ha. You're funny.....2 educated white friends.....

Maybe that's because this phrase was coined by Al Gore. From Flak Magazine, " It was in this spirit that Al Gore invoked the phrase after winning the popular vote and possibly the electoral tally as well: "I strongly disagreed with the Supreme Court decision and the way in which they interpreted and applied the law. But I respect the rule of law, so it is what it is.' "

It is what it is is simply calling a spade a spade - do you remember that one?