One of the big questions we need to answer as we broach the issue of Wall St. Reform is whether or not "too-big-to-fail" financial institutions should be broken up.
Paul Krugman writes, "Even among those who really do want reform, however, there’s a major debate about what’s really essential. One side — exemplified by Paul Volcker, the redoubtable former Federal Reserve chairman — sees limiting the size and scope of the biggest banks as the core issue in reform. The other side — a group that includes yours truly — disagrees, and argues that the important thing is to regulate what banks do, not how big they get."
Greenspan and Joseph Stiglitz also support Volcker's view.
Mike Konczal, Fellow at the Roosevelt Institute, believes that this is not an either-or situation and that we need to do both. The various views outlined here show the complexity of the problem.