Jamie Carragher said questions must be asked of Newcastle United's recruitment after the club's winless Premier League season continued on Monday.
Newcastle were way off the pace as a Dimitri Payet brace led West Ham to a comfortable 2-0 victory at Upton Park.
Steve McClaren and Co. are now rooted to the bottom of the table, having failed to win any of their five league matches so far - losing three and drawing two - while they have only scored two goals.
That is despite the acquisitions of Georginio Wijnaldum, Aleksandar Mitrovic, Florian Thauvin and Chancel Mbemba.
The quartet's output has not matched Newcastle's investment, with the Tyneside club believed to have spent in excess of £50million and Carragher has serious concerns about their transfer policy.
"It's the same story with Newcastle," the former Liverpool defender said on Sky Sports' Monday Night Football.
"There is a new manager, £40m-50m spent, but it's still the same.
"Mistakes at the back, getting counter-attacked, no threat up front - Newcastle used to be about exciting things happening but they are buying these players from abroad, spending a lot of money on them, and they are not actually doing anything.
"Newcastle are certainly one of those teams who, over the years, cannot be happy with their recruitment and the money they have spent."
Carragher added: "They have spent as much money as some of the top teams in Europe and you don't see what you are getting for it.
"[Owner] Mike Ashley is probably thinking 'I've spent £40m-50m and it's no different, we are just continually wasting money'."
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