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President Barack Obama has been doing his part to help Chicago win the 2016 Summer Olympics. He has taped messages of support for the International Olympic Committee (IOC) and hosted a reception at the White House to help raise his adopted hometown's profile. Now he's flying to Copenhagen to personally help Chicago with its final push...
...Economics of Gaming at the University of Alberta, keeps count on Olympic budgets. His tally is a tale of excess: Athens budgeted $1.6 billion for the 2004 Games but wound up spending $16 billion. Four years later, Beijing budgeted the same amount, $1.6 billion, for the 2008 Summer Games yet spent an enormous $40 billion. London originally planned to spend $8 billion for the 2012 Games; the current estimate is $19 billion and rising. "Once the Games leave town, there often isn't much to celebrate," says Humphreys, noting that host countries nearly always experience a drop in GDP growth...
...there is one Olympic city for Chicago to emulate, it would be Atlanta. The city's $1.7 billion privately funded Summer Games in 1996 sparked a construction boom in the city's downtown core and, according to the Metro Atlanta Chamber of Commerce, generated $5 billion in economic activity, including $1.8 billion in hotel, residential and commercial construction. What's more, the city found long-term uses for its Olympic venues, transferring the Olympic stadium and village to the Atlanta Braves and Georgia State University, respectively. "The Olympics gave Atlanta a tremendous boost in commerce," says Sam Williams, president...
...report, released on Wednesday by the Center for Audit Quality in Washington, is based on a late-summer survey of 1,000 individual investors who had at least $10,000 invested in the market. A majority of investors - 73% of those surveyed - have either some, quite a bit, or a great deal of confidence in the capital markets. That's up from 70% from a year ago, but still below confidence levels of 84% in 2007. (See 10 things to buy during the recession...
...Fornelli notes that the improvement came even though a hoard of bad news shook up the markets between last year's summer survey and this year's fall survey. "Unemployment went up significantly, you had problems with AIG and Lehman Brothers, the stock market went down - so the indicators of the economy got worse and yet confidence has leveled off," she says. Of course, you could also say that the two surveys bridged the worst months of the financial crisis, but it's positive nonetheless that current investor confidence is a tad better than pre-Lehman levels. (See 25 people...