I agree that our burning of assets has been lamentable, and my post was directed more to those writing the team off because we didn't panic buy in January rather than this wider issue.
Regarding incompetency - I would say that from Arteta's perspective, his player management has been partly due to him being a rookie manager, and I hope he will learn and improve this now he is moulding a team of players who will buy in to his methods and philosophy. We can't on the one hand observe that the player culture at the club has to change and then be too harsh on a manager who - albeit messily - is trying to change this.
In a wider sense, the fiscal management is indicative of those at the top being clueless and a lack of a coherent strategy - and this firefighting that you refer to is the result. For balance to your post however, we have spent plenty of money, and the Summer's recruitment was a success. Also, our relative lack of footballing success this past few years has played a part. As I say I can understand the lack of incoming players this January and we can only hope that player management improves from here on in.