03/18/2010 05:12 am ET Updated Dec 06, 2017

Dylan Ratigan Outlines The 4 Steps To Fix The Banks (VIDEO)

On Wednesday morning on MSNBC's Morning Meeting, Dylan Ratigan railed against the current debate in the House Financial Services Committee about systemic risk. "Congress is simply fighting over how best to clean up the mess instead of keeping us from ever being robbed like this again," Ratigan said.

Ratigan singled out a proposal to provide insurance to dangerously big companies, using taxpayer funds, as a prime example of lawmakers' reluctance to address the underlying issues that put the financial system at such risk. He proposed a four-pronged approach to reform, starting with the injection of transparency in the financial lending processes. Additionally, politicians in Washington must require all bets to be backed by capital, and the tax code should be rewritten to discourage the pursuit of short-term profits, according to Ratigan. Finally, he emphatically called for the end of the "too big to fail" doctrine. "It is a total betrayal of the most basic principles of fairness and competition, and deprives our country of incredible resources simply to sponsor and government-subsidized gambling parlor," he said.

Watch the entire video below.