Historically we are a big club, just because AW is a small time manager and we have a narrow minded board it doesn't change that.
Even if we weren't, how many clubs concede 8 or more goals in one match? It's only happened 2 other times since the Premiership was formed and both teams who did got relegated which says a lot. The single most humiliating moment as an Arsenal supporter for me, I'm pretty sure you won't see it repeated by any manager that replaces Wenger either.
It was a scandalous result and he should have been sacked on the spot IMO, sure he made a few signings but they do stink of desperation. We really need to finally bring in some top quality players who could be around for a number of years (just like Sol Campbell, he was 26 when we signed him so had plenty of years left), not really sure we've done that at all.