And I thought you were one of those "informed" Yankee fans. Oh well, you have bluffed well up to this point.
George did the same things in the 80's that he is doing now. Namely, managing the Yankees into mediocrity by paying for high priced talent while running the farm system into the ground. Jesse Barfield ring a bell?
Then he decides to hand the reigns over to Gene "Stick" Michael, who rebuilt the farm system which produced several good players. Derek Jeter, Bernie Williams, Jorge Posada, Andy Petite, and Mariano Rivera to name a few. Stick then filled whatever holes the farm system couldn't via free-agency. Enter Paul Oneil, Tino Martinez, Joe Girardi, Roger Clemens, Mike Mussina, and others.
Yes, the Yankees still spent more than anyone else (as they have since George bought the team), but they had a healthy core of home grown talent performing on the field.
Unfortunately as the Yankee dynasty grew, George decided to take a more active role in personnel decisions. Thus began another era of "star-gazing".
I think George is the best owner in baseball because he is committed to winning at any cost, but the man just doesn't know baseball well enough to make key personnel decisions.