Ford Takes $5.9 Billion Hit

Ford Motor Co. is on the ropes after announcing $5.88 billion in losses last quarter due to the declining economy. Despite the massive hit, Ford said it will not ask the government for a bailout as it has enough credit—$10.1 billion—to weather the storm for now. Board members believe it can break even by 2011 and perhaps even turn a profit, but with the auto industry in free fall it will be a tough slog until then.