I just don't think he is. I don't see why those loses would be intolerable but the last ten months acceptable (obviously in terms of this season, but with the rot beginning back in Feb).
I think he's fine, as long as we're not in a relegation scrap around Jan/February.
Ironically, all those who complained about Levy not having ambition and failing to support his manager might see it now, in his supporting the manager.
Look what good him having a spend up did for us this summer too.