There's a Hole in the Bottom of the Sea

If it said "there's a hole in the roof of the sky" I guess they would be referring to the ozone layer and global warming. That's not the case. If you think of it from the philosophical sense, what does it mean that "There's a hole in the bottom of the sea"? I guess it's one of those tales from the XV century. At that time people created these myths to impress others and to impart fear on others. I don't think that's what Grover says. I think he's helping us to expand our imagination. He gradually adds to the details. It must be something important, otherwise he wouldn't repeat it this much. Here it is (I hope I could sing it Sunday):

There's a Hole in the Bottom of the Sea
sung by Grover (Frank Oz)

There's a hole in the bottom of the sea
There's a hole in the bottom of the sea
There's a hole
There's a hole
There's a hole in the bottom of the sea

There's a log on the hole in the bottom of the sea
There's a log on the hole in the bottom of the sea
There's a log
There's a log
There's a log on the hole in the bottom of the sea

There's a bump on the log in the hole in the bottom of the sea
There's a bump on the log in the hole in the bottom of the sea
There's a bump
There's a bump
There's a bump on the log in the hole in the bottom of the sea

There's a frog on the bump on the log in the hole in the bottom of the sea
There's a frog on the bump on the log in the hole in the bottom of the sea
There's a frog
There's a frog
There's a frog on the bump on the log in the hole in the bottom of the sea

There's a tail on the frog on the bump on the log in the hole in the bottom of the sea
There's a tail on the frog on the bump on the log in the hole in the bottom of the sea
There's a tail
There's a tail
There's a tail on the frog on the bump on the log in the hole in the bottom of the sea

There's a flea on the tail on the frog on the bump on the log in the hole in the bottom of the sea
There's a flea on the tail on the frog on the bump on the log in the hole in the bottom of the sea
There's a flea
There's a flea
There's a flea on the tail on the frog on the bump on the log in the hole in the bottom of the sea

There's a speck on the flea on the tail on the frog on the bump on the log in the hole in the bottom of the sea
There's a speck on the flea on the tail on the frog on the bump on the log on the hole in the bottom of the sea
There's a speck
There's a speck
There's a speck on the flea on the tail on the frog on the bump on the log in the hole in the bottom of the sea

There's a teeny weeny something that's so small you can't see it
On the speck on the flea on the tail on the frog on the bump on the log in the hole in the bottom of the sea
There's a what?!!
There's .... all that stuff in the bottom of the sea
There's a teeny weeny something
There's a teeny weeny something
There's a teeny weeny something ...
On the speck on the flea on the tail on the frog on the bump on the log in the hole in the bottom of the sea

Let's forget about that teeny weeny something and we'll ...
Pluck the speck
Flick the flea
Tweak the tail
Flip the frog
Move the bump
Lose the log
Fill up the hole ...
In the bottom of the sea ...

'Cuz no one wants a hole in the bottom of the sea!!!!