truth to this argument when it comes to financial affairs.
The problem is that a similar sentiment exists in the "people cling to guns and religion" argument as well. I don't want to take that too far. In any case, one ought to be careful when one's primary assumption when governing or regulating appears to be that the average person is stupid.