The transfer window's biggest losers have been the Gunners.
They lost their two top midfielders without being able to sign able replacements. A lack of trophies led to the departure of Cesc to boyhood club Barcelona and Nasri to Premier League rival Manchester City.
These departures and Wenger's unwillingness to spend on experienced world-class players led to their worst start in last few years and worst defeat in more than a century. Moreover, the departure of first team defender Clichy led to a void in the Arsenal back four.
In response to severe criticism of his transfer policy, Wenger jumped into the transfer market in the last 48 hours. He has already addressed his team's defensive weakness with the signing of German star Per Mertesacker as well as the highly-rated Brazilian defender Andre Santos.
But even if these new signings prove their worth, the Gunners' still lost out on filling the void in their midfield.
Arsenal's failure to sign Arteta is likely going to cost them the season, as the likes of Wilshere, Park Chu-Young and the rest of Wenger's young brigade lack the temperament to last a whole season. Wenger's failure to address the lack of experience in his squad is surely going to harm the Gunners' title aspirations severely.
Arsenal will most likely end up with a loan deal for Chelsea's unwanted midfielder Yossi Benayoun. Given their squad's state it looks like a "something is better than nothing" kind of deal for Wenger.
Update: According to a team press release, Arsenal has signed Arteta in a last-minute deal for four years.