Bail Out - Moral Hazzard

I was curious to know why is US govt. bailing out these companies who deserve to be wiped of for their wrong doing. I asked this to Prof. Krishna Kumar and his reply was "there is a school of thought who feels that the great depression of 1929 could have been avoided. It was a similar situation and the govt. did not provide funds to generate liquidity. This was despite of the fact that US govt. had ample funds. Hence fed does not want to take a chance this time".

This is arguably the only reason why fed is justified in bailing out. But it gives rise to one more evil of 'moral hazzard'. All these firms did what they were not supposed to do, now they are paying for their wrong doing and US govt. is providing funds for that. What is the guarantee that this will not be repeated few years from now. I had few important points that I wanted to pen down.

What happened after the great depression, there was a lull of economic activity, large scale unemployment, etc. for a period till 1933. Post that there was world war II, after which US emerged as a super power. We do not know if there was no great depression what would have happened and it is difficult to argue for any scenario.

This time it is difficult to imagine what would have happened without this bail outs. It is just a hypothesis that the financial markets would have crashed, but even if this happens, I would like to argue so what? Is bailing out a permanent solution? Where is the money for these bail outs coming from? As far as my knowledge goes there can be three options:

1. Increase taxes - you will make the condition of an average person worse as he is already under the threat of unemployment and by increasing tax collection his income further reduces
2. Print more money - this would certainly increase inflation and hence hurt the pockets of common man
3. Borrow from other countries - Borrowing comes with a servicing cost, US economy has already borrowed huge money to fund the wars, additional borrowing for these bail outs would further increase the servicing cost and hence the budget deficit.

Hence the question, is bailout a permanent solution to this? I strongly feel that by doing this US govt. is just postponing the problem. It is a myopic view being taken by Fed. Only time will tell who is right?