The Beijing 2008 Summer Olympic Games are still 484 days away and there is already talk about the 2016 games. 2012 will be in London.

The California Senate signed legislation to authorize half of the $500 million needed to underwrite the costs of the Summer Olympics if Los Angeles gets them.

Chicago is also in the running to host the games and the United States Olympic Committee will announce on Saturday which city will get the U.S. bid to host the Games.

The International Olympic Committee will make the decision on the host from a worldwide pool in 2009.

If LA gets them…it will be the third time. The local economy is expected to be boosted by $7.2 billion and create more than 68,000 jobs.

That the Olympics can change the economical landscape of a city is undeniable. Ask Beijing.

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