There never really was much of a gravy train. They haven't really paid for much in the way of stars aside from Torres, Keane, and Johnson. Sure it's decent, but nothing like the Manchesters or Chelsea have available or even to some point Spurs who seemed to be able to outbid us from someone every season.(weird)
Let's see if I can explain:
I think Rafa was under the illusion that the Americans would just toss money at the club and he would have free reign. He forgot that the owners want to make a profit and never came up with a plan B.
Once he couldn't purchase his beloved Barry, he had no idea what to do. So he froze Keane out of the squad by not switching his tactics, sold Xabi anyway, and bought a pre-owned Italian to replace him.
So now here we are, wounded by a team wide injury bug. Rafa didn't have the cash he thought he would (which he should have seen coming) and he has no idea what to do. If it were any other manager Rafa would have been out weeks ago. But because Liverpool hold a sentimental feeling toward history and past accomplishments he's been given every available chance to work through this. In a way Rafa's stubbornness has done us in.