I think the difference here is the reason we were "sold" the Iraq war -- it was because Iraq had WMD and then oppression and tyranny was an "oh yeah, and by the way" side note. If Bush had said we want to rescue the Iraqis from Saddam because they are oppressed, and if he clearly stated that there was nothing to do with Saddam being linked to Al Qaeda and 9/11, I don't think we would be at war in Iraq.
Instead, we were told (and told, and told, and told, until people actually believed) that Iraq was linked to WMD and 9/11 and whatever else. I strongly believe that 1) most Iraqis were better off as they were (at least for the time being), 2) Iraq/Saddam had nothing to do with 9/11, 3) there is no evidence of WMD found in Iraq (regardless of what this guy or that guy said, there was never any "proof"), 4) "Al Qaeda in Iraq" didn't exist previous to us starting the war and if they had tried to organize in Iraq, Saddam would have given them the smackdown. We still don't have binLaden, and you'd better be sure that they are planning some type of attack, while we run around in circles in Iraq chasing demons of our own creation.
When that attack occurs, we can all blame George Bush for focusing on the wrong thing, just as those that like to assign blame have assigned it to Clinton for not doing enough when binLaden and company were poking at us during the Clinton years. The sad thing is, we definitely, clearly and positively have a reason to kill binLaden and dismantle his operations, but we choose to spread ourselves so thin that we cannot succeed in our primary mission. Pathetic leadership.
As to the sinking ship... It looks like the war, the economy, Dubya and the public's opinion of same are the things that are sinking. My hope and belief in this country have also taken a hit, but I believe that with some changes, things will get better again.