I guess it affects everyone because everyone wants to be considered elite, and everyone wants their children to have more than they did. That is the common thread of the stories I read on the web site. People also sometimes base their entire value as a human on their socioeconomic standing, often with disastrous results.
I have always thought about how it occurs in the African American community, but when I think about it, I have manipulated it to my advantage. Being up on the latest corporate gossip and jargon. Knowing which wine goes with which dish at an interview dinner, how to dine in a formal setting, or translation of French menu. Knowing those types of things can be the key to get in, but networking is what keeps people there. Unfortunately, ethnic minorities most often have a glass wall and ceiling which regulates social mobility, to an extent, unless they completely renounce their heritage.
If a person is deemed to be "of class" they learn all kinds of useful information, and get all kinds of "hook-ups" (where and when to shop, whose stock to buy, etc.) People always accuse African-Americans of being down for the hook-up, but we learned from the masters. Biff has a tough time on his job, he goes down to the virtually all-white country club and has lunch with Ed, who is an executive to get him a job.
The amazing part is that none of those methods of discrimination (the country club, the interview dinner, etc.) can really determine the true character of the people they seek to screen. Most truly educated people know this, and still the madness goes on.
http://www.pbs.org/peoplelikeus/
TRSimon