I don't think one can blame any one person or thing. To me, what it has looked like is a matter of the "chickens coming home to roost" after a couple of decades of businesses and individuals having too often made too many misguided and/or short-sighted choices/moves.
There has often been a widespread set of values that have grown increasingly away from values that contribute to solid financial foundations. (For example, people are hired/elected into positions for superficial reasons, and they often don't have the integrity and or type of intelligence needed to make solid decisions/moves.)
I tend to think that what has gone on with the economy is a "re-setting" of the whole picture, which was bound to happen after too long a time of having things so out of control when it comes to "financial foundations" (in individuals, companies, and/or the government).