The Chicago Olympics bid failed, despite the glitz and star studded appeal attached to the Chicago Daley crime syndicate and Obama's collaboration in the expensive taxpayer funded PR blitz.  As noted by Michelle Malkin, here and here Obama and Daley were engaging in outright cronyism.  Their ploy for the Olympics was a design to broaden their supporter base and pay off supporters.  But if nothing else; Obama proved to the world that he is not the beacon of hope and change that he had promised his administration would bring to the US; that he is a poor judge of character and of the world's perception of him.  Instead of adulation, Obama and Daley and their entourage which included Oprah - got the cold shoulder in Copenhagen.

But Obama is getting the brush off elsewhere, as noted at the American Thinker by Thomas Lifson:
It turns out the world is getting sick of Mr. Know It All. The President of France openly mocks him, and now the Olympic Committee is unimpressed with his wonderfulness.
If Obama were any smarter - he'd be embarrassed; but he's too full of himself.  Richard Baehr explains:

It would be hard to exaggerate how humiliating is the IOC vote with Chicago going out in the first round, with  the lowest score of the 4 cites. So much for the theory that the world loves America more under Obama.This is a huge embarrassment for Obama, given he shoed up for the presentation.
Obviously, he neither can count, or control votes on the IOC, the way he may in the Congress. This will not help him with any part of his domestic agenda.
In addition to the Olympics bid failure-we have the Stimulus bill - failure; Cash for Clunkers - failure; Healthcare bill - at the very least, stalled if not a complete failure; Cap & Trade stalled if not gone completely...Card Check - same thing.  He is rapidly within just 9 months proving his actions are in reality contradictory to his words and promises...and Americans have awakened from their bleary-eyed hypnotic Obama trance and aren't buying the koolaid anymore.

All I've seen the democrats and progressives do in response to this record of repeated fiascos is to blame Bush.

I wonder if Axelrod can help him now.  Those of us who live in Cook County were watching this with gleeful astonishment as every now and then we see a glimpse of hope and reality.  There is some reaoson to celebrate this failed bid; beyond how it reflects on "O" - because the Failed Olympic bid also hurt Daley.
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