This'll make you all happy:
Transfer news: Arsene Wenger calls for calm over transfers - but claims current squad can compete for Premier League title
To be fair to Arsene, he isn't quoted in the article as saying the current squad can compete for the title. If he had said this however (and I know he's said similar things this summer), then to me a big reason why is encapsulated here:
Despite the frustrating transfer window we'd be wise to create a more positive atmosphere around the team. Negativity breeds negativity after all.
While I see the logic I say it is still nonsense and I'll explain why. Arsenal win their first 3 or 4 games and positivity will be through the roof, then if they then start to drop points, then Wenger's transfer situation rears its ugly head and becomes the cause of the faltering title challenge and the negativity will surely follow soon after