There's just so many people at fault that there's plenty of blame to go around. Consumers are probably the obvious choice since they should know better then to borrow more then they can afford, but when you live in a society that actively promotes that mentality, combined with no regulations or restrictions to prevent it, then you can't really blame totally.
As for government bailouts, I can understand the philosophy that bailing out those companies may cost less then letting them fail, though that's probably just in the short term and not the long term, but I really want to know how those companies are allowed to grow to the point that they can't be allowed to fail. That indicates some really serious issues.
here's a audio program that gives a good explanation of some what happened that led to this situation.
This American Life