Sure. I've lived through entire decades of the Rangers being "okay." Its their specialty. What other hockey franchise can have the distinction of spending the most money in the league to buy the right to claim the title of "King of Mediocrity"?
I stopped watching on a regular basis around 2000 due to work and other time restrictions. But before that, it was a rough ride, even with the 1994 Cup (though that was pretty awesome

).
In the 80s they were "the giant killers," always seating 7th or 8th in the playoffs and knocking off the 1 or 2 seat. Then everyone gets all excited that they are actually going to do something, and, of course, they collapse in the next round.
They practically made a national pasttime out of picking up washed up over the hill ex-superstars, paying them an incredibly obscene amount of money and watching them fail to produce even a fraction of what they were expected to produce.
All of this while right across the river was and is a franchise which had an owner who seemed to have lost his wallet whenever it came to paying his players, traded away just about anyone who wouldn't pull his weight or wanted more money, built his franchise on a boring style of "defense-first" hockey where scoring 3 goals in a game was nearly unheard of...and doing nothing but consistently winning, year in and year out.
The only bright spot was that the hated Islanders also sucked eggs for years...of course that was after putting together a half-decade strong dynasty.
As I said, its been a rough ride.