LOL, Love the video...
Don't have much more to add other than I agree it does appear that the bushings in your case are too short. Perhaps someone cut them off? They should stick out more. Not sure how you would fix that, but you definitely want a lot of the thread holding on all three points and the bushing as far out as possible for strength. Here is the best picture I could find which shows mine. Also a model IV Speedster. Looks like I have about 7/8 to an inch sticking out as TJ measured.