Ford Motor Co. (NYSE:F) investors know that next week's fourth quarter results will be dreadful. The only question left is how bad.

Analysts are expecting the maker of the Escape and Mustang to post a loss of 97 cents on revenue of $34.67 billion on January 25, according to Thomson Financial. The bleeding is expected to continue this year, resulting in a loss of $1.52 per share.

How much patience is Wall Street going to give Chief Executive Alan Mullaly to turn the company around? Mullaly won high marks when he ran Boeing Co.'s (NYSE:BA) commercial aviation division. That's why Ford hired him in September.

James Brock, a professor of economics at Miami University in Ohio, told Bloomberg News in October, that "what people will be looking for is a sense that somebody is in charge, that there's a sense of credibility in that person.''

That's quite a tall order.

Ford, which expects to burn through $17 billion over the next three years, expects to return to profitability in 2009, according to the Wall Street Journal (subscription required). The company is slashing costs, cutting its work force and consolidating its dealer network.

During the recent analysts meeting, Mullaly said the company was ahead of schedule on its restructuring plan. Nonetheless, he sounded a cautious note, saying "Our No. 1 priority is to restructure ourselves in the near term," the Journal said.

Also check out some other earnings reports that we're following, and let us know your thoughts on earnings expectations.

I've owned quite a number of cars made by the Ford Motor Company (NYSE:F) over time and they've all been good ones. I had a 1968 Galaxy which was as beautiful as it was a joy to drive. I've had several F-150's and there wasn't a loser in the bunch. My wife had an Escort which gave us a quarter million miles. If we had put new tires and front wheel bearings on it, I think we would have gotten another 50 thousand good miles from it, possibly more. It was a good, stout little ride. My wife still misses that car.

The reason I'm writing about Ford is to address a simple question. Why has Ford stock taken such a sound thrashing over the last two years? In 2004, Ford stock was happily playing around in the range of $12 to $16 a share. In 2005, a steady decline began. Ford shares had started '05 just in range of $14 but ended the year near a miserable $8 a share. The picture has not improved for 2006. After dipping as low as $6.06 this year, a bit of recovery has occurred, however unsatisfactory. Ford shares have nipped at $9.50 within the last 52 weeks but they rest at an uncomfortable $8.18 at the end of yesterday's trading. I've looked and searched and asked around. No one has provided a truly solid answer to my simple question of why Ford shares been beaten down so badly.

If no one can provide me sound reason why Ford stock is performing so poorly, then there's only one thing I can do. I must paint you a picture of why Ford's stock deserves better treatment, so here it is from me to you.