The Yirei Elokim argues with the Chacham about God's judgement. The Chacham thought God's judgement has mistakes but the Yirei Elokim disagrees. The Yirei Elokim think you need to try hard and do what is right, but after you die you will be punished. The Chacham thinks that you do not realize you do bad or when you don't get punished you don't think it is a big deal and continue. He thinks you should be punished right after you sin.

I think the Chacham and Yieri Elokim both make good points. If you do not know you sin it may be good to be punished right away, like a warning not to do this again. But, if you do know you sin, you do not need to be punished right at that time because you know you have done wrong and should try to repent.