Ford had to do something to cut costs. Many automobile manufacturers overseas are producing cars for much less because their overhead is much lower. In a free market this spells disaster. There was once a time when car makers could get away with this because there were few options. When China makes cars that sell for 6-7 thousand dollars the American cars become over priced.
The news is bad and you never want to see a person lose his job. However, they need to take a step back and look at the reasons behind the company’s troubles. Unless they can become competitive, they will go the way of many other businesses that failed to recognize the signs of demise.