From Despair To Where? The way I see it is that big clubs have always had more spending power and more ability to attract better players but there's always been room for a Jack Walker or a Dave Whelan to transform the fortunes of a club through their own generosity.
My issue with Bournemouth isn't that their owner has spent millions but that the media portrayed their rise as some sort of fairytale. If their owner has billions to spend, good luck to them but let's be honest about it.
To me the issue lies less with the money being spent, although it is fairly obscene to see us spending over 200% of our income on wages and I see the value of a wage cap in this respect, but more with having tighter controls or checks on and proper regulation of ownership. FFP didn't stop Steve Dale screwing Bury and it didn't stop the farce at Wigan. That sort of thing puts the game more into disrepute than a multi billionaire sinking £50m of their own money into a football club.
I think this is actually a pretty good argument for the need for some kind of regulations - in both those examples Blackburn post-Walker and Wigan post-Whelan have faced quite severe financial issues and relegation. That suggests the business model is unsustainable, and unless another benefactor is willing to take over the mess, problems are inevitable. In our case, if the Dai's wanted to sell up, nobody sane would take over the club in its current state.
But yes - the complete failure to vet incoming owners is another layer of the incompetence of the people running the game