The latest NBC/Wall Street Journal poll results suggest a finer resolution setting on politics and the economy than has been the case since last fall.  There’s more than a general fear of current economic conditions, as the focus of fear adjusts to specific bogie men, to wit:  the federal deficit.

The numbers do show serious reservations about the federal government’s intervention into the private sector.  Nearly seven in ten have a resistance toward an ownership stake in General Motors, and almost sixty percent say that President Obama and Congress should be worrying more about keeping the deficit down.

The president remains a popular figure in the poll, with a 56%  approval rating for his first five months on the job.  Questions remain about the ongoing good will as being powerful enough to push through other measures like health care reform and greenhouse gas emissions control.

With the passage of time, and in the absence of true improvement in the economy, the president’s ratings will fall.  In the converse, though, should true improvement result from his actions, his ratings will rise.  Nothing beats success, of course.

With the passage of time, also, memories fade, and past targets fall out of focus.  How many, for instance, recall that the current recession began in December of 2007, well before even the Iowa primary that started President Obama’s improbably journey to the White House?

During his interview with CNBC’s John Harwood earlier in the week, President Obama reminded us that when he came into office, the Bush administration had already put up $10 billion to help auto companies, asking for nothing in return for that help.

The current administration could have continued that Bush policy of ponying up more money without strings; or allowed them to pursue bankruptcy and displace hundreds of thousands of workers; or, do what he did – - offer help with strings.  He chose the latter option, and although Republicans continue to be critical of that choice, they never offered any meaningful alternative.

Then again, why should they?  Sure, it was the Republican spending spree in the eight years they held both the White House and Congress that contributed mightily to our current condition.  But, substantive silence sometimes being wisdom, they have the chance to pin it entirely on the Obama Administration over time.

It is somewhat reassuring, though,  to see some of the other results of this poll, taken among 1008 adults between June 12 – June 15.  Lest we think the country is completely biat-shiat crazy, former Vice President Dick Cheney is viewed favorably by only 26 percent, House Speaker Nancy Pelosi by only 24%, and the Republican Party by only 25%.

These numbers are well-deserved, and each is to be congratulated for the effort expended to achieve them.  It’s good to know that memories have not faded sufficiently to cloud good judgment just yet.  Soon, though, I fear.

It is the way of politics and oceans – waves and tides.  This poll is simply a wave, and we don’t know yet the tide’s direction.