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As we continue to grind through this economic downturn it helps to understand just what go us to this point.  A look at the news points to various culprits; unscrupulous lenders, greedy brokers, fraudulent Wall Street moguls. 

But leave it to Rolling Stone magazine to offer an indepth look into who might be holding the bag on this one.  In the July 9th issue, the magazine offers a damning assessment of Goldman Sachs' role not only in the bursting of the housing bubble; but interestingly enough, in the bursting of some of the most historic bubbles in the economic history of the United States including the Great Depression, the internet crash of the late 90's, and last summer's sudden rise and fall of oil commodities (See The Great American Bubble Machine by Matt Taibbi).  The article is recommended reading no matter your side of the aisle.  In fact, your political affiliation doesn't matter; Goldman Sachs alum have littered both parties financial leadership.  If you don't believe me check out this hall of (sh)fame lineup:  Henry Paulson (treasury secretary under Bush), Robert Rubin (treasury secretary under Clinton), Mark Patterson (current Treasury chief of staff and former Goldman lobbyist),  Ed Liddy (former Goldman director whom Paulson put in charge of AIG post bailout), John Thain (chief of Merrill Lynch at its implosion and former Goldman banker), Neel Kashkari (35-year old former Goldmanite put in charge of doling out $700 Billion in TARP assistance).  

Conflict of interest?  If there's any doubt to the merit of the article one needs only ask how Goldman Sachs has prospered at a time when most investment banks who's paws were knuckle deep in the mortgage backed securities honey jar are either underwater or RIP.  The next big toxic timebomb ... carbon credits.  Surprisingly Goldmanites are at the center of this ridiculous concept.  Trust me and take a look at the Rolling Stone article ... it's riveting.