Now I know that I'm going against the British media, pundits like Andy Gray and the former Texan owners of the club when I say that Rafa Benitez should still be managing Liverpool FC.
When Benitez first came to Liverpool it was off the back of deposing the two great powers of Spanish football, Barcelona and Real Madrid and making Valencia the champions of Spain. He came to an ailing giant of football. His predecessor Gerard Houllier had moderate success winning the UEFA Cup, FA Cup and the League Cup but failed to make Liverpool champions of England.
In his first season Rafa had immediate success winning the Champions League with a Liverpool side made up of Houllier signings and a few acquisitions made by Benitez from La Liga. Following this success I feel that Liverpool fans expected more of the same not realizing that the club was punching way above their weight.
Liverpool as a club are far behind the likes of Manchester United, Chelsea and even Manchester City with regards to finances and facilities. If you start by looking at the size and quality of the stadiums. Both Manchester clubs have far larger stadiums in terms of capacity and Chelsea have invested millions in improving Stamford Bridge. Liverpool are still in Anfield which has a maximum capacity of 45,400 and was built in 1884. With the resources Benitez had available to him in comparison to Manchester United and Chelsea I feel that a European Cup, FA Cup and consistently qualifying for the Champions League is a good return.
I know that critics of Rafa point out signings such as Andrea Dossena, Alberto Aquilani, Robbie Keane and Ryan Babel as major flops. But in response to this I can say Rafa raised the profile of the club, signings such as Xabi Alonso (who Real Madrid were interested in at the time), Javier Mascherano, Fernando Torres, Daniel Agger, Dirk Kuyt and Pepe Reina showed Liverpool had the ambition and manager to attract the top talent from around Europe.
Benitez also improved the performances of Steven Gerrard and Jamie Carragher. Gerrard wasn't a 15+ goal midfielder before his arrival. Carragher under Houllier was a utility man usually shoved out to left back and not the cornerstone of a European Cup winning defence.
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Many say that Rafa needed to leave the club due to the clubs poor finish and the club needed to progress. If this was the case it doesn't seem to be working. Under Roy Hodgson the club have lost Javier Mascherano, Albert Riera and Emiliano Insua who have been replaced by Christian Poulsen, Joe Cole and Paul Konchesky.
This time last season (25/10/2009) Liverpool were in 5th place in the Premiership after a 2-0 win over Manchester United. At the moment they are 19th with only one win this season recorded this season. Further to this at the peak of his powers Rafa led Liverpool to a 4-1 victory against Manchester United and 4-0 against Real Madrid.

I do understand that Xabi Alonso would've been a big miss for the team but it didn't seem to affect the form of Torres. And if you look at the bigger picture Liverpool were just 7 points off 4th place. Although finishing outside the top 4 is a failure but I don't feel there was as much of a gap between Liverpool and the teams challenging for that spot as there is now.
Liverpool's starting line up against Manchester United (bottom left) their biggest match of the season is a far weakened line up with an axis of Poulsen and Meireles, neither of whom have played

In view of this there are two main reasons why Rafa Benitez should still be Liverpool manager. Firstly, one bad season doesn't make him a bad manager, his previous successes should have bought him more time and secondly the club have been unable to find a better replacement.
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