After the Bubble in Housing Prices in 2008 Burst, We

After the bubble in housing prices in 2008 burst, we learned that:

A) a bubble can be harmless in the sense that while people lose money, there is no lasting damage to the overall economy.
B) consumers usually loose, but large banks remain largely unharmed.
C) consumers face foreclosures and large banks face bankruptcy.
D) large banks must be bailed out, but households are usually not harmed.