Small business owners weigh in on bailout - and what led to it

Some east Texas business people think the bailout is an example of bad management, and proof of what not to do in business. KLTV 7's Bob Hallmark has more on successful, local business people who say if they had managed the same way - they'd be out of business!

For small business people like restaurant owner Beth Augustine, the Wall Street bailout is a bitter pill to swallow.

"It's quite frustrating to be honest with you. I feel like the middle man," said Augustine.

For successful businesses, like Patterson Nissan Auto Dealership, the formula is simple on any level.

"Yeah, it's really not rocket science. If you make good business decisions, don't spend money when you shouldn't have to, take care of your customers and have good people working for you its really pretty easy," said Ray Cox, the general sales manager of Patterson.

"Make good business decisions. Don't overextend yourself," advised Augustine.

"We don't spend more than we take in on our revenues," said Bill Stoudt, a judge for Gregg County. "You can't continue to write checks you can't cover."

They're frustrated, but they understand the scope of the economic crisis that could happen if nothing is done.

"Quite frankly, I don't think there's a choice," said Judge Stoudt. "I think the Congress is going to be doing the right thing in terms of making sure that everybody's retirement 401-ks and savings and investments in mutual funds and annuities are not going to take the drastic hit that they were going to take."

"It's frustrating on every level. It's frustrating to the middle class hard working people that bust their tails every day," said Ray Cox. "I am disappointed in the government and who ever made those decisions and let it get to this point."

"Somewhere in this whole series of events someone needs to be held accountable," said Judge Stoudt.

Just a few hours ago, both presidential candidates along with leaders of Congress, sat down with the President to discuss the bailout.

But there is still no word from the McCain camp on whether he will attend the debate.

Bob Hallmark, reporting.