Can a vehicle have too much horsepower?

I say it all the time to everyone questioning my build! Yes too much power in a street car is not only unnecessary but can be dangerous. A true 400hp street car is alot of power and is plenty! I have a perfect example i use often I have a good buddy that build a 69 Camaro, absolutely beautiful car he put all his money in the engine and body. He built a all out 454 with 7 or 8 hundred hp (his numbers) with a 410 rear and a power glide. But left the stock suspension and stock 4 wheel drum brakes.... he totaled it on the first outing. Got on it at about 60 mph and broke traction hit the brakes and they locked up putting him into a slide right into a tree on the drivers side door! He is lucky to be alive. Like I said it was his first outing he had no insurance no tags nothing it was a total loss of over 30k. He did sell the engine and got some of his money back . I'm sticking with my 300hp 360 lol