The International Olympic Committee has eliminated Chicago from consideration for the 2016 games.

The defeat marked the first time since 1980 that the U.S. has failed in consecutive bid attempts. Los Angeles lost to Montreal in 1976 and Moscow in 1980, but then was awarded the 1984 Games when it was the only viable candidate bidding.

There was a stunned reaction in Chicago to the decision.

Yes, the people gathered in Daley Center Plaza, including the Mayor, would be disappointed. I confess to being about 5% disappointed and 95% relieved; the Olympics would have been hugely costly for Chicago, and we need all our money right now to buy back the parking meters.