WASHINGTON - U.S. President Barack Obama will deliver a speech on the status of global financial crisis, the White House issued in a statement on Monday.

 

"One year to the day after Lehman Brothers collapsed and precipitated a financial crisis that reverberated across the globe, President Obama will deliver a major speech on the financial crisis at Federal Hall in New York City at midday on Monday," the statement reads.

 

"He will discuss the aggressive steps the Administration has taken to bring the economy back from the brink, the commitment to winding down the government's role in the financial sector and the actions the United States and the global community must take to prevent a crisis like this from ever happening again," the White House press service said.

 

The world has been waiting for the US administration to fix up the ongoing financial crisis, which many blame on illegal practices of US and western financial institutions. The US government has been injecting massive amounts of liquidity into the economy to see only minuscule improvements over a period of nearly 8 month. 

 

Obama's speech will focus on resolving the current financial crisis by calling on major world economies to participate in the process. However, most financial experts believe Obama's pursuit of revitalizing a gambling style economy would be a mere showmanship.