I think the argument is - So then don't promote BS values during boom times that are just meaningly words you have no intention of following when times get mildly non-boomy.
Companies exist to make a profit for their owners. We work for them exchanging our output/time for money. We aren't family or friends. Companies aren't our church, social club, or local pub.
I've worked at companies that had simple 3 word values list of - Integrity, Discipline, Excellence.
In other words - work hard, get good results, don't lie/cheat/steal. That seems pretty good set of rules to live by.
I take offense at companies that have these lists of core values as if you are in the Miss Universe pageant or applying to an honors society. It's just not what they really want in practice out of you, nor is it how they will really treat you when the chips are down.