The present Madrid's president is an oligarch on his own too. He decided to hire Bale for 100M.€ a few years ago, and despite this guy is weaker (from the lesions point of view) and not as elegant, agile, clever and visionary as Morata, we're keeping him instead. Still Benzema is very good and mates very well with Cristiano. The really strong point of this Madrid is the midfield, which is probably as good as it was Barça's at its prime, and that's saying a lot since they were World Champions in 2010.
Last century Madrid might have benefited from political decisions, still they were a team and they did what they did with very stringent nationalist policies (only 2 foreign players were allowed and there was no EU, nor free people travelling those days) using their own resources. Sure, Distefano was one of the greatest, as Messi is and still...