Yep. Same. And I would probably have posted a longer and less confrontational explanation of why you're (mostly) wrong if I weren't tired after a long day of work. ;)

The whole "why not encrypt local resources" thing is an odd red herring that a lot of (even fairly experienced) people trip over. There was a massive public furor over Chrome's chrome://settings/passwords (i.e. lack of a master password) design choice a couple of years ago that was a specific such case in point.