Crikey what a can of worms...
I think everyone has made good points here, I would highlight the following, in my opinion:
1. The owners are the biggest problem at the club. No interest in football and they do not care a jot for the club. They take a lot of the revenues for their pockets -eg 30 million for Alonso, which the press never mention. Purzlow seems to be the right person as chief exec, but with these fools things will only get worse.
2. The spending is bad, but as is the habit of the press these days, it is overhyped. They never seem to mention the revenues.
3. Benitez. He inherited a lamentable squad, and although he has improved it, his lack of forward planning over the last 3 or so years is showing. His excuses are lame, he's turned the neutrals against us and he has more excuses than [insert here] since he never takes the blame for anything. His lack of funds is no excuse whatsoever. Why can his reserves/squad not compete with Arsenal's? Because Arsenal have invested in youth and their manager does not need to spend and does not moan about it. I want him out, but to be honest is there a suitable alternative out there? I am not sure.
4. Blind faith in certain players who are not fit to wear the shirt. Houllier had the same problem, and the current events mirror those in his final months.
5. A severe lack of tactical nouse and motivational skills on the part of the manager for domestic games. Inability to change tactics during a domestic match.
6. The players. Some are over rated, some can't be bothered and some are just poor.
7. Losing some players - why did he loan Kriztian Nemeth out to Athens? He should be the no 3 striker at least.
Top buys: Torres, Alonso (he left because Rafa treated him like dirt over the Barry transfer, but did his best last season.)
Above average buys: Skrtel, Luis Garcia, Reina (a bit short of a top buy but not much), Agger (fully fit would be world class), Benayoun (underrated and a very useful player), Insua (I like this chap and think he will make it)
Average buys: Johnson (good player but vastly over priced), Kuyt (100% tryer, but could be replaced easily. Probably better than "average"), Riera (erratic and I don't particularly rate him), Crouch (a good player but followed Heskey in so much as tactics changed to hoofing it to him all the time), Bellamy, Arbeloa (under rated, not bad to be fair), Sissoko (had his good points but too many shortcomings), Aurelio (free, yes but not the best. Injury prone and inconsistent)
Bad buys: Keane (unlucky I feel, not played right), Dossena (who?), Morientes (just did not work out), Lucas (I can't see why the manager has blind faith in this chap), Cavalieri (not needed), Leto (poor quality), Josemi (not great), Paletta (plain bad), Babel (waster, makes no effort), Pennant (like Babel but worse), Gonzalez (not sure why he did not work out, I don't think was given a chance), Plessis (poor quality), el Zhar (not good enough), Degen (injury prone), Voronin (free, a good player but not in the PL(
Some were free, but some of these were bad signings even so.
Aquilani - give him a chance
Ngog - raw but knows where the goal is. Worth having as 4th striker and we'll know more next season.
Kyrgiakos - panic buy
Carson - panic buy
That's all ffffolks (for now)