Theo wasn't with the team when the Beckett deal was made. Remember the gorilla suit? He didn't come back to the team until after the deal was made. There are certainly problems with the trade that can be discussed, but to blame Theo is off-target.
Secondly, where are you getting $75m/3 years for Matsuzaka? That's way beyond anything I've seen elsewhere. That's A-Rod money, and I'd be very surprised if it got beyond $15m/yr, let alone $25m. As for the $51.2m, they don't pay it if a contract isn't agreed to, so it's not "just to talk to him." A large portion of that will be offset by marketing deals (in-game advertising, a possible NESN agreement,  etc.) so even though the game broadcasting rights and team merchandise are owned by MLB, the Sox wil re-coup much, if not all of it.

No mention of Mike Lowell? Yes, he has a hefty contract but he produced as a Red Sox this year:

.284/.339/.475 with 20 HR and 80 RBI. Not to mention, Gold Glove calibur defense.

And on Hanley, I'm not sure you can say he was "amazing" when his Double-A numbers were extremely poor (.271 BA, 6 HR to mention a couple). Yes, he has, or had, the tools but they weren't coming together. So why not ship him out?

Hindsight is 20/20, but I agreed with it then and I still agree with it.

First, let me say, I've been critical of the Sox FO the last two years.  Many of the Major League moves have made little sense to me (the jury is out on the prospects).  I hated the Beckett deal at the time (I don't think we'll ever know how much input Theo had in that trade).  I also hated the Bronson-Wily Mo trade, and the deal that brought Mirabelli back.  None of that is hindsight.

However, I think TedSox9 is losing sight of what Theo and this ownership has done for the Sox.  Let's not forget the how Theo overhauled the club in 2003, bringing in players like David Ortiz, Bill Mueller, Kevin Millar, Mike Timlin, and Todd Walker for a combined $10.65 million.  He made a few other good moves in 2004.

As for Matsuzaka, I don't think the Sox went after him just to keep him from the Yankees.  He was the best available starter--and he is young.  The FO is trying to strengthen a weak--and aging--rotation.  Also, as forage and 6thround point out, the money spent to get Matsuzaka's rights doesn't count as payroll against the luxury tax and the Sox may reap a huge marketing windfall.

I find it funny that so many sportswriters are saying that Boston is acting like the Yankees.  How?  They don't have all stars at virtually every position (this team still has quite a few holes).  Their payroll, as of now, is still about $80 million less than the MFY's.  Yup, they paid a lot of money for the right to negotiate with Matsuzaka, who will cost less in payroll than Barry Zito.  But they did it for two reasons: One, Matsuzaka has a ton of upside and might be a top of the rotation starter (something the Sox need); and, by tapping into the Asian market (where the Sox are weak), they are hoping to increase their revenue stream.  You have to spend money to make money!  That's why ownership has poured tons of money into renovating and improving Fenway.  Why isn't everyone screaming about the hundreds of millions the Sox have wasted on that?  

but I sure miss that pin-up Anabelle.

TedSox9,
Your post seems to be completely reactionary. I would encourage you to seriously consider the current state of baseball economics and supply & demand. I will try to be concise, since I've laid this out before.

• The fundamental issue is that true aces don't hit the free agent market any more. If a team needs an ace, it must grow one on the farm or trade for one.
• There are not 30 aces in all of MLB.
• Starting pitchers command ridiculous sums of money, often for mediocre performance (countless examples) or unproven success (Burnett, for example). I don't believe Barry Zito is a true ace (he's an ideal #2 in my mind), and Schmidt is in his twilight years. Both will demand silly money.
• I wrote a whole essay on Matsuzaka, which I'd encourage you to read here. There are good follow-up comments with links to interesting articles.

Trading Ramirez and Anibal Sanchez (the others are a dime-a-dozen in most farm systems), was a GOOD move for the Sox. Forget about what is and what did happen. At the time of the trade, I imagine you were doing cartwheels with the rest of Red Sox fandom. The only part of the deal that was not lauded by, well, everyone, was taking on Mike Lowell. He had a pretty decent season.

• Anibal Sanchez is projected to be a #3 or 4 starter. Odds that he ever surpasses Beckett as a pitcher are slim.
• Hanley Ramirez was known for being terribly inconsistent and lacking power. He broke out in a big way, but many people were beginning to have diminished expectations for him. The Sox were higher on Pedroia, and have other decent middle-infield prospects in the system (Lowrie, for example).
• Both Ramirez and Sanchez were prospects, with greater odds of failure--they're called prospects for a reason. The Red Sox got in return a proven, MLB-caliber pitcher who had pitched successfully in the pressure of the World Series.

With those points in mind, unless you really, truly believed in Ramirez and Sanchez, the Beckett trade made sense. We got a potential ace on Fire Sale--and, yes, he can still be an ace if he learns to be more crafty with his stuff.

Now, I agree that not all of Epstein's moves have been good ones. Trading Cle Meredith and Josh Bard to get Doug Mirabelli back was short sighted and just plain dumb. Theo has admitted as much and vowed not to make any more knee-jerk trades. The jury is still out on Arroyo-for-Pena. Arroyo is a very good, consistent pitcher whom we signed for below market price. He had a lot of value to the Sox, but he wouldn't have the same numbers pitching against the AL, particularly in Fenway (his road splits were much better). Wily Mo Pena could be a tremendous power hitter, a rock in the middle of the Red Sox lineup, or he could be a low-discipline free-swinger who prays for contact for the rest of his career.

I think Epstein is still learning his trade, but he's not afraid to make moves and try to improve the team. Given the number of REALLY DUMB GMs out there (Bowden, Baird, Henry, and on and on), I'm happy to have Theo Epstein managing the Sox. At least he has the right idea.

I guess the standard now is: have a bad season, fire the GM even if the team won its first World Series in 86 years under the same guy just two years prior.

Personally, I think I'd stick with the guy with the ring for at least another year or two.