First off, words alone cannot express what a royal pain in the ass such an event would be for those of us who have to live in this area. It's not just the games themselves; it's the traffic, the jam-packed hotels, the security forces, the threat of terrorism that an international event would naturally attract, and all the leftist bullshit that we would have to incorporate into local laws in order to "make the games a success".
Second, the only reason Daley wanted the thing was so a whole bunch of corrupt Illinois politicians could get rich. Michelle Malkin on how Chicago would have financed the thing and how the money would have flowed into campaign coffers.
It has nothing to do with Obama; I don't give a rat's ass about what this means for him. I was against Chicago getting the 2016 Olympics from the moment I heard they were trying for 'em. Traffic around here is bad enough without all the bullshit that a semi-Olympiad would generate. ("Semi" since it's just the summer games.)
Believe me, Chicagoland is better off without that BS.