lower steering column question

[rusted72']

Gents,
I am trying to figure out what I am missing from my lower column or why it is loose. The lower column shaft moves easily up/down and it moves in and out about 1/2" causing the steering wheel to move forward and back. I can see a bearing in there but nothing is holding it...am I missing something??? will a new bearing solve all?

any help would be appreciated.
thanks in advance.