Something that is mediocre, but there's nothing you can do about it; when a person isn't happy with something but will be polite and accept it. The word originates from the idea that a four inch penis really isn't okay, but a normal partner's response in the moment would be a polite, "oh, it's four inches? That's fine." It's the only appropriate reaction when you've already hit the point of no return in a situation and there's no un-awkward way to back out of it.
"This date I'm on is four inches, it's fine." "The hookup situation I'm in is four inches, it's fine."
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. PenguinBooks,1992. p. 38)