The former Red explained: "They've certainly had enough money in summers gone by and have had some good players. You can analyse it all you like but the expectation is to be successful - and that's not happened.
"I'm as disappointed as anybody at the way they are doing at the moment. I want to see them do well but they've been struggling.
"The simple fact is that the last few years have not been up to the standards Liverpool expect - and Rafa set those himself in his first year by winning the Champions League.
"I think the turnaround of players has been a little bit too high.
"They have had some good players there like Craig Bellamy, Peter Crouch and Robbie Keane.
"Then, this year, Fernando Torres was injured and they are struggling for a striker. They have had players who were capable of filling in there."