KNOCK 'EM FLAT

(6 of 7)
It has been irresistible for reporters to plumb the rich psychic themes of Steve Forbes' relationship with his flamboyant father, the late Malcolm Forbes Sr. His father, after all, is the man who used to make his children practice the bagpipes and wear matching kilts to church on Sundays; who bought a bottle of Thomas Jefferson's claret for $157,000; who rode motorcycles and hot-air balloons, escorted Elizabeth Taylor and collected homoerotic art, Faberge eggs, 12,000 toy soldiers, an island in Fiji, a chateau in Normandy and a palace in Morocco.

Steve makes it plain that he doesn't intend to compete with his father, though in some ways he has already surpassed him. As editor of his eponymous magazine, he led Forbes to the top of its class with more advertising pages than any other magazine between 1992 and 1994, thanks to deep discounts and aggressive salesmanship. Under Steve's leadership, the family business, Forbes Inc.--which owns 14 newspapers and 10 magazines plus real estate--has, according to Forbes, been profitable. As testimony to his economic savvy, his friends cite the fact that he has won the Crystal Owl award, given by USX Corp. for the most accurate economic forecast, four times--more than any other financial journalist.

But it is in politics that the son could outshine the father; Malcolm, who twice tried and failed to win the Governor's race in New Jersey, called the presidency the "Holy Grail" of American politics. "When I first met Steve," recalls his friend Peggy Noonan, former Reagan speechwriter and author, "I said, 'I get it--the oldest-son reaction to Dad. Dad is colorful; Steve is sedate. Dad is a showman; Steve is reticent. In time I changed my view. The fact is, Steve has always held views that were daring. He's every bit as colorful, but it's all inside, not as showy. There's old Dad, with all his splash and dash; he ran for Governor. And there's Steve--he's running for President. Who's more daring?"

His decision to enter the race this year owes much to a broken heart: Forbes was long a devoted backer of Jack Kemp, having chaired Empower America, the refuge for conservatives like Kemp and Bill Bennett. Had Kemp entered the race, Forbes would be snug at home editing his magazine right now. But when the vacuum opened, Wall Street Journal writer turned political consultant Jude Wanniski, another New Jersey neighbor, faxed Forbes a memo late last spring about how it all could work. Forbes pondered...and pondered. He was very tempted, and very cautious, and so decided to do some market testing. Russo conducted no fewer than 14 focus groups in Iowa, New Hampshire, Arizona, South Carolina and several other early states--a large number even for an established campaign."We tested the hell out of the flat tax," Russo recalls. "It worked really well. A home run every time." At the end of each focus group, Russo asked the participants if they would scrap the tax code even if it meant losing some of their favorite deductions. And while many pollsters since then have found support drying up under such questioning, Russo says those he asked remained enthusiastic.

1. Why McCain Picked Palin
2. The Palin Pick: Bold or Disastrous?
3. McCain's Surprise Pick: Sarah Palin
4. Klein: Obama's Speech 'Very Tough'
5. McCain's Prickly TIME Interview
6. GM Recalling 944,000 Vehicles
7. Will Women Vote for Palin?
8. The Web's Word: Obama Is Not the Antichrist
9. Narrowing World Health Disparities
10. Russia 'to Absorb' South Ossetia