Nick Cannon The Oscars Ain't Worth Our Time ... But I Will Rhyme, About It

Nick Cannon is lashing out at the Oscars for giving black actors the shaft this year, but unlike other protesters, Nick struck back ... in spoken word.

Nick penned, and then recorded, the poem/rap that covers the entire Oscars controversy -- including a shout-out to Chris Rock. Nick supports him hosting the show, saying ... "Hell, yeah, I'm gonna watch that ceremony where they gonna let a black man be the Master for at least two hours."

It's not clear if Nick's saying screw the Oscars altogether, like Jada Pinkett Smith, or demanding more black involvement in the Oscars voting process ... like Nick's "Chi-Raq" director Spike Lee said.

Either way ... man's got rhymes.