Chicago Loses Olympics to Rio de Janiero

(MoneyWatch)  The International Olympic Committee has chosen Rio de Janiero as the site for its 2016 Summer Olympics, deciding against frontrunners Tokyo, Chicago and Madrid. Not surprisingly, Chicago, which had Oprah Winfrey, President Barack Obama and his wife, Michelle to stumping for the city in Copenhagen, was left astonished to be the first city cut from the proceedings.

Several ideas were mulled over why Chicago lost the bid: antipathy towards the United States and its policies, dislike of Obama's celebrity and not sending Michael Jordan.

Although astonishment slowly gave way to acceptance, according to polls many Chicagoans didn't want the Olympics there. The $4.8 billion plan for an Olympic village, stadium and other venues, would leave residents with decades of debt not to mention the impact on gridlock and Chicago's troublesome O'Hare International Airport.

All in all, the IOC made the only fair decision it could -- even if Obama was the first sitting president to campaign for a venue -- by giving the Olympics to Rio de Janiero. By doing so, the committee has given South America its first Olympics. Despite the excuses -- valid or not -- I think we all know it was the fair decision. By not allowing a continent (and represented by one of the five Olympic rings) to host the games wouldn't be in keeping with the intention of the international games.

And while it was sad that Chicago will lose out on all that tourism and exposure, I think everyone's disappointment (and $3 million) will soon be forgotten as we all make preparations to head down to Rio.