Is the bobbin part in the right place? Here is a link about a FW my sister and I cleaned up for my mom. There should be a pic of how the finger thing on the bottom should go so it doesn't twirl around. See page 2 and window 15 in the link. Link:
http://www.quiltingboard.com/vintage...t-t174236.html
There is lots of other info there as well as a manual.
Be sure to check your manual to see which way the needle should be inserted and then make sure the thread goes through the needle the right direction when you thread the machine.