Call me crazy, but I’m thinking about taking up a position in Ford (F: chart, web, Y!) again.  I’ve written in the past about my confidence in CEO Alan Mulally, and his handling of the company in this recent downturn only reinforces that confidence.

Mulally and company elected not to take any money from the government when GM and Chrysler had their hands out, begging for cash (and it appears that both are back for another round).

Ford sales are down, and as part of Mulally’s turn around plan the company has cut production and laid off workers.

From the stocks standpoint, the company is trading in a range between $1.50 and $3.50 per share, with a low of $1.26 back in November of last year.

I still have faith in the long-term prospects of Ford, and wonder if the stock is too cheap to pass on at these levels.  Sure, the company could still go under, and I wouldn’t write off the possibility of Mulally sucking it up and turning to the lender of last resort.

I’m still optimistic about our economic prospects over the next 6 months or so, as long as the government doesn’t try and “help” an more than it already has.

So do you take a flyer on Ford and pick up a few shares here?

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Investing Alan Mulally, F, Ford