I think that the concept of “too big to fail” still exists today, as the financial services industry is still an oligopoly with few banks controlling the fate of the economy. If, for example, a company like Citigroup, J.P. Morgan, or Bank of America were to go under at some point, the economy would fall apart. Though it has tried to address the concern that banks could dismantle the financial system by regulating proprietary trading, capital requirements and others, the government has not addressed the problem of “moral hazard,” where investment banks take bigger risks because they are dealing with other people’s money and not their own. The way to reform the banking system is to shift the risk to those that make the decisions to take the risk in the first place. By requiring bank CEOs and other high-level executives to have some “skin in the game,” through having their compensation or personal assets at risk if a bank fails, it eliminates the incentive to take unnecessary risk in pursuit of higher returns (and higher bonuses). In practice, there will always be banks that are “too big to fail,” since these few banks have achieved economies of scale to support the United States (and even global) economy. The trick is figuring out the way to keep these banks from ever failing.