Senator Tom James was appointed by Meyer to serve as economy czar in November 2016.
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The 2016 United States banking crisis was a banking crisis that hit the United States in December 2016. The crisis occurred partially due to the uncertainty following the 2016 United States presidential election a month earlier.
Background[]
On November 9, referred also to as Black Wednesday, the Dow Jones experienced it's worst day since the 2008 economic crisis. Wanting to neutralize Tom James, President Selina Meyer made James economy czar, forcing him to take the fall for any financial woes. After taking over his economic task force, Meyer met E.M. Wheelright CEO Charlie Baird and would develop a romantic relationship with the banker.
Crisis[]
On December 9, 2016, the Dow Jones dropped 3,220 points. Meyer's economic task-force, led by Tom James, came to the decision that they had to bail out three banks. Meyer bailed out Janders Capital because they were based in Illinois, a crucial state in the upcoming congressional presidential vote. Having to choose between Paulsten-Berheim and E.M. Wheelright (Baird's bank), Meyer hesitated to make a decision. Meyer was frightful of the appearance of bailing out a cohort's bank, even though bailing out Wheelright would be a better decision for the economy. On December 11, E.M. Wheelright entered chapter 11 bankruptcy. This ended Baird's and Meyer's relationship. On December 12, the Dow Jones began to recover and further economic devastation was averted.