"Romney will lose if he doesn't dramatically change his strategy," he said. "Negative ads won't substitute for conservative ideas."
The 'Morning Joe' host continued: "The Romney campaign is not conservative. It is just as cynical and risk-averse as Team Obama. A real conservative would be winning now."
Both campaigns have unleashed a barrage of attack ads over the course of the campaign.
The Romney campaign released a Spanish-language ad on Saturday called “Ya No Más."
"After four years of broken promises and disappointment, we hear the testimonies of Hispanics who are not willing to give the President four more years," the campaign said in a statement.
Scarborough also on Saturday criticized Romney for his vague policies.
"Romney has been clear he will avoid specifics on balancing the budget and shrinking government. Not the Reagan and Thatcher way," he said. "The truth is that Thatcher would have lost in 1979 and Reagan would have lost in 1980 if they had run as timid a campaign ad Mitt Romney."