Using this facility in a time of low liquidity such as late 2008 was would be a Bad Idea. Fortunately, the Federal Reserve did exactly the opposite and collected illiquid assets in exchange for liquidity.
This just sounds like a method they are looking at to reduce market liquidity at some point where excess liquidity poses a risk; that is, when the Fed decides to raise short term interest rates. I don't anticipate an outbreak of idiocracy
in the Fed Board of Governors that would have them try this during another liquidity crunch like late 2008.
If they start putting Brawndo in the vending machines, though, let us know.