Oh menories!
Lee Iacoca announced a new downsized Thunderbird for 1977 after a two year sales success of the Elite using basically the same car. In July of 1979, Henry Ford II announced he fired Lee Iacoca.
By 1980, the T-Bird was a fox platform unibody car based on the Fairmont. It was more streamlined by 1986, and it's Lincoln Mark VII cousin debuted with air suspension in 1987. The T-Bird grew in size again in 1989, a little, and got an independent rear suspension. This morphed into the Mark VIII, the final Lincoln mark series car.