The purchase of naked puts or naked calls is nothing more than flipping (not that I have a problem with that.) Now admittedly that’s not risk on the order of 10:1 leverage, but the organizations that employ that sort of leverage have generally shown the ability to handle it over time, although obviously economic shocks can shake out the weak in spectacular fashion.
As for the Fed, were the CP crisis to cause banks to continue to be exceptionally conservative with their loans, many small businesses would find it impossible to continue their current level of operations. A .5% hit to the return on savings hurts, but unemployment would hurt savers even more.