The biggest issue with this transfer window is quite simple: we have seemingly passed on numerous players we could've afforded and who ended up at clubs with less financial clout and arguably prestige than we have. Just look at the list of players who went for fairly modest prices (by today's standards) that would've been contenders for starting XI places this Saturday against United for us: Cabaye, Clasie, Imbula, Suarez, Ayew, Payet, Wijnaldum, Konoplyanka, and soon, Aranguiz. There's some serious quality in that mix of players (and many who would fit the criteria of Pochettino's high press system), all went for less than 16 million pounds of transfer fees, and they all ended up at clubs with wage bills significantly smaller than ours. So why did we pass on all of them? I have a hard time imagining we had an interest in any of them and they just didn't want to move to us. Alternatively, it seems that there was an undercurrent among some fans that perhaps we had better players lined up, which struck me as wishful thinking. We are working within the confines of a transfer policy where you can't spend more than you bring in via sales, and even if you're sitting on a 25 million pound surplus, it's unlikely that Levy will spend that on August 31st on a single player.
So that brings us to the present. Here's what people have to understand about shopping late in the 2015 transfer window. The EPL television deal has changed everything for teams in the league. West Brom will not be bullied into selling Berahino on Levy's financial terms, as it makes no sense when they could keep him, potentially assure being in the top flight next season, and guarantee a payday of 100+ million pounds in television revenue. The same thing goes for Everton and McCarthy. These clubs don't need to sell these players unless you make it worth their while to a degree that the financial windfall would serve as a hedge against any performance related revenue dip they'd suffer as a result.
To some degree, we'll also have issues buying from the continent, as teams abroad know English clubs are swimming in cash. This is made even more difficult by the fact that we are seemingly interested in some very important players at clubs that are actually more prestigious than us (Dortmund) or are in the Champions League (Leverkusen and Lyon). These teams have their own ambitions, and again, the only way they'd part with important players in their squads is if you compensated them tremendously. Does anyone seriously think we'll pay 25+ million pounds for Kramer or Bender in the latter part of August? How would Leverkusen and Dortmund go about spending that money so late in the window? That's the issue with trying to buy genuine quality in late August. It's really hard, unless the player has only 1 year on his contract left and will take active steps to move to your club, the selling club has major financial woes, or the player has a release clause (see Fazio last season).
Unless Levy is seriously ready to engage in a net spend that involves spending above and beyond what we've been told is our maximum transfer outlay, then what we'll see is likely a signing or two not too dissimilar to Stambouli and Fazio. Serviceable players from much smaller clubs who you hope can add squad depth and improve over time, but will struggle to catch up with the rest of the squad having missed out on training with them all summer. We might be able to sign someone like Timo Werner, but he's not ready to come in and be a major force for you yet, as he isn't the finished article, and will take a lot of time to settle (1 goal and 0 assists in his last 24 games at Stuttgart).
This is the strongest collection of talent in Premier League history in my opinion. Mid-table clubs are spending the television revenue from the television deals of 2013-2016 and are not afraid to spend even more on the basis of an extra 50 million pounds of TV revenue to come after next season. As currently constituted, our squad is vulernable to results suffering as a result of a squad that lacks major experience and depth that can cope with playing a high pressing style over the course of 4 competitions. We are even more vulnerable to an injury crisis, which can decimate even highly talented teams. Go look at Dortmund last season as an example. Better squad than us on paper with an elite manager, but with injuries, loss of form, and players not developing, they had a disastrous domestic campaign.