Kind of.
On the one hand, mob rule is bad. On the other hand, if decisions involving life and liberty and, far more importantly to the rich, property, were up to the masses then the 1% would be less gung ho to drive those masses deliberately into ignorance and the anesthesia of sports and television. If the Bush and Clinton (and Koch and Soros) family fortunes were at the whim of the majority, we'd see a lot more education spending, particularly history, political science, economics, and liberal arts.
By definition, the mob isn't stupid, it's average. Average voters have enough on the ball not to have wandered into traffic by the time they're 18. They aren't morons, they just ignorant as f-ck, and that ignorance is in large part a deliberate policy choice by elites because it makes the mob easier to control and far easier to sell to. The 1% is free to do that because the mob has very little power to really hurt them. Technology has rendered the elite impervious to mob violence, while our political system has removed their political power on fundamental matters. This is good because we're not hanging atheists in the public square, but the downside is white collar criminals who ruin millions of lives have zero accountability, and as soon as any political force becomes strong enough to challenge plutocracy it is easily co-opted by simply extending the privilege to its members (compare political liberalism today to, say, 1929).
The plutes on the right and we their more fun at parties intellectual brethren on the left are armchair generals. Full and direct democracy would stick us in the trenches to live or die based on the collective decisions of the Great Unwashed. Now, that sounds awful to me personally and I'll fight it because hey I worked hard for my spa tub and sex loft. But it also sounds American as hell.