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"The Golden Era was a moment in time...it was an almost tangible feeling...the excitement, the art, the the feeling of being apart of a larger almost familial community, the wonderment, the innocence, the purity...it was electric." - Scorp
You had this in the early 80's, in an arguably more pure form. You had art created along a vast amount of genres that still considered itself hip-hop, you had a distinct culture/style...etc before hip-hop became mainstream and had label involvement.* It was NYC centered so the movement wasn't as world wide as it was in the 90's, but so was what we consider the 'Golden Era'. I will say the actual MUSIC was still gestating and finding it's form so those songs/albums do not stand well currently (but even then we can argue that with the whole 80's sound revival...great music was being made but with singles, not albums).
As far as the 'Golden era' is concerned I was there, and it was great. But I also recognize that at that time of my life (teens/early 20's) it was probably going to be great anyway and not to be 'that guy' it's seems to be the age that most of the hardened golden age defenders seem to be too wrapped up in nostalgia to look at it objectively (which is why this post is peppered with THIS ERA SUCKS as if im bismirching the golden era as opposed to simple disagreement)
Now, I can't make the argument that in 2012 you have the same sense of community, but I would say that with technology the sense of collaboration & the sheer amount of quality product across all different kinds of hip hop...something is happening. If you want to get your no-limit 90's on, you can...if you want your NYC grimey shit you can, if you want to get Lil B silly you can, if you want to get pop extremitism Kanye's always a rant & an album away. And most importantly they are COLLABORATING as much as they have in the past imho because of technology. They are all exposed to each other, and if the want to a guest feature is only a drop box away. You have Kanye's coming out with a Chief Keef remix, Lil B is stinking up Lil Wayne songs. Strict regionalism is dying with NYC cats sounding like Southern dudes and Killer Mike spitting fire & brimstone on El-P tracks. The sense of community *MIGHT* not be there, but I don't know about the electricity & the music...it's close enough that you can't easily disregard what's happening in the genre.
*although, one could argue that the major label presense in the early 90's was bedlam since they still had no real control/knew what to do with the artform. It was more like a kid living away from home with his parents credit card then any sort of corporate totalitarianism.
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