Fairbanks Good Edit Meaning

1.

A disappointing event made less disappointing by comparing it to the alternatives available in Fairbanks, Alaska. Or, an event in Fairbanks, Alaska that would be disappointing in a larger city.

The concert wasn't that great, but there wasn't anything else going on, so it was Fairbanks good.

See fairbanks, alaska, mediocre, boring, let-down, context, it's all relative