The O's were willing to spend money before they got gun shy after making bad decisions (i.e. Joey Belle).
And the Twins and A's have shown that you don't need to outspend the league to win consistently.
The O's fall from grace is on the head of Peter Angelos. From what I know he's a scumbag, and he's an incompetent baseball guy, and the worst kind of owner - the incompetent control freak (see also Snyder, D.)
Its not just that the O's have been bad for a decade, but they play soullessly. That's why I don't mind seeing Perlazzo go, since his team's were so uninspired. Its one thing to be mediocre, but at least look alive.
Peter Angelos is the devil - but hopefully the MacPhail era will revitalize Camden Yards.