Today, it is appropriate to pull out some of the old standby’s for the spelling of FORD.

• Fix Or Repair Daily
• Found On Road Dead
• Failure Of Research & Development
• Factory Ordered Road Disaster
• Ford Owners Recommend Daimler
• Ford Owners Really Dumb

Ford announced the largest loss in its 103-year history and followed that up with guidance of losses for 2007 and 2008. They missed estimates of a $1.35 loss per share by 15 cents. But don’t worry - CEO Mulally said “We know where we are. We are dealing with it and we’re on plan.” Go get ‘em tiger! Winston Churchill once said, “If you are going through hell, keep going.” Keep going Alan - you and your investors are in hell. Whatever your plan is ….2009 is a long time for investors to wait for a promise of profitability. Ford expects to burn through $10 billion in cash for operations through 2009 and spend another $7 billion to invest in new products. Good thing they mortgaged everything except the kitchen sink to borrow about $23.4 billion to cover all this red blood ink. I keep hearing about cost cutting but as everyone knows, at some point there is nothing left to cut or the cuts you really want to make (union labor contracts) are not on the table. About 38,000 hourly workers have signed up for buyout or early retirement offers and Ford says it plans to cut its white-collar staff by 14,000. Apparently, at the same time all these jobs are being lost and sacrifices are being made, part of Alan’s “Way Forward” plan includes paying managers and execs bonuses to reward them for their progress in the company’s cost-cutting plan. That is a PR disaster and a negotiating nightmare. And yet, the stock has traded flat to slightly higher today so what do I know. I have had an UP signal on Ford since 12/26/06 and a 10% gain, but my signals are a reflection on what the market thinks, not my personal opinion. Analysts and investors are supposedly buying the story that Ford threw all the losses and the (kitchen sink they did not mortgage) into last year, this year and next year. I hope they are right and the worst is over (or at least will be over in 2009). But if they aren’t - this company will be bankrupt or if you prefer - “Found on Road Dead.”