The bailouts happened after the crash as an attempt to offset the banks that were defaulting. As the banks defaulted and more large corporations prepared for bankruptcy, mass layoffs began. More upended jobs and more foreclosures. Bailouts we're issued and unfortunately the layoffs didn't stop. Corporate welfare never works.

What's funny is I was pre-approved for a mortgage at 18 years old working full-time at a tire shop. It was 2005 and Wells Fargo offered me up to a 300k mortgage on virtually no credit history and a salary of $24k / year. :-) The loan officer used all sorts of sales pitches like we'll get you affordable payments now, your income will gradually increase over the next 7 years, and by then you'll be able to afford a 30 year fixed. I laughed and walked. The kicker is he was in his 40s which would have placed him with a birthdate of ~1957 - 1964. He was a boomer.