Investors during the crisis weren't overly worried that the financial sector would collapse 
Basket-index put spreads for U.S. financial stocks during the 2008 financial crisis. Higher values indicate more confidence in the financial sector as whole relative to confidence in individual banks. A model that includes a government bailout guarantee matches the data from options markets during this period much more closely than a traditional model with no guarantee.
Source: adapted from Figure 6 of Kelly et al. (2016)