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Vaughan-Bassett Furniture Company’s battle with the Chinese

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GALAX, Va. -- Going to war can be lonely -- especially when it is you against a billion.

But John Bassett III wasn't going to let that stop him. Bassett has run Vaughan-Bassett Furniture in Galax, Va. for 30 years. When he started, it was fairly easy to succeed in the business.

But when China began trying to integrate into the world economy, things got serious. The recipe the Chinese used was to take a healthy dose of government subsidies and combine them with near slave-labor costs. They would then tell American manufacturers to, "Close your factories and turn your business over to us." Cash out, so to speak, and thousands of American business owners did just that.

Not Bassett and his family.

In this edition of the Buckley Report, see how Bassett fought back -- and won -- saving not just his company but, to a large degree, his entire town.