Yes, the $700 billion bailout teaches the wrong financial lessons, because the bailout rewards irresponsibility. If someone it not wise with their money, they should go bankrupt. Irresponsibility should not be rewarded with a bailout. Allowing a bailout does not allow someone to learn from making mistakes and make difference decisions in the future.
The $700 billion US economic bailout does not necessarily teach the wrong financial lessons. The common complaint is that it reinforced the "too big to fail" myth; that it effectively rewarded companies for ineffective, incompetent, and often illegal activities. However, the only reason this argument has been able to come up was because the size of the bailout was too small. Had it been, perhaps, twice as large, it would have been far more effective, and cynical nay-sayers would not have had the opportunity to criticize the policy in this particular way.