Protecting Consumers from Themselves

In the Washington Post, Peter Wallison says the Obama Administration's new proposal to protect consumers from themselves, by limiting some financial products to those consumers it decides are sophisticated enough to use them:

Conservatives have always argued that liberals are elitists who do not respect ordinary Americans; this legislation seems to prove it. For example, the administration's plan would allow the educated and sophisticated elites to have access to whatever financial services they want but limit the range of products available to ordinary Americans. (more)

If you think the housing bubble was caused by too little government intervention, rather than the meddling of politicians like Barney Frank, I suppose this idea might make sense to you.