WHO & WHAT



      Old Money. How old is old enough? And how much money is money enough?

      First, understand that Old Money is a mind-set, not just a family tree and a bank balance. Old Money is an entire culture with its own ethics and traditions. To outsiders, it may all seem baffling. Even the term itself can be contradictory; some Old Money people actually have few assets and thin pedigrees but hold the same standards as the highest Brahmins. Understatement, self-restraint and a near-religious devotion to civility are Old Money's truest hallmarks.

      Old Money culture defines itself by separateness and reveals its beliefs through attitudes, manners, speech and dress. These values can appear paradoxical -- the striving to be conspicuously inconspicuous, for example. But to each other, such idiosyncrasies are tribal-like signals that indicate membership within Old Money ranks.

      Yes, some Old Money families are extremely old and ultra rich. But the average Old Money family has been established for about a century and is merely well-off. And none are magically shielded from financial reality. In the 2008--2009 crash, scions had no safer havens than average investors.

      Few Old Money names excite much interest. The nineteenth century tycoon families are famous, indeed; names like Rockefeller and Astor still resonate. Yet most clans have only mildly distinguished ancestors -- perhaps a Civil War general or a successful manufacturer -- and plenty have ho-hum names like Johnson or Smith.

      Watching television, it seems that Old Money lives only in New York, East Hampton and Palm Beach. This is false. Every town in America has a group of old movers and shakers. Their forebears started the factories, built the hospitals and founded the libraries. These folks live quietly within enclaves of ageing houses and go almost unnoticed. Still, some Old Money influences linger within any town.

      Old Money people are notoriously quirky. For one, they have a horror of all things new. This stems from wishing to seem separate and above the commonplace. For instance, Vuitton, Gucci and Tiffany stuff is now poison; these were once Old Money brands that have been co-opted by the showy middle class. This mania to avoid trends can lead to farce, such as intentionally wearing distressed clothes. On closer inspection, their old duds are classically styled and quietly expensive. Like the Amish, Old Money believes that plain clothing worn a certain way identifies them.

      This new-is-taboo preoccupation extends to cars and houses. As internet moguls and hedge fund managers snap up Bentleys and Jaguars, the gentry are now likely to drive Toyotas. Spanking new Mc-mansions appall them. The Old School crowd holds out in colonials or Tudors that may be in less than perfect condition. Those peeling front steps and patchy lawns are badges of honor. In their upside-down world, tatty implies aristocracy.

      Old Money types speak so subtly that what they are really saying flies under most people's notice. Simple words are used bluntly. Fancy terms and foreign phrases are avoided. Opinions are reserved and noncommittal. In fact, patricians seem to say almost nothing. But woven into their down-to-earth talk is deadly nuance. "You look nice" can be an open-hearted invitation to friendship or a vicious snub. Insiders know; outsiders are left befuddled.

      Old Money breaks into three groups: the Old Guard, now in their eighties; the Old Money Boomers, heading toward retirement; and the Internet Generation, or iGens, in their twenties or thirties. Each generation holds Old Money values in different regard. Attitudes swing from the confidence of the Old Guard through the doubts of the Boomers, down to the indifference of the iGens. And that indifference may mean death for the entire Old Money culture.

      The Old Guard crowd was unquestionably the best and brightest of their era. A little money went a long, long way fifty years ago, and there was sparse competition for important posts. Ours was a top-down society; the upper crust pervaded business, government, arts, education and fashion. They rode the crest of the American century with absolute certainty of their power and prestige. Today, the Old Guarders are elderly and dying out.

      Yet the Old Guard was remarkably civic minded. The colleges, museums, medical services, parks, food banks, et cetera, that serve the public today were started by Old Money back when government involvement was nil. True, they ran these projects like private clubs; but they were pioneers and deserve recognition.

      The Old Money Boomers were born on third base and envisioned life as an easy jog to home plate. But the upheavals of the 'sixties and 'seventies pushed them back to first base, or entirely out of the ball park. America became a bottom-up society. Obtaining the success that came so easily to the Old Guard was far more difficult. Great expectations deflated into muddle and disillusion. Honest upper-class Boomers will concede that best and brightest of their generation arose from the middle class.

      The Internet Generation has no interest in the cultural signifiers of the Old Money set. The customs, manners and eccentricities of Old Money do not signify on the Web. The children of Old Money Boomers are fully aware that elite wealth and power are hugely diminished. iGens understand one important thing that their parents and grand-parents forgot: American is a meritocracy. It is likely that Old Money as a bundle of traits and assumptions will die out as the iGeneration matures.

      But history is a tale of surprises. One couple from modest backgrounds has the good manners, taste, personal restraint and sense of civic responsibility that Old Money so admires. The Obamas have captivated the Internet Generation. Perhaps from the Obamas' example iGens will continue what is the finest of Old Money traditions.

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These concepts are more fully discussed in the forthcoming book, OLD MONEY AMERICA. Email perrysvictory@yahoo.com to reserve a copy.