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First of all, don't think of it as "emergency brake" It is a parking brake. On some. maybe all, Thunderbirds there is a hole in the sheet metal transmission tunnel on the passenger side. Originally, it was closed with a rubber plug. Lift the carpet on the hump, passenger side about a foot from the firewall. Make sure the hole is plugged or covered. Otherwise, I would get under the car and look for openings.
On the parking brake - have you adjusted it? Does the pedal go all the way down? You may need to remove the rear brake drums to see if the shoes are expanding when the brake is applied. Lack of brake holding is not a typical T-Bird problem.
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