No he isn't a laughing stock. He is a genius. he has managed to earn £7/8m a year to finish 4th. The board are happy with what he does. He makes a lot of money for arsenal. Most of the fans are still content as we win most of our games and do most things pretty well.
In the world you will find probably only a handful a clubs wouldn't want to swap places with Arsenal.
What is wrong with making a lower bid... no one forces the club to sell a contracted player if they don't want to. Do you not shop at Lidl or Aldi then and prefer Waitrose as somewhere down the line someone is getting fleeced to be able to charge lower prices?