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I don't think the choices are "play the hand you're dealt and hope for the best or totally destroy your future to win now"...
Geoff Baker, whose style I don't generally like, mind you, had a good article on this.  The battle cry of the republic in defense of no action seems to be "if you go for the post-season, it means blowing up the farm...look at Choo and Cabrera and Adam Jones!"  But he points out that the only two guys still on the big league club from 2007 are King Felix and Ichiro and that our farm system looks nothing like it did then...so...what rebuild did our trades blow up, exactly?
I would also point out that trader Jack is not Bill Bavasi...his trade record, while not perfect, is far above Bavasi's and it's irrational to assume that every prospect he trades for help now is going to be the difference makers that Choo and Ascab were.  I think the balanced approach works well here...I think you don't trade your Franklins or your Pinedas now...but you certainly do consider trading your Saunderses and your Seagers (sorry, Doc. :) ) and your Pegueros if it means getting some short term help to convince the remaining troupes that you care about winning.  Bad luck or not, the Rangers haven't buried us and it's now July.  Maybe they'll continue to be unlucky!  Lord knows, we've seen Mariner teams run super-unlucky for a whole season before.  Just because something is unlikely, doesn't make it not worth fighting for.