Ramban develops the golden calf at length as a central national tragedy that reveals the danger of misdirected religious yearning and why it remains a foundational warning.
כִּי שִׁחֵת עַמְּךָ אָמַר הַשֵּׁם לְמֹשֶׁה כִּי עָשׂוּ שְׁתַּיִם רָעוֹת, הָאַחַת, כִּי שִׁחֵת עַמְּךָ, וְעִנְיַן הַהַשְׁחָתָה הֲרִיסַת בִּנְיָן, כְּעִנְיָן שֶׁנֶּאֱמַר "וְאִישׁ כְּלִי מַשְׁחֵתוֹ בְּיָדוֹ" (יחזקאל ט א), "הִנְנִי אֵלֶיךָ הַר הַמַּשְׁחִית" (ירמיה נא כה), בָּבֶל הַהוֹרֵס כָּל חוֹמָה וּמִגְדָּל, וּפֵרוּשׁ הַהַשְׁחָתָה בְּכָאן הַדָּבָר שֶׁקָּרְאוּ רַבּוֹתֵינוּ מְקַצֵּץ בַּנְּטִיעוֹת. וְהַשֵּׁנִי, כִּי עָשׂוּ עֵגֶל מַסֵּכָה וְהִשְׁתַּחֲווּ לוֹ וַיִּזְבְּחוּ לוֹ: וְהִנֵּה הָעֲבֵרָה הָרִאשׁוֹנָה לֹא יֵדָעֶנָּה רַק הַשֵּׁם לְבַדּוֹ שֶׁהוּא יוֹדֵעַ תַּעֲלוּמוֹת לֵב, וְהַשֵּׁנִית מַעֲשֵׂה הַזּוֹבְחִים הַחוֹטְאִים שֶׁבָּהֶם כַּאֲשֶׁר פֵּרַשְׁתִּי. וְהִנֵּה רֹב הָעָם חָטְאוּ בְּמַעֲשֵׂה הָעֵגֶל, כִּי כֵן כָּתוּב וַיִּתְפָּרְקוּ כָּל הָעָם אֶת נִזְמֵי הַזָּהָב, וְלוּלֵי זֶה לֹא הָיָה הַכַּעַס בְּכֻלָּם לְכַלּוֹתָם. וְהִנֵּה הַנֶּהֱרָגִים וְהַנִּגָּפִים מוּעָטִים, כִּי בְּרֻבָּם הָיָה הַחֵטְא בְּמַחְשָׁבָה רָעָה, כְּמוֹ שֶׁפֵּרַשְׁתִּי: וְעַתָּה לֵךְ נְחֵה אֶת הָעָם כִּי אַחֲרֵי שֶׁנִּחַמְתִּי מִלְּכַלּוֹתָם נְחֵם אַתָּה אֶל אֲשֶׁר דִּבַּרְתִּי לָךְ, אֶל מְקוֹם הַכְּנַעֲנִי וְהָאֱמֹרִי וְגוֹ', אֲבָל לֹא רָצָה לְהַזְכִּיר כֵּן שֶׁזֶּה דֶּרֶךְ כַּעַס, כְּאוֹמֵר מַה שֶׁדִּבַּרְתִּי לְךָ אֶעֱשֶׂה לִכְבוֹדְךָ, אֲבָל לֹא אֶשָּׂא חַטָּאתָם, כִּי בְיוֹם פָּקְדִי וּפָקַדְתִּי עֲלֵיהֶם חַטָּאתָם, אֶפְקֹד אוֹתוֹ עֲלֵיהֶם אַחֲרֵי בּוֹאָם אֶל הָאָרֶץ, וְזֶה רֶמֶז לָעֵת שֶׁיִּגְלוּ מִמֶּנָּה, אוֹ לְמָה שֶׁאָמְרוּ רַבּוֹתֵינוּ (סנהדרין קב) שֶׁאֵין לְךָ פּוּרְעָנוּת שֶׁאֵין בָּהּ אֻקְיָא מֵעֲוֹן הָעֵגֶל:
FOR THY PEOPLE HAVE DEALT CORRUPTLY. G-d said to Moses that they have committed two evils. One is that thy people have dealt corruptly. The meaning of the term hashchathah (corruption) is destruction of a structure, similar to that which is said, every man with his weapon of ‘mashchetho’ (destruction) in his hand; behold, I am against thee, ‘hamashchith’ (O destroying) mountain — Babylon — which destroyed every wall and tower [of the fortified cities]. And the meaning of “the destruction” here is that which our Rabbis have called “mutilating the shoots,” [of faith, by seeking to undermine the principle of the Unity]. Secondly, they have made them a molten calf, and have worshipped it, and have sacrificed unto it. Now as regards the first transgression it was known only to G-d, for it is He Who knoweth the secrets of the heart, but the second one, [the open disregard of the Law] was by the sinners amongst them, as I have explained, [in bringing sacrifices to the golden calf; and that was a matter known to all]. Now most of the people shared in the sin of the incident of the calf, for so it is written, And all the people pulled off the golden pendants. And were it not for this [participation of theirs in the incident], the anger [of G-d] would not have been directed against them to destroy them all. For even though the numbers of those who were killed for this sin and those smitten by G-d were few [in comparison to the total number of the people, this was because] most of them shared in the sin only in their evil thought [and not in action], as I have explained. AND NOW GO, LEAD THE PEOPLE. [G-d is saying here:] “Since I have repented from destroying them, lead them unto the place of which I have spoken unto thee — to the place of the Amorite, the Canaanite, etc.” However, He did not want to mention this expressly, for this was said in a manner of anger, as if to say: “What I have said to you, I shall do in your honor, but I will not forgive them their sin, for in the day when I visit, I will visit their sin upon them — I will visit it upon them even after they come to the Land.” This was an allusion to the time of the exile, or to what our Rabbis have said that “No punishment [ever comes upon Israel] in which there is not a small part for the sin of the golden calf.”