analysis, and I think the 46% is disasterous, what concerns me are other numbers from the same poll referred to in a different post
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=1752644&mesg_id=1752644which says 55% of those polled don't blame Bush. There seems to be a serious disconnect at work here. In a way the various "causes" for the terrible loss of life, the loss of the city, and the horrendous response time are almost analogous to the way various "reasons" we are in Iraq have been offered to the public. It was a natural disaster of unimaginable magnitude; it was the "looters;" it was local government being overwhelmed; it was bureaucratic "red tape;" it was Brown and FEMA and Chertoff. By the time it wends its way upward, 55% of those polled have decided it isn't the little prince's fault. He is doing an atrocious job ( okay, he is not doing his job at all), but somehow or other, it is not his fault. And competence and culpability are, finally two different things ( to some, certainly not to me).
That is why I am worried, not so much about his approval rating going down (it will and your analysis in that regard is dead on ), but by his personal culpability rating being over 50%. On 60 Minutes tonight, in the interview with Mayor Nagin, the Mayor mentioned how the Clown-in-Chief told him that the Federal Government "could have done better." So he has started damage control already. Last Fall in the debates, when he was asked if could recall any mistakes he had made ( or a time when he was wrong), the only thing he came up with was how he had made some appointments and those people had "let him down" ( or some other equally innane phrase). I am very concerned that unless the Dems really start kicking and make him personally accountable ( and not - Brown or Chertoff have to go because they "let George done" accountable - but criminally negligent homicide accountable), he will get off again and, what is more, will present himself as the one who had to step in to right things. Look at his rhetoric (things are "unacceptable").
In your post, you said, and rightly, that "People by and large really -want- to believe that their leaders are good men who care deeply about their welfare and can protect them from harm, so they -want- to believe that Bush is handling this well." In lieu of that belief - that he is handling it well - they will fall back on the belief that it is not his fault, that fault lies elsewhere.
on edit: God, do I hope I am wrong and they nail that son of a bitch