D.O.A. (Death of Auto-Tune)

The Blueprint 3 Jay Z
He's talking about this hipster movement, which is just wack. Young urban males and females dressing like it's 1983, bright colors, skinny jeans. "Can't wear skinny jeans cause my knots don't fit"
Jay-Z is decrying proponents of the "Jerking" movement for wearing skinny jeans with bright colored clothing and rapping with high voices
Refers to rappers who may (or may not) have grown up in the projects, but move away and only come back (usually with an army of security guards and police) to shoot music videos lying about how much time they spend there.
I don't hang around people bragging about how tough i am
There's a recession going on in the 2000's but the rap right now is so bad that it's depressing to listen to ie: all this bad music is creating "the great depression"
telling rappers to stop trying to sing with autotune and get back to real rap
Jay-Z is explaining that T-Pain isn't rapping and telling other rappers not to follow his "auto-tune" genre and get back to rap.
The rap being put out in the middle to late 2000's is so bad, it's going to make the economy worse.
Auto Tune is a device that many talent-lacking "rappers" use to make their voice sound better, therefore making the song more about the sound of their voice than what they are actually rapping about
a traditional chant used at the end of sporting events to insult the losing team and emphasize the fact that they have lost, Jay Z is using it in this song to say that autotuners are on their way out of rap music because he doesn't like them