If we have to bail out these financial firms because of bad mortgages, why not help the people with the mortgages instead? It would cost roughly the same. And it would be helping many of the tax payers (the ones paying for the bail out) instead of just financial firms.
Is the bail out fair? No. But life is not fair either, and frankly, if we have to spend this ungodly amount of money to get out of this mess, I would like to see the money do the most good for the most people.