Value theory encompasses a range of approaches to understanding how, why, and to what degree humans should value things, whether the thing is a person, idea, object, or anything else.
Today much of value theory is scientifically empirical, recording what people do value and attempting to understand why they value it in the context of psychology, sociology, and economics.
In psychology, value theory refers to the study of the manner in which human beings develop, assert and believe in certain values, and act or fail to act on them.
Attempts are made to explain experimentally why human beings prefer or choose some things over others, how personal behavior may be guided (or fail to be guided) by certain values and judgments, and how values emerge at different stages of human development (see e.g. the work by Lawrence Kohlberg and Kohlberg's stages of moral development.)
What's slimy about Goldman Sachs is that they deliberately lied to their customers and sold toxic debt packaged as quality debt. They did this to create a short position for Paulson and themselves.
Goldman releases internal paper trail
By Henny Sender in New York
Published: April 25 2010 19:49 | Last updated: April 25 2010 19:49
Goldman Sachs released internal documents over the weekend that it said demonstrated that its subprime mortgage trading reflected prudent risk management rather than speculation.
Days before Lloyd Blankfein, chief executive, is due to appear before the Senate, the embattled bank said it did not “consistently or significantly short” the market for subprime mortgage securities, and any negative positions it had were intended to counterbalance long exposures.
The material, consisting largely of internal e-mail traffic, is meant to refute allegations by a Senate investigation committee, which claimed on Saturday that Goldman had made big profits betting against the mortgage market, which subsequently crashed.
The Securities and Exchange Commission has also alleged that Goldman fraudulently failed to disclose that a hedge fund influenced the composition of a subprime mortgage security underwritten by the bank. Mr Blankfein is expected to launch a strong defence of the bank on Tuesday, fighting to preserve the firm’s reputation in the eyes of both clients and the US public, many of whom were the victims of the housing crash.
Without the ability to make bets against the market it would be impossible to hedge your trading account in difficult markets. It is absolutely critical for market liquidity to allow short trading.
Originally posted by ModernAcademia
Goldman Was with obama from the get-go!