I won't argue your case, you most likely know more about Arsenal than I do. The things I mentioned were in the media, I did not make it up.
The truth most of the times, is between the lines. If he had the money and didn't use it, he's responsible for the draught. If he didn't, then he should be credited for keeping the team competitive at the highest level.
Media for the most part aren't really trustworthy. Their job is to create news so that papers are sold and clicks generated, but as you said in most of the stories there's truth in there amidst the spin and easiest way is just go to the source and actually listen to what is said in press conference.
I personally think that Wenger could have done better in some of the transfers and also could have been more ruthless with his players like we are seeing now. There were also many occasions where injuries killed our season like was it 2007-08 with Rosicky and Eduardo getting injuries, but can't think of a manager who realistically could have done better job with the resources he had and really now we see how he does with the huge resources at his disposal.