A bit of both i think.I think the attitude that was developed and encouraged (by both Moyes himself and the board), during the Moyes years of being happy enough with 7th and 8th place, hasn't helped things.
With all due respect mate you are not comparing like with like. Moyes was operating on pennies under Bill. Not like the current set up which seems to have wasted 100s of millions. Remember Moyes got top 4 , with a team featuring Marcus Bent as a lone striker !.