King Kenny needs a magic wand to put this right.
Just when you thought the stock could not sink any lower it plumbs new depths.
Anyone who has ever invested in stocks or shares will have felt that sinking feeling when the sure bet flies off the line at IPO time, stalls, and then gradually starts the long decline.
It's fall from grace punctuated only by desperate rallying spurts as the weak minded and desperate try to salvage something from their investment.
Six league defeats in seven games are the plain facts.
The Carling Cup victory has bought Dalglish extra time to try and salvage something from the wreckage.
Any other manager would have been handed his P45 several games ago.
This game highlighted the contrasting fortunes of both clubs.
One team has a number nine in prime goal scoring form and the other has a number nine slowly being starved of all supply lines.
Newcastle were good. They were efficient and played as a team.
The sum of the parts made a far bigger impact than the total would suggest and they were good value for the victory with Cisse impressing and Krul making several excellent saves.
Keepers have excelled against Liverpool this season.
Andy Carroll was hopeless and looked like an abandoned gazelle.
I lost count of the number of times Liverpool were racing into the box whilst their forward stood on the edge of the box watching on.
It is a crisis of confidence affecting not just Carroll but the whole team and the manager is coming under scrutiny.
Dalglish may be a living legend but his tortured press conferences are giving major cause for concern.
These players don't need an arm around the shoulder – the old Dalglish - the one in his first managerial stint - would not be defending his players as he is now and bemoaning luck.
He would be showing them the door marked exit and ushering in younger blood that wants to run for the cause.
Jonjo Shelvey was Liverpool's best player and his constant running showed Carroll how to defend from the front.
Ian Rush would have been looking on in bewilderment at the number nine continually hitting the deck and looking like a disinterested observer.
And he wouldn't have been able to hide his disbelief as Carroll went around the keeper when clean through one on one and....
What did he do?
I still don't know.
If he dived then he rightfully got booked and it shows just what little confidence he has.
If he didn't dive and tripped then what can you say? It was an excruciating passage of play and that moment turned the game.
The belief seemed to drain from the red shirts and passes started going astray. Gerrard was way below par as was Bellamy.
Flanagan had an excellent game as did Shelvey and apart from his first pass going astray Spearing was the model of efficiency in midfield.
But these players are not Molby, Whelan or McMahon. These players are not Fowler, Rush and dare I say it Dalglish.
These players are not Mcmanaman, Barnes or Beardsley.
This is a work in progress and it's going to be a long, long road back from here based on this performance.
Do we still believe Dalglish is the right man for the job?
He is making mistakes that would not have seen the light of day in his earlier career. His mistaken support for Suarez in the racial abuse case was a bad misreading of the situation.
The awful toe curling press conferences are a pale shadow of what once passed for wit and his support for players who are not delivering is being brought into question.
It's hard to believe that King Kenny is losing it so early in his second coming but the evidence is starting to mount up against him.
I'm pretty sure that if the man thinks he is failing in the task he will resign before any talk of sacking him surfaces. The question that has to be asked is Dalglish up to the task of re energising and reinvigorating a very tired franchise?
How will John Henry be viewing events from his office across the water? FSG bought into Liverpool to bring success back to the club and make money on the back of it.
They don't have unlimited funds and it is not going to be a case of splashing out on top players in the summer to try and bring back the glory days. Those days are gone and the light finally went out when Alonso and Mascherano went to a "better" club.
Dalglish needs to start saying the right things and making the right noises if he is going to last beyond the summer, something that should come naturally to this gifted motivator.
But for whatever reason the whole red machine is misfiring and the wheels are coming off.
For the moment you could say that injuries to key players are having a major impact. Lucas is sorely missed in midfield and Agger brings solidity to defence.
But players like Kuyt, Carroll, Downing and Henderson are underperforming badly and the squad is not deep enough to carry these players through poor form. In fact what squad would not miss five or six players all putting in below par performances at the same time?
Dalglish needs to dig deep and pull some rabbits out of the hat.