www.finance.yahoo.com/news/london-olympics-economic-failure-roubini-093903718.html

"The Olympics are an economic failure as London is totally empty: hotels, restaurants, streets," Roubini tweeted. "It turns out London is totally empty. A zombie city."

The only reason why Obama wanted the Olympics in Chicago is so the Unions could grab some overpriced contracts.

And of course, when Romney spoke about London being able to pull it off, he was railroaded in the media. London will be at a total loss for this event due to the loss of economic activity.

No city has profited on the Olympics in at least 30 years. This spring, Montreal FINALLY paid off their debts from the '76 Games! London is currently supposed to be $500 million in the hole for the Games.

The olymipics should be exhibit A as to why government stimulus never works.

"The only reason why Obama wanted the Olympics in Chicago is so the Unions could grab some overpriced contracts."

I saw it as much more of Daley's baby than Obama's, but the purpose (which you point out) is 100% true none the less.

If these cities that are reasonably well run with low levels of political corruption couldn't make money by hosting the Olympics, imagine the financial debacle that would have ensued for Chicago!

Our grandkids would still be paying for all the no-bid contracts and budget overruns.

that will be Bush's fault too. Don't kid yourself.

"No city has profited on the Olympics in at least 30 years. This spring, Montreal FINALLY paid off their debts from the '76 Games! London is currently supposed to be $500 million in the hole for the Games."

This is not true. SLC profited in the 2002 Olympic games under the supervision of none other than Mitt Romney.

To expound on SLC, this was 5 months after the 9/11 attacks.

That wouldn't have had anything to do with trying to cover up the 10 IOC members who received bribe money to get the Olympics in the first place, would it?

He was brought in after that happened. He actually saved our Olympic games believe it or not. Like him or hate him as a Presidential candidate, he did an excellent job for SLC. What looked like a sure disaster for our Olympics turned out to be a nice success. 101 million in profits after we had to secure additional funds for security(5 months post 9/11). Not too bad.

"congress spent one and a half times more on the SLC games than on all seven olympics held in the US since 1904 combined."

And there was a reason for this. 5 months post 9/11 and more security was obviously going to be a necessity. That still doesn't negate the fact that they walked away 101 million in the black.

"The City of Chicago, having obtained the least amount of votes will not participate in the next round"....

Thank God!!!