Classic/Antique Car Repair: inside of tire rubbing, ford mustang, ball joint

Question
     hey i have a 66' ford mustang and i don't know much anout fixing this. the inside of my front left tire is rubbing against a knob looking thing under the spring. i look at it and i think that one of the control arms might be loose or broken. could you by and chance figure out what i could do to fix this?
  Thankyou!!
    jake

Answer
There are several reason for this to happen. First is the wrong rim and tire on the car. Second could be a loose badly worn lower ball joint. Third could be a bent suspension member. This is a safety item and if you are not sure what to d get a professional to look at it and check it out.
Brad