Those in financial markets who believe in free markets have temporarily abandoned their faith. For the greater good of all (of course, it is never for their own selfish interests), they argued a bail-out was necessary.Thus writes the hugely overrated Joseph Stiglitz who is a Nobel laureate in economics.
I've never known anyone who has a "faith" in free markets. All real free marketeers justify the market firstly on moral grounds - namely that it's wrong to initiate force or fraud on others - and secondly on a proper understanding of economic principles that leads inexorably to their supporting laissez faire.
Next, I haven't heard any free marketers calling for a banking bailout, especially as the main long-run beneficiaries would probably be politicians.
Finally, the whole banking crisis is caused by the opposite of free markets. It's the inevitable result of a system that allows governments (and their client banks) to create money out of thin air thereby devaluing the savings of honest citizens.