DIYGuy - My thought is that your second statement is probably more accurate in my case. Everything seems to move freely, and the spring is doing its job. I think what happened is that when it bound up once, it just happened to be on the nub that allowed enough clearance for the socket to pop out, and the damage to the clip occured by the ball trying to snap back in, with the help of the spring. I think your earlier statement about belt tension is something for the other owners to take note of. It is sure a lot better to have the belt slip in a jam situation, than to have this happen.
I still need to get the old clip out of the socket, which I think I have devised a way to do. However, getting a replacement clip is posing a problem. Checked with some local sources, and they haven't seen anything like it, and Gary doesn't carry anything but blades for parts. I'll do some more searching, but if anyone has any ideas on where to find one of these circlips let me know.