Rashi #1: It is from everyone's silver and gold. They collected, "and the craftsman made it." The Vov in v'Hu is extra. Many verses are like this, e.g. "Bitzosav u'Gva'av v'Lo ¹ Yeraf'u" (Yechezkel 47:11). Yisrael prepared it, and it was made.

Rashi #2: Also this Egel was from Yisrael, like the first Egel.

Radak: Yisrael did not learn this Avodah from Nochrim, like other idolatries that they learned from Nochrim. Rather, it came from Yisrael themselves ? from the Egel that they made in the Midbar.

Malbim: Until now, the Egel was not made from the nation's money, rather, from the king's money, and he made it. Now Yisrael gave their money ? "Kaspam u'Zehavam Asu Lahem Atzabim" (4).

Radak: Do not think that the Egel is Elokim, and it has power ? a craftsman made it! How can the object have more ability than the one who made it?!

Malbim: Now, Yisrael, and not the king, made the Egel.

Rashi, Targum Yonasan: It will be [like] sawdust of planks. This is Arame'ic, like Shiva mi'Cheshura (Sanhedrin 7b). Radak ? similarly, "va'Yashev Moshe Es Divrei ha'Am El Hashem" (Shemos 19:8) ? words that are Meshavev (break) man's heart.

Radak: This is like Shevarim (shards). They will break it and take it for the sake of gold, and not for any benefit via the form of an Egel. You will see that it has no ability to save those who serve it. It cannot save even itself!

Malbim: This is like Shovavim ? Yisrael want to be wild, to do as they desire. They prefer Hefkerus and casting off the yoke of Torah and Mitzvos! This is why they serve it; they themselves know that "v'Lo Elokim Hu."