I wouldn't say they acted conservatively "on and off the pitch" when they needed to sell our best asset to avoid going in to administration..Forget the league position and cash differentials of the two seasons in question. The similarity is that they each represent an abrupt checking of ambitions and a coming to terms with where we are as a club.
At the end of 2003/04 that realisation was met by a policy change that lasted until Martinez arrived. The deal was that Moyes would keep his job but the club would act conservatively on and off the field. It was a policy that gave us our identity as a team punching above its weight: keeping a balanced budget and looking for bargains on players who could keep us respectable. That was ditched only after Moyes left, and only partially, when Martinez arrived and we became less conservative on the pitch whilst maintaining financial conservatism; the whole policy was ditched when Koeman arrived.
We now have a sea change again. The last four seasons have brought us to a point where a new paradigm will have to be agreed on and stuck rigidly to in order to stop the rot. This time we dont need to completely pull in our horns financially but there must be a reaction to the laissez faire attitude that's gone through this club like a dose of salts.
We need a policy vision that includes the choice of a new manager, some quality control on transfers and a plan to grow the club commercially. A new identity can grow out of that.