I don't think the Fed is string pushing so much as they are attempting to keep the bank's balance sheets viable.
To quote another trite phrase, it isn't a liquidty problem, it's a solvency problem.
The value of the assets the banks have lent against is currently market priced at dimes on a dollar. If the assets have to be priced to market, the bank goes bust. Period.
There is the background presumption in there that the assets at issue are actually worth more than dimes on a dollar. The problem is, assets are worth what someone will pay for them, or their inherent cash flows. When markets seize up, prices drop. When margin calls happen, liquid assets like stocks get sold to cover. Whoopsie.
That's why I have the hope that something dramatic happens, with electric cars, or selling CA to the Chinese, or something. Else we risk zombie banks, and a very Japanese future.
And, I'm in cash / bonds / utilities.