To be said sarcastically when somebody says something very philsophical. From _The Story of Us_. Example: Nicky: Or time is falling away, like sand; the tighter you grasp it, the more it flows through your fingers. Lauryn: Ooooh, there is no ass.
THERE IS NO ASS
Meaning of THERE IS NO ASS in English
Slang English vocab. Английский сленговый словарь. 2012