  We have discovered a population of extremely red galaxies at $z\simeq 1.5$
which have apparent stellar ages of $\gs 3$ Gyr, based on detailed spectroscopy
in the rest-frame ultraviolet. In order for galaxies to have existed at the
high collapse redshifts indicated by these ages, there must be a minimum level
of power in the density fluctuation spectrum on galaxy scales. This paper
compares the required power with that inferred from other high-redshift
populations. If the collapse redshifts for the old red galaxies are in the
range $z_c\simeq 6$ -- 8, there is general agreement between the various
tracers on the required inhomogeneity on 1-Mpc scales. This level of
small-scale power requires the Lyman-limit galaxies to be approximately
$\nu\simeq 3.0$ fluctuations, implying a very large bias parameter $b\simeq 6$.
The high collapse redshifts of the red galaxies as deduced from gravitational
collapse provides independent support for the ages estimated from their stellar
populations. Such early-forming galaxies are rare, and their contribution to
the cosmological stellar density is consistent with an extrapolation to higher
redshifts of the star-formation rate measured at $z<5$; there is no evidence
for a general era of spheroid formation at extreme redshifts.
