I'll be honest... i haven't paid much attention to American hip-hop since the late 90s, so most of my favorites are either from the early to mid 90s, or Dutch.
Anyway...
I really like Organized Konfusion. Although The Equinox is their weakest album, it has some real gems on there. Invetro is a beautiful and creative take on the cliched topic of the trials and tribulations of growing up in the ghetto.
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My favorite rapper is a Dutchie called Typhoon though. His lyrics are poetic and abstract (too abstract for some people), but he uses beautiful imagery and for some reason it really resonates with me. He's highly intelligent and philosophical, without ever coming across as one of those pseudo-intellectual "super scientifical" jackasses. It's introspective, moving, honest, vulnerable, but not whiney. I love it.
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Nine... dude sounds like cookie monster and he isn't the greatest lyricist to have graced mankind, but i'll be damned if this isn't one of the best beats i've ever heard.
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I'm also a sucker for Pete Rock remixes. Dude had the uncanny ability to take a classic song and make it even classicer.
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Speaking of great beats... i'll post a few of my favorite ones by Dutch producer Delic.
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