Refused UK visit visa TWICE but my circumstance is very different [duplicate]

I am an Indian citizen. My spouse and I applied for a UK visit visa on 29/11/2017 and re-applied on 14/12/2017 with tourism as the purpose. We were refused both times. I feel the ECOs are very inconsiderate and unfair.

I wish to bring to your notice that I earlier lived and worked in the United Kingdom from 2003 to 2007. Now kindly go through the concerns of the ECO in the following notices of refusal followed by my replies to their refusal.

After getting this refusal notice I stood up and gave them answers in my cover letter, with a new visa application, because I knew I was genuinely seeking entry and my intention was very clear in visiting the UK. Here is my cover letter which gave answers of their concerns/objections.

Now please can someone tell me where I went wrong or what else I should have done to satisfy the ECO? Every time they are coming up with new concerns. I am terribly disappointed and frustrated. Please help me out and explain what should have I done.

I can't post the second notice of refusal as it is not allowing me to post more than 8 links without having a reputation of 10 or more. I don't know, I am a new user. I can mail that if you like.

Do I have any merit to apply ever in the future? How do I change the circumstance other than my financial status? After all, I cannot go back in time and change what happened unknowingly and unwillingly.