Politics

And Then There Were Three

By CBSNews.com staff CBSNews.com staff

February 9, 2000 / 7:06 AM EST / CBS

Steve Forbes stopped throwing good money after bad and dropped out of the race for the presidency Thursday, telling supporters in Washington, D.C., "we were nosed out by a landslide.

"Today, I'm withdrawing from the presidential contest," he said, "but I'm not withdrawing from the public square."

This was Forbes' second run for the presidency, and it was even more unsuccessful than his first. Spending his personal fortune like a drunken sailor, he roped in two delegates, at a cost of about $16 million per delegate. That money - lavished mostly in Iowa, New Hampshire and Delaware - gave him a second-place finish in Iowa's caucuses last month, but dismal finishes in the next two states. His third-place finish in Delaware - where he came in behind John McCain, who didn't even campaign in the state - was the nail in Forbes' coffin.

Forbes told Early Show Anchor Bryant Gumbel his decision became clear after Delaware.

Steve Forbes spent $28.7 million of his own money on the 2000 campaign through Dec. 31; January numbers are due later this month. He spent $37.4 million on the 1996 run. The total, $66.1 million, was more than the salary cap for National Football League teams, and twice as much as Michael Jordan was paid in his last year with the Chicago Bulls basketball team. It is almost one-third of the gross national product of Micronesia, which is $205 million; and would buy a Forbes magazine subscription for each of 1.7 million voters.

"I had won that primary in '96," he said. "I didn't win it Tuesday. And so therefore it became clear that there wasn't going to be a way to win the nomination."

Forbes told his supporters that they had helped shift the political landscape. "We have created a new conservative agenda." He cited his staunch opposition to abortion and his advocacy of a flat tax rate, ideas which he says his Republican rivals have accepted or are starting to accept.

Forbes doesn't want those issues to fade away. "Don't give up now," he said. "Our message is a good one, it's the right one. Even though the messenger is messed up and bruised, we must continue to fight."

Forbes didn't endorse any of the remaining Republican candidates. "Who will now pick up this banner of freedom and march on to victory? This year, I do not know," he remarked. He added that George W. Bush, John McCain and Alan Keyes are all good men, but said endorsements have become "debased currency," and that voters generally make up their own minds.

Forbes joked that "You're not a good parent if you're not, at some point, an embarrassment to your children." His two daughters stood behind him, alternately grinning and wiping their eyes; his wife beamed with pride as well.

Forbes gently acknowledged one of the problems that bedeviled his campaign when he called himself "charisma challenged." But he left the door open for more campaigning in the future. "I've never ruled out another foray into elective politics," he smiled.