That's the intermediate steering shaft coupling (AKA pot joint) and it is designed to allow a certain degree of flexibility between the upper shaft and lower shafts. If the support brackets on both sides of the firewall:
You must be registered for see images attach
You must be registered for see images attach
You must be registered for see images attach
are properly supporting the upper column section, it could be that the pot joint internals are severely worn. There is a set of bearings inside the coupling that are supposed to allow the lower shaft to move, but only about 1 1/2 degrees. If the upper column is rigidly supported and the lower coupling (rag joint)/steering gear are stable, the bearings in the pot joint may be shot. That's all I can offer for help:
You must be registered for see images attach