WASP = "White Anglo Saxon Protestant". It is generally used
today in a derogatory manner, suggesting some holier-than-thou, high-society type who frowns upon the rest of us. In actual fact, that is a really just a social convention evolved at the behest of those who resented British rule in North America. Hell, I'm a WASP, and I'm only marginally better than everybody else...
The term has come to imply the same nastiness as some of the traditional names describing Jews, Catholics, Asians or for that matter, Muslims. That it's still in widespread use and is accepted where the use of the other words would brand one as a racist, I find personally repulsive and a double standard which damns the false icon of multiculturalism and equal rights.