Given that the government is bailing out failed companies like AIG, Morgan Stanley and is considering bailing out Ford and General Motors shouldn’t they consider bailing out some the ailing Hip Hop companies.
Shouldn’t Ray Benzino and the Source be entitled to some of the $700 billion? Shouldn’t Master P get some money to rebuild his struggling No Limit Records? If Damon Dash was given one billion dollars surely he could make another Hov and go back to being the mega mogul he was 8 years ago.
If the Hip Hop industry fails it could have disastrous effects on the economy. When Hip Hop record labels start going out of business not only will rappers be out of jobs but so will managers, bodyguards, stylists, publicists, deejays, entourage members, A&R’s, and other label people.
If Hip Hop were to cease to be economically viable, it could have a domino effect on the whole economy. If rappers were to no longer have money other sectors like the strip club industry, the tacky platinum chain industry, and the rims industry would also go under. Rap magazines such as XXL, Ozone, The Source, and Vibe would all go out of business as would countless Hip Hop websites and blogs. If Hip Hop dies what would happen to all the radio stations where hip hop lives?
Hip Hop is definitely at a tipping point now. Even the once financial giant of G-Unit is forced to cut back product and lay off workers.If 50 Cent doesn’t receive some money from the government its very possible that we may never hear another Tony Yayo or Loyd Banks album.
Many people would argue that rappers and Hip Hop moguls have lived in material excess beyond their means, been arrogant and greedy, all while not being creative, innovative or even efficient. This may be true but so have the CEOs of Wall St. and Detroit. For years Morgan Stanley, Merryl Lynch, Goldman Sachs and Lehman Bros. have been giving large bonuses and salaries to their top level executives.
. The average salary for Morgan Stanley year was $655,000. Just like rappers, Wall Street executives would spend obscene amounts of money on strippers, cars, vacations and houses. How come their houses and cars aren’t being repossessed like all the rappers?
The reason Hip Hop went broke is the same reason that Wall Street and Detroit went broke. All of them paid CEO’s way too much money which was squandered on materialism. When things were going well they wasted their wealth and expected the economy to stay the same. Neither Wall St, Detroit or Hip Hop changed to fit the times, sticking with the same tired routine. Wall St. CEO’s kept buying up bad debt and counting it as cash on hand all the while grossly overpaying their executives with lavish bonuses. Detroit refused to join the 21st century, reproducing gas guzzling CEO’s while Honda and Toyota made fuel efficient hybrids.
If these companies are bailed out, the CEO’s should all resign and have their houses and cars repossessed like rappers do. They failed their, country, their employees and their stockholders. The culture of business in America must change. While right wingers might talk about changing labor laws, the problem is at the top and not the bottom.
In 2006 the CEO of Morgan Stanley got a 40 million dollar bonus on top of his salary. That’s enough money to pay the salaries of 1200 average American workers. In 2007, Ford paid their CEO 28 million dollars for four months of work. Given that the these CEO’s have by all accounts failed, shouldn’t they do the honorable thing and give back their money to the taxpayers and shareholders.
If the government is to bail out Wall St. and Detroit, it must treat the executives like rappers. Take all their assets, foreclose their homes and repossess their cars. Give their jobs to new business men with bright new ideas and strategies.