This sort of thing has happened before, not just to Ford, but to other blue chip stocks as well. One of my favorites was Corning (GLW) which I bought for less than $2 when everyone thought the company was caput. It had dropped from over $100/share to below $2. I talked to a couple of guys whom I know who worked at one of their plants in Pennsylvania and decided to take a flier at it. I am still holding half of the original shares I bought in 2002.
In 2009, you could have bought Ford for less than $2 and sold it a year later at $16. Stocks go up. stocks go down. Buy low, sell high, but never panic, and don't bet the farm. This is not a stock for the faint of heart to own, but some of us who are investors and not traders will make money on it.