I don't think it's really fair to equate Arsenal under Wenger to Liverpool under Budgie.
It's not THAT bad.
It's worse. Hodge was so bad you knew he'd get the sack sooner or later, once we got the right owners in. It was just one year of pure hell.
Wenger on the other hand, is protected by history and rock solid mediocrity. He's been there so long it's almost as if they named the club after him. There must be people on this forum who weren't even alive when he was appointed! Short of him decomposing it's hard to see how they'll get rid of him. Meanwhile the club rots away year after year...
P.s. Looking back the one year under Hodgson felt like three (I actually had to Google it) I can't imagine what the last five years felt like for Arsenal fans