I kind of agree with Stu when he says that sometimes a time comes for a manager to bite the bullet and blow all his transfer budget on one player.
Ferguson has done it a couple of times, with the likes of Rooney, Keane and Cantona, and these signings worked a treat.
However, Liverpool have had a bad record doing this over the years. We went out and spent big on Stan Collymore, a guy that was billed to have the ability to dominate the 1990s and be one of the final pieces of Roy Evans' jigsaw. Collymore certainly had the ability - he was an extraordinary talent, but he brought with him a lot of mental baggage and he couldn't cope with the pressure of being at a big club.
The same goes with El Hadji Diouff. Houllier gambled on him - a gamble that cost Gerard his job.
If the right player comes along, I say, go ahead, buy him, even if it means blowing the entire season's budget. However, the club really needs to be sure that its the right player. Ability in these cases is only 50% of the equation. The club and manager need to be assured that the guy will not treat the transfer and massive new contract as a licence to sit back and think he has made it (Phil Babb, Stan Collymore, El Hadji Diouff, Paul Stewart, Harry Kewell, Mark Kennedy et al). The player needs to be hungry and be mentally strong enough to cope with the hefty price tag, pressure and weight of expectation.
Incidentally, I think Jaoquin is a superb player, but I do have some doubts (perhaps unfounded) about his attitude. Also, I think it would take about £25million to prize him from Betis, so talking about buying him is probably a moot point.