From WNYC in New York, this is On the Media.

I'm Bob Garfield.

And those are street musicians on Rio de Janeiro's Copacabana Beach.

We were there a couple of weeks ago to prepare this special hour on Brazil,

a nation of 200 million that's supposed to be enjoying its finest hour, but so isn't.

To understand why, you have to go back to the same beach seven years ago. The envelope, please.

I have the honor to announce that the games of the 31st Olympiad are awarded to the city of Rio de Canelo.

That was the sound here in 2009 of Brazilian pandemonium.

For a country long synonymous with unfulfilled potential, it was also the sound of redemption.

The world had declared, you have arrived.

Only 24 years removed from military rule, as none other than Barack Obama observed, Brazil had advanced

from dictatorship to democracy, embarking on an extraordinary growth path, lifting millions of

people out of poverty, and becoming not only a leading voice in the region, but also a leading voice in the world.

Even amid global recession...

Brazil is looking better and better. This is one of the so-called BRIC nations.

The entire world is not actually suffering economically. You're going to hear about BRIC a lot.

Here's what it stands for. Brazil, Russia, India, and China. Tonight, it's Brazil.

Seven years ago, the World Cup was on its way.

Optimism and money overflowed.

A broad, lower middle class was coalescing and spending.

Brazil even had a new crop of billionaires,

such as the oil-fueled folk hero, Aiki Batista,

...