W.A.S.P. = White Anglo-Saxon Protestant = Generally speaking in American parlance to mean somebody lagely of English (..or other English speaking British Isle ethnic groups) descent, of the Protestant faith, is caucassion, and can trace their ancestry in the USA to prior to the American Revolution.
Old Money = Someone of affluent means who doesn't need to work, and can also claim wealth in their family goes back at least 4 generations.
Commuter town = Any suburban or exurban town of a major metropolis (in this case New York City) who largely travels daily to the central urban area via a regional train network.
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