It is too easy to play the blame game and throw a pity party for one's self; not a good idea though. Forbes (I think) a while back did a study of the most successful persons in business and they all had a few things in common. They never got too angry and always tried to remain positive. They also did not blame and wait for someone else to fix the problem. We are in a mess, but if you recognize all of the possibilities that are out (and recessions are historically ladened with opportunities), you should be able to capitalize on them and reap the benefits later on, you just need the patience to wait.
Insofar as who is responsible, lets just say that us capitalist did not force anyone to buy derivatives of mortgage backed securities and we certainly did not make them break the golden rule of investing, never put all of your assets into one or even just a hand fill of investments.