Olympics a Microscopic View of the Economy?

For the last few days we have discussed emerging economies, but what of the developed or mature economies of the western world and the current state. A look at the financial prosperity or lack thereof from the Olympic games could give us indication on the mindset of the population. With most Englanders avoiding the “crowds” from the Olympics and most tourist not spending the money, London is facing a tough summer financially
Here are some articles that reflect the issues
Britain is losing the Economic Olympics – Reuters

Comcast hoping to Break Even on Olympics – USA Today

Looking at Money Makers and Loser at Olympics - Smart Company

Does the fact that an event that is traditionally an excellent money maker for local economies,  media and a country as a whole fails financial a reflection of the current economic state? Or is this just gaffes caused by the London organizing committee

Olympics winning Gold for Gaffes - The Globe and Mail

I am hoping for the later but if not it could shed light on the next six to twelve months of economic expectations. Friday we look at Carbon versus Stainless and if their volumes are reflective of the economy?

Cheers