Painting - Paint Bubbling

undefinedundefinedI recently moved into a new home. Previously the walls had a semigloss paint on them. We bought a latex primer and began to prime the walls. The paint began to bubble down to the what appears to be drywall with 1 coat of flat paint. In some areas you could see the drywall tape though. We scrapped off all the previous paint layers, spackled all the areas that were cracked, ect. We then primed the wall again with two coats of primer allowing more than the two hours of dry time. We then applied the first coat of paint, noticing some small bubbles. Allowing this coat to dry for more than 4 hours (recommended) we then began to apply the second coat. The bubbles are growing and there is air behind them. If you wanted to you could pull them right off. Any suggestions on correcting this problem? I would appreciate it!!!

Stop, let it all dry, and repair as before. Then prime with an oil or alkyd primer.