TIL: Insiders Game

In the All-In Podcast E20 David Sacks talks about the Insiders game. It comes up in the context of the recent WallStreetBets and Robinhood event. Apparently it’s something Larry Summers (President Obama’s economics adviser, the former treasury secretary and Harvard president Larry Summers) has been teaching/talking about for years.

David Sacks wrote a blog about it.

TLDR;

He (Larry Summers) presented her (Elizabeth Warren) with a choice: “I could be an insider or I could be an outsider,” she recalled in her 2014 memoir, A Fighting Chance. “Outsiders can say whatever they want. But people on the inside don’t listen to them. Insiders, however, get lots of access and a chance to push their ideas. People—powerful people—listen to what they have to say. But insiders also understand one unbreakable rule: They don’t criticize other insiders.”

“Larry Summers really likes to ask people whether they want to be outsiders, who can speak the truth but can’t have power, or insiders who can have power as long as they don’t say anything that’s unacceptable to the oligarchy.” source