> storing passwords in plain text is equivalent to building cars with defective breaks

This strikes me as hyperbole. Storing passwords in plaintext is a serious security issue, to the point of gross negligence - but the potential harm isn't even in the same ballpark. If your password is compromised and you have poor security practices, you could lose access to online services and perhaps even suffer significant financial loss. If your brakes fail you stand a good chance of death or serious injury.