I don't think the transfer window is that bad a thing, it stops the top clubs putting in bids for players in the season run in to unsettle them. Imagine if we were top of the league with 10 games left, then our best striker (if we had one) was offered a contract neither he or the club could refuse by a top prem team, and we missed out on promotion and spent the next 3 seasons searching for a decent replacement.

However, I don't understand why the loan system cannot run throughout the season.