This term is an abbreviation for the phrase "Funny At The Time." It implies that a joke just made might've been FATT, but definitely has no humor now. It is somewhat insulting, and therefore, should only be used to describe the jokes of people you don't like.
(person 1)...So then she said, "Dude, where's the syrup?" LOL!!! HA HA HA!!
(person 2)um...look, I'm sure it was FATT...now, back to what I was saying...
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