Robson has spent heavily in the summer - but wisely, according to Glenn.
"Bobby Robson has spent brilliantly," he says, "he has been allowed to spend and I think the millions that he has spent have been well used.
"I can see his strategy; he is buying young players like the Portugese lad, Bramble and Jenas, players who will play at Newcastle for many, many years.
"Bobby is one of the shrewdest operators in the transfer market that there has ever been in the British game.
"His dealings, even if you go back to his days at Ipswich, have been absolutely fantastic, when he brought the likes of Mariner in the team, Thyssen and Muhren before foreign players were really coming into this country - they were inspirational buys.
"He is a real dab hand at spending his clubs' money wisely - but they have spent a lot of money."
Glenn knows that some clubs are still spending money, and adds:
"Leeds and Chelsea have spent absolute fortunes in recent years, Liverpool spend freely, so do Arsenal and Manchester United - they are the kings of the castle in terms of spending power at the moment.
"It is going to be very tough for anyone to break into that top six without spending serious money.
"Unfortunately we are in a position now where cash is king and if you only had an amount of money you could spend it really carefully and get yourself excellent players at bargain prices.
"The transfer market at the moment is taking a dive - it is going hand in hand with how the stock market has been.
"It has spiralled downwards, and if you had cash you could be creative and do some brilliant deals at the moment.
"You could really enhance the quality of your squad, but the trouble is most football clubs haven't got a pile of cash, so a lot of us are in the same boat and we have to try and be as shrewd as we can in the Bosman market.
"And when we enter that market we have to be careful what salaries we give these players - and don't overpay them but get them at the going rate for the current state of the game.
"Trading is difficult at the moment."