In no place I've lived would the average person walking into the voting box have spent time studying the history of banking law and policy to make a well-informed rational decision. They'd at most have read the opinions of some journalists or listened to a news reporter, and would make their decision after discussions between similar poorly informed friends/colleagues.
Fierce debates != well-informed debates.
We elect representatives because it's known that the body politic, once it reaches a large size, doesn't have the time to be well-informed on all decisions they'd need to make as a pure democracy. To suggest so exposes a serious need for a second look at the situation.
Representative democracy isn't elective oligarchy.