...because they've just bought Charlie Adam for 7 million!!
Kenny Dalglish's policy of filling his squad with overpriced English talent continues- he's also pursuing Stewart Downing, for whom Aston Villa want a whopping 19 million.
Xabi Alonso has been a huge loss for Liverpool. Their midfield has never since shown anything like his expansive passing range, and Steven Gerrard in particular has faded badly since he lost the partner that really made the team tick.
Liverpool went from challenging for the title in 08/09, with Alonso setting the tempo, to struggling throughout the following two seasons with the Spaniard in Madrid.
Now, it seems, Dalglish is looking to replicate Alonso's impact with the signing of Adam. Adam does share the Spain player's ablity to ping inch-perfect passes over long distances, and his set piece deliveries are excellent.
But his weaknesses may attract more notice in a high profile team like Liverpool. His plodding pace is another attribute he shares with Alonso, but he does not have the Spaniard's ability to shield the ball, and is too often caught in possession- sometimes in dangerous areas in front of his defence.
His constant reversion to long, raking passes can become repetitive, and his accuracy is not totally consistent. Liverpool already have one midfielder who habitually pings over-ambitious Hollywood balls to cede possession; two may be too many.
But at 7 million, it's hardly the riskiest deal we've seen Liverpool seal recently.