Former Manchester City winger Scott Sinclair opened the scoring from the penalty spot after seven minutes, before Leigh Griffiths doubled the away side's lead shortly after.
Rangers striker Kenny Miller is urging his team-mates to come back fighting in their final four fixtures this season, following their 5-1 Glasgow derby thrashing by Celtic at Ibrox on Saturday.
Celtic dominated throughout at the home of their fierce rivals and are now five matches away from ending the domestic campaign without defeat.
Wallace then went on to add that his best game at Rangers was also the 3-2 win over Celtic in the Old Firm derby in March 2012.
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The victor was trainer Todd Pletcher's second in 51 runners and jockey John Velazquez's second in 19 Kentucky Derby rides. Irish War Cry, who like Always Dreaming was sent off at odds of 9-2, couldn't handle the sloppy going and ended 10th.
He said: "The manager will assess where he needs to strengthen, that is not for me to say but you just need to look at the league table".
As if it wasn't painful enough that Celtic outclassed them, Rangers couldn't even get the better of them in the physical battle if this tackle is anything to go by. There were two teams out there but let's just talk about our performance which was brilliant.
"Celtic, Aberdeen and Hearts will all strengthen too so it's important we get the right players in, in the right positions and with the right mind-set that can take us back to the top of the league".
They key issue for Celtic under Brendan Rodgers is the relentless nature of this group of player for whom settling for what they've already achieved is simply not on the agenda.
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With Rangers' high-profile financial woes of recent years still in mind, it remains to be seen just how much the Ibrox boss will have to spend on potential recruits.
It's stated that one player who could be a target for the Gers is Rotherham United's Will Vaulks, with the utility man allegedly attracting interest from the Ibrox club.
All the candidates wore green and white hoops on a day where Rangers were torn apart by a display of pace, power and no little skill. You compare that 5-1 today to the 5-1 earlier in the season and there's a big difference for me in terms of organisation and players understanding what we want them to do.
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With just one day left before the British Columbia election, the New Democrats' campaign was left spinning its wheels - literally. Indeed, I have a well-developed dislike of the misnamed BC "Liberals" and the damage they have done to this province.