Thing is, under Wenger, Arsenal have NEVER been outside the top 4 since the 96-97 season, which to be honest (and going by the strength of the Premiership in the past along with the quality of opposing managers) is totally remarkable to me-and not by spending that much money.
But as I said on another thread, they lack the mental quality of the Sol Campbells, the Keowns, Vieras. They always had the mental ability, the strength, and the drive to try to go out and never lose sight of what they wanted. Wether or not its down to bad man-management, I don't know. But in the past, they always had players like that, players like Ian Wright, who would always spur the team on, and through steely grit and determination, go to play and win. But for some reason, they just cannot seem to get that balance between flair and strength and mental ability right. They need a NATURAL leader. It's so obvious, that some of the players are mentally burnt out, and just can't hack it in high pressure games. That's why I have a feeling Cahill will be wearing an Arsenal shirt next season. Once they get a holding midfielder like Viera aswell, it will bring a lot more balance to the side. Who that'll be, remains to be seen.
So, before blaming Wenger and his transfer policy, take a look at the players. Yes Wenger has to buy, but it's not all down to him. Without him, would Arsenal have always been in the top 4 since 96-97? Highly doubt it, highly. Yes, its been a while since you've had a trophy since 2005, but to pin the blame on him totally is wrong imo. He's proven before he can get it right, and next season, he will get it right.