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President Obama said Thursday that he would ask Congress for limits on how large a bank can become, and to put an end to the risky trades banks and financial companies use in an attempt to make profits.
President Obama also scolded Wall Street banks Thursday and called for limits on their size and investments. Immediately the stock market fell.
"We have to get this done," Obama said. "If these folks want a fight, it's a fight I'm ready to have."
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The Bethlehem Steel Corporation (1857–2003), based in Bethlehem, Pennsylvania, was once the second-largest steel producer in the United States, after Pittsburgh, Pennsylvania-based U.S. Steel. After a decline in the U.S. steel industry and management problems leading to the company's 2001 bankruptcy, the company was dissolved and the remaining assets sold to International Steel Group in 2003. In 2005, ISG merged with Mittal Steel, ending U.S. ownership of the assets of Bethlehem Steel.
Bethlehem Steel was also one of the largest shipbuilding companies in the world and one of the most powerful symbols of American industrial manufacturing leadership. Bethlehem Steel's demise is often cited as one of the most prominent examples of the U.S. economy's shift away from industrial manufacturing and its inability to compete with cheap foreign labor.
The steel Industry (directly or indirectly) was eventually left uncompetitive with steel industries out side the US, resulting in the loss of thousands of jobs and the ruin of many small towns in America.
Can we expect a similar scenario with the financial institutions in America?