In hindsight I think that Mowbray was running into exactly the same issues that JDT and Eustace did, but rather than agitating and then getting out ASAP he just accepted it, put out the soundbites and picked up his pay packet every month.
I don't think that the slow build stuff was coming from him, he just went along with it and didn't try and fight against it in the same way as his successors - imagine if Eustace had put out the 'significant investment' line. At the time TM left I thought he was the problem, now I'm not sure that there is much he could have done differently. I'm pissed off at Eustace jumping ship so early, but until something major changes behind the scenes I think that Mowbray's tenure is ultimately what a manager sticking with us long term under these conditions looks like.
I might be wrong, it could be that the current model of spend nowt is directly a result of TM demonstrating that we can do that and stay in the league, but I think it's more likely the other way around.