Reply to Is “WASP” culture still a thing?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It exists in small pockets, mostly in New England but eminates out to some cities throughout the US where the NE WASPs have spread - obviously NYC, Philly, DC but also pockets in WASP-acceptable cities like SF.

Characteristics include private schools, country and yacht clubs, lots and lots of cocktail parties. Being social is very much part of WASP culture. Other markers include having a second home at a NE enclave, having a mean backhand, a good golf game, knowing your way around a boat and good skiing ability. Kids play lax and hockey (but this has spread to the Catholics and Jews so no longer exclusively WASP). Having a messed up kid or two, or at least one who works at a sailing shop rather than Wall St. is pretty par for the course.

And, of course, not being showy with one’s money is the number one characteristic.[/quote]

This sounds like a huge portion of the posters on the private school and college boards. There seems to be a huge obsession about working on Wall Street there.  Where I grew up, working on Wall Street wasn't something that anyone talked about or even probably gave any thought to I find it fascinating, that it seems to be an aspiration for many north eastern parents to want their kids to work on Wall Street.

[/quote]

I think just as today's CEOs make a larger multiple of average worker salaries, the financial rewards of working on Wall Street have increased a lot since the 1980s.  There are other market phenomena that have supported an increase in Wall Street's prominence: banking law liberalization, the rise of personally managed retirement funds among the middle class, increase in the prestige of MBAs (now a striver's degree), improvement in Manhattan quality of life since the 1970s, etc.  Getting to Wall Street is a more visible status competition pathway to being wealthy than other means.  It is highly shaped by where you go to school.  Therefore it's a more visible target that parents can help a kid aim for.  Doesn't make it a noble goal, though.  Just a feasible path to becoming wealthy.[/quote]

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