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Raj,
If you look at the picture below (of a currently disassembled Partner K950), you'll see the bushing the blade sits on/around and the large cupped washer below it. The shape of the washer means there's a bit of that arbor shaft showing that you can kinda see. On that saw an identical cupped washer goes over the blade once installed, and a bolt (with much smaller washer) tightens the whole works down (and is reverse-threaded, if memory serves me correctly). You can see a lot more of that shaft in your picture - more than what's needed to make up for the cupped washer.
So I'm wondering if there's a partner to that cupped washer somewhere that needs to be installed, or if the bushing isn't seated/tightened completely, or what.
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