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Jay has always seen himself as someone who brings the gritty realities of NYC’s street life, in particular his native Marcy projects, to a wide audience. As he rapped in 1999’s “Come and Get Me,”

I made it so you could say Marcy and it was all good
I didn’t cross over, I brought the suburbs to the hood

His fame increased year by year and so did the importance of his lyrics, from just a kid from the ghetto he turned into one of New York City’s ambassador and now he can be considered as important as a Prime Minister.

The Black Album, which contains this song, was supposed to mark Jay’s retirement from rap and it’d have marked the end of his career.

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A shot at Dame Dash, CEO of Roc-a-Fella records; Jay is accusing Dame of doing a poor job promoting his music, forcing Jay to mastermind his own marketing

Alas, Jay and Dame used to be such good friends! But now they are still mad at each other (although Dame says he’d welcome Jay-Z back to Roc-a-Fella)

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Continuing Jay’s long-standing “I really lived what I talk about in my rhymes” theme. In an outtake from this period that would surface on his post-retirement “American Gangster” album, he complicates this trope – see here and here

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Jay Z has the kind of money that big white entrepreneurs have, in the rap game you can achieve that kind of success only if your rhymes are top notch and/or your flow is fantastic. Guess what? Hova has both!

Lily-White was also the movement by the republican party in the 1800s for anti-civil rights, this could be one of the first times in which Jay added historical background to a line.

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Martha Stewart (née Martha Helen Kostyra) is far from Jewish herself – her Polish family raised her Catholic. Hov is simply saying that he is far from “Jewish” – by which he means “naturally gifted with money” – as opposed to everyone’s favorite female-CEO-turned-Wall-Street-thug

Jay-Z has a habit of using “Jewish” to mean “good or conservative with money” (cf. “This Can’t Be Life”, where he raps: “flow tight like I was born Jewish”)

This was written before Ms. Stewart’s arrest and imprisonment

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Busta Rhymes, an energetic performer live and on video, was upset at this line but it’s probably meant as a compliment.

Busta apparently responded. From Vibe:

On the 2003 mixtape track ‘You’re A Memory,’ Busta picked a beef with Jay-Z, who had merely called Busta ‘animated’ on ‘What More Can I Say.’ The problem was, the average dude in the hood ‘might not have a clear understanding of what the word animated means,’ DJ Kay Slay explains. Busta Rhymes is animated, but he was like, ‘Yo man, Jay went subliminal at me, what should I do?’ Busta lashed back at Jay: ‘If you ain’t know, I keep it in the stash of the wagon,’ he rapped, ‘the wrath of the dragon is felt when I’m cocking the cannon.’

Busta also literally did animation, in that he voiced Reptar in The Rugrats Movie, as this clip shows

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“Big Willie” is an old slang term for someone with a lot of money and style. Jay was very fond of the appellation during his early career, using it multiple times on his first single and album.

Hov, a pun on Jehovah, is another of Jay-Z’s rap handles, a brag that he is the God MC. Just like he said in the previous lines, no other rapper can back up his lyrics with facts as much as Hova can.

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To coincide with the release of this album, Jay partnered with Reebok to release the “S. Carter Collection” of footwear

Also, a reference to a line in Nas' “The World is Yours” – which goes, “Suede Timbs on my feet make my cipher complete”

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Jay is cementing his place in the rap game by saying that he didn’t have to get shot and killed to achieve legend status like goat rappers, Biggie and Pac unfortunately had to endure.


Other interpretations
A not-entirely-subliminal dis to 50 Cent, who often talked about getting shot nine times

Noah Callahan-Bever of Vibe was with 50 when he heard this line, and details 50’s reaction:

50’s eyes reveal something between confusion and anger. “Did you hear what he just said!?” he questions, to no one in particular. It’s quickly explained that, while certainly a reference to 50, it’s not necessarily a dis, and that Jay actually bigged him up on the radio before debuting the song. 50 sinks into his seat thinking, brooding, his fingers folded together. Surprisingly, he soon returns to his more amiable demeanor, whatever concerns he had appearing to roll off his back

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This line is a reference to the thriller King of New York:

Come by the Plaza Hotel. I have work for you. Ask for Frank White.

Jay isn’t hiding the fact he graduated from vacationing in Trump’s hotels to living in Trump Towers. But it is safe to say he won’t be sleeping in that apartment more than once, given the 2016 Presidential election results.

The line is also a reference to the then-contemporary hit “Never Scared” by Bone Crusher.

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